Resolution SBS No. 02663-2025: Amending the Accounting Manual for Financial System Companies to Align with IFRS 9, IFRS 13, and IFRS 15

Lima, July 30, 2025
S.B.S. Resolution
No. 02663-2025

The Superintendent of Banking, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, according to item 13 of Article 349 of the General Law of the Financial System and of the Insurance System and the Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its amendments, hereinafter referred to as the General Law, it is the authority of the Superintendent to issue general norms to specify the preparation, presentation, and publicity of financial statements and any other complementary information, ensuring that the real economic-financial situation of the companies is reflected;

That, through SBS Resolution No. 895-98 and its amendments, the Accounting Manual for Financial System Companies, hereinafter referred to as the Accounting Manual, was approved;

That, it has been deemed necessary to harmonize the accounting standards issued by this Superintendence, taking into account the nature of the companies that make up the supervised systems, towards International Financial Reporting Standard No. 9 “Financial Instruments”, International Financial Reporting Standard No. 13 “Fair Value Measurement”, and International Financial Reporting Standard No. 15 “Revenue from Contracts with Customers”;

That, according to the foregoing, it is necessary to make modifications to the Accounting Manual;

That, for the purpose of collecting opinions from the general public regarding the proposed modifications to the financial system regulations, through SBS Resolution No. 0476-2025, the publication of the draft standard was ordered on the Superintendence’s digital platform, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law, as well as Supreme Decree No. 009-2024-JUS;

With the approval of the Adjunct Superintendencies of Banking and Microfinance, of Regulation and Legal Affairs, as well as of the Risk Management and Economic Studies Department; and,

In exercise of the powers conferred by item 13 of Article 349 of the General Law;

RESOLVES:

Article First.- Modify the Accounting Manual for Financial System Companies, approved by SBS Resolution No. 895-98 and its amendments, as indicated below:

1. Replace Chapter I “General Provisions”, which contains provisions on:

• Objectives.
• Scope.
• Recording and archiving of accounting documentation:
• General norms.
• Coding and naming system.
• Conceptual Accounting Framework, which contains concepts aligned with the Conceptual Framework for Financial Reporting under IFRS.
• Preparation of Financial Statements.
• General Accounting Standards:
• Financial instruments and Other financial assets, which contain concepts aligned with IFRS 9 “Financial Instruments” and IFRS 13 “Fair Value Measurement”
• Loans.
• Foreign currency transactions.
• Transfer of loan portfolios.
• Acquisition of loan portfolios.
• Trusts and fiduciary commissions.
• Recognition of revenue from contracts with customers, which contains concepts aligned with IFRS 15 “Revenue from Contracts with Customers”.
• Application of IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”.
• Accounting treatment of disputes.
• Closing of the fiscal year.
• Accounting policies manual.
• Approval of financial statements and the report by the shareholders’ general meeting or equivalent body.

2. Replace Chapter II “Financial Statements and Complementary Information”, which contains provisions on:

• Updating the financial statement formats due to modifications in denominations and accounting codes established in Chapters III and IV of the Accounting Manual.
• Frequency and deadlines for submission.
• Minimum disclosure notes that annual and quarterly financial statements must contain, which contain concepts aligned with IFRS 7 “Financial Instruments: Disclosures”.

3. Modify Chapter III “Chart of Accounts” and Chapter IV “Description and Dynamics of Accounts”, as follows:

• Modify the description of class 1 “Assets” and item 11 “Cash and Cash Equivalents” to align them with the guidelines established for financial instruments contained in Chapter I.
• Modify the denomination of item 12 to “Interbank funds and repo operations”, as well as make other modifications to align it with the guidelines established for financial instruments contained in Chapter I.
• Modify the denomination of item 13 to “Investments”, as well as make other modifications to align it with the guidelines established for financial instruments contained in Chapter I.
• Modify item 15 “Accounts receivable”.
• Modify item 17 “Investments in subsidiaries, associates, and joint ventures”, to align it with the guidelines established by IFRS 11 “Joint Arrangements”.
• Modify item 19 “Other assets” and item 21 “Liabilities to the public”.
• Modify the denomination of item 22 to “Interbank funds and repo operations”, as well as make other modifications to align it with the guidelines established for financial instruments contained in Chapter I.
• Modify item 25 “Accounts payable”, item 27 “Provisions”, item 28 “Securities, bonds, and obligations in circulation”, and item 29 “Other liabilities”.
• Modify the denomination of item 36 to “Other comprehensive income”, as well as make other modifications to align them with the guidelines established in Chapter I.
• Modify item 38 “Accumulated results”.
• Modify the description of class 4 “Expenses” and item 41 “Financial expenses”.
• Modify the denomination of item 42 to “Expenses for commissions and other financial services”, as well as make other modifications to align them with the guidelines established in Chapter I.
• Modify item 43 “Provisions for devaluation, provisions for uncollectibility, and non-current assets held for sale”, item 44 “Depreciation, amortization, and impairment”, and item 46 “Other expenses”.
• Eliminate item 49 “Cost of sales”.
• Modify class 5 “Income” and item 51 “Financial income”.
• Modify the denomination of item 52 to “Income from commissions and other financial services”, as well as make other modifications to align them with the guidelines established in Chapter I.
• Modify item 53 “Reversal of impairment losses and recovery of impairment in property, plant and equipment, and intangibles”.
• Modify the denomination of item 54 to “Reversal of provisions for impairment of value”, as well as make other modifications to align them with the guidelines established in Chapter I.
• Modify item 56 “Other income”.
• Eliminate item 57 “Sales”.
• Modify class 7 “Contingencies”, item 71 “Contingent liabilities”, and item 72 “Contingent assets”.
• Modify item 84 “Off-balance sheet credit accounts”.

