Homex to Apply INIF 14 Starting 1Q10
CULIACAN, Mexico, March 5 /PRNewswire-FirstCall/ -- Desarrolladora Homex, S.A.B. de C.V. (Homex or the Company) (NYSE: HXM, BMV: HOMEX) will begin applying the accounting rule INIF 14 starting with the First Quarter of 2010. Under this accounting standard, the Company will recognize its revenues, costs and expenses when the Company has transferred title of the property to the homebuyer. Prior to 2010, the company recognized these items under a percentage of completion method.
In addition, the Company is preparing for the 2012 compliance and adoption of IFRS, pursuant to the requirements of the Mexican Council for the Investigation and Development of Accounting Rules (CINIF).
About Homex
Desarrolladora Homex, S.A.B. de C.V. is a leading, vertically integrated home-development company focused on affordable entry-level and middle-income housing in Mexico. It is one of the most geographically diverse homebuilders in the country. Homex has a leading position in the top four markets in the country, is the largest homebuilder in Mexico, based on the number of homes sold, accumulated revenues and net income, and the only company in the sector with its shares fully listed in the New York Stock Exchange.
For additional corporate information please visit the Company's web site at: www.homex.com.mx
Investor Contacts
[email protected]
Vania Fueyo
Investor Relations Officer
+5266-7758-5838
[email protected]
SOURCE Desarrolladora Homex, S.A.B. de C.V.
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