Overview of the Mexican Sustainability Reporting Standards
Introduced: January 29, 2025
Effective from: Financial years beginning January 1, 2025
Last modified: N/A
Region(s): Mexico
About the Mexican Sustainability Reporting Standards
The Mexican Sustainability Reporting Standards marks the formal adoption from Mexico of the IFRS S1 and S2 sustainability disclosure standards through its national accounting standards board, Consejo Mexicano para la Investigación y Desarrollo de Normas de Información Financiera (CINIF).
This move establishes new, mandatory Mexican Sustainability Reporting Standards, globally aligned ESG and climate-related reporting for non-financial issuers under CNBV oversight. The adoption ensures enhanced comparability, transparency, and accountability across public markets, while also aligning Mexico with international investor expectations.
Criteria for compliance
- All non-financial corporate issuers registered with the Comisión Nacional Bancaria y de Valores (CNBV)
- Applies to listed firms excluding states, municipalities, and financial institutions
Compliance timelines
FY 2025
First required disclosures covering calendar year 2025 (to be filed in 2026)
Annually thereafter
Sustainability reports submitted alongside statutory financial filings
Disclosure requirements
Reports must follow the structure of IFRS S1 and IFRS S2:
IFRS S1 (General requirements for disclosure of sustainability-related financial information)
- Materiality-driven disclosure of ESG governance, strategy, risk management, and metrics/targets
- Covers broad ESG topics beyond climate, as applicable to the business model
IFRS S2 (Climate-related disclosures)
- Disclosure of climate risks and opportunities using the TCFD framework
- Required reporting of Scope 1, Scope 2, and any material Scope 3 GHG emissions
- Transition planning, scenario analysis, and climate targets must be included
Key obligations
- Integrate sustainability disclosures into annual financial reports
- Use globally consistent metrics for emissions, risk management, and ESG governance
- Maintain assurance-ready documentation with board-level accountability
- Submit disclosures via CNBV-regulated digital channels
Third-party assurance
- FY 2025 reports (filed in 2026) must undergo limited assurance.
- Starting with FY 2026 reports, reasonable assurance is mandatory across all IFRS S1/S2 disclosures.
- Assurance must be performed by an independent and accredited verifier.
Penalties for non-compliance
Failure to report may result in:
- Administrative fines imposed by the CNBV
- Public notices of noncompliance
- Restricted access to capital markets or listings
- Investor scrutiny and reputational risk