4. Modify Chapter V “Complementary Information”, as follows:

• Replace Annex No. 1, as well as its denomination to “Investments and Deposits”, to align it with the guidelines of Chapters III and IV of the Accounting Manual.
• Modify in the Chart of Accounts of Annex No. 6 “Credit Report of Debtors”, the corresponding codes, as follows:
  a) Incorporate account 1202 “Repo operations”, as well as its corresponding sub-accounts. b) Modify the structure of the codes of item 13 and denominations, according to the changes in Chapters III and IV of the Accounting Manual. c) Modify the denomination of sub-account 150402. d) Eliminate sub-account 150711. e) Modify the structure and denomination of account 1509, as well as of sub-accounts 150904 and 150907. f) Modify the denomination of analytical sub-account 27020503.
• Replace Annex No. 7-A “Interest Rate Risk Measurement - Earnings at Risk”.
• Replace Annex No. 7-B “Interest Rate Risk Measurement - Economic Value at Risk”.
• Replace Annex No. 8-A “Positions in derivative financial instruments” and its methodological notes.
• In Annex No. 13 “Deposits according to amount scale”, modify the Term item.
• Replace Annex No. 15-A “Treasury Report and Daily Liquidity Position”, as well as its methodological notes.
• Replace Annex No. 15-B “Liquidity Coverage Ratio”, as well as its methodological notes.
• Replace Annex No. 15-C “Monthly Liquidity Position”, as well as its methodological notes.
• Replace Annex No. 16-C “Net Stable Funding Ratio”, as well as its methodological notes.
• Replace section A of Annex No. 17-A “Control of Deposits Covered by the Deposit Insurance Fund”.
• Replace Report No. 3 “Effective Equity”.
• Replace Report No. 4-E “Information to calculate the market concentration risk indicator”.
• Modify reference 6 of Report No. 6-B “Passive interest rates on balances”.
• Replace the denomination of Report No. 6-C to “Daily report of rates for Derivative Financial Instruments”.
• Modify references 6, 8, and 9 of Report No. 6-E “Passive interest rates of daily operations”.
• Modify the general considerations of the Notes to Report 23 “Exposure to Country Risk”.
• Modify Report No. 37 “Leverage Ratio” to replace the term derivative financial products with derivative financial instruments.

5. The aforementioned modifications are attached in the Annex that forms part of this Resolution and are published on the institutional portal (www.sbs.gob.pe), in accordance with the provisions of Supreme Decree No. 009-2024-JUS.

Article Second.- The reclassifications resulting from the first application of the new financial asset classification criteria shall be accounted for by applying the principles and criteria for the reclassification of financial assets established in Chapter I of the Accounting Manual for Financial System Companies. The effects that should be recorded in income and expense items must be recognized in the item “Accumulated results”.
The effect of the first application of the new impairment model and the other accounting provisions shall be recorded in the corresponding equity account of the item “Accumulated results”.

Article Third.- In matters not contemplated in the Accounting Manual, financial system companies must adhere to the International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) that have been approved in the country by the Accounting Standards Council.

Article Fourth.- Financial system companies must prepare and present their financial information in accordance with the following guidelines:

1. The initial balances of the 2027 period must be adjusted to the new accounting policies, accounting for such effect in accordance with the guidelines established in Article Two of this Resolution, in January 2027.

2. The new financial instrument impairment criteria shall be applied to the initial balances of the 2027 period.

3. In the quarterly financial statements corresponding to the 2027 period (March, June, and September), companies shall disclose in the notes the following:
   a) A complete set of significant accounting policies; and, b) A description of the change in accounting policy.

4. For the annual financial information corresponding to the close of the 2027 period, the disclosure in the notes shall be comparative with the previous year. Furthermore, as one of the notes to the annual financial statements, the effect on each of the line items of the financial statements resulting from the application of the new requirements must be disclosed; that is, compare the final balances as of 12/31/2026 determined based on previous accounting principles with the adjusted financial statements indicated in items 1 and 2 of this Article.

Article Fifth.- For the purposes of distribution, capitalization, or any other form of application of profits resulting from the adjustments indicated in items 1 and 2 of Article Four of this Resolution, it is required that the annual financial statements of the 2027 period have been audited and approved by the General Meeting of Shareholders.

Article Sixth.- Repeal item II of Annex I of SBS Resolution No. 2110-2024.

Article Seventh.- Modify the Accounting Manual for Financial System Companies, approved by SBS Resolution No. 895-98 and its amendments, as indicated below:

1. Modify the first paragraph of item 3.2 “Indirect loans or contingent loans” of subsection E. “General accounting standards” of Chapter I “General Provisions”, as follows:

“3.2 Indirect loans or contingent loans
Represent guarantees, performance bonds, bank acceptances, letters of credit, and unused commitments, granted by financial system companies. Such loans are accounted for in the accounts of class 7 and are presented as off-balance sheet operations, together with other contingent operations.”

2. Replace the denomination of sub-account 5201.05 “Unused credit lines and granted but undrawn loans” with “Unused commitments” in Chapters III and IV.

3. Modify in Chapter V “Complementary Information” of the Accounