See more news releases in: Food & Beverages, Retail, Agriculture, Accounting News & Issues
Bachoco Announces Changes to its Accounting Procedures
CELAYA, Mexico, April 30 /PRNewswire-FirstCall/ -- Industrias Bachoco S.A.B. de C.V. ("Bachoco" or "the Company") (NYSE: IBA; BMV: Bachoco), Mexico's leading producer and processor of poultry products, announced today changes to its accounting procedures.
In order to comply with the Mexican Securities and Banking Commission's (CNBV) requirement to apply International Financial Reporting Standards (IFRS) starting in 2012, Bachoco announced today that it will start the adoption process in May and will finalize it on January 1, 2012.
This process will include several steps, like training at all the organization levels and the evaluation of the impact of the current accounting processes, along with communication and implementation.
In the meantime, the Company will continue to report under the Mexican Financial Reporting Standards ("Mexican FRS") for years 2010 and 2011.
Company Description
Industrias Bachoco S.A.B. de C.V. is the largest poultry company in Mexico, with over 800 production and distribution facilities currently organized in nine complexes throughout the country. Bachoco's main business lines are chicken, eggs, swine and balanced feed. The Company's headquarters are based in Celaya, Guanajuato, located in Mexico's central region. Its securities are listed and traded on the BMV (Bachoco) and on the NYSE (IBA). For more information, please visit Bachoco's website at http://www.bachoco.com.mx or contact our IR department.
This press release contains certain forward-looking statements that are subject to a number of uncertainties, assumptions and risk factors that may influence its accuracy. Actual results may differ. Factors that could cause these projections to differ include, but are not limited to: supply and demand, industry competition, environmental risks, economic and financial market conditions in Mexico, and operating cost estimates. For more information regarding Bachoco and its outlook, please contact the Company's Investor Relations Department.
IR Contacts: | |
Daniel Salazar, CFO | |
Claudia Cabrera, IRO | |
Ph. +52 (461) 618 3555 | |
In New York: | |
Grayling | |
Lucia Domville | |
Ph. (646) 284 9416 | |
SOURCE Industrias Bachoco, S.A.B. de C.V.
Back to top
RELATED LINKS
http://www.bachoco.com.mx
Custom Packages
Browse our custom packages or build your own to meet your unique communications needs.
PR Newswire Membership
Fill out a PR Newswire membership form or contact us at (888) 776-0942.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.
Featured Video
More in These Categories
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
Free Investing Newsletter from Investor Uprising!
Learn to navigate the world's financial system and profit from leading companies.
Register for Investor Uprising, the people's investment site, for a free weekly newsletter, information, education and premium research including our latest IU Confidential Report - "All That Glitters: The Ultimate Gold Report".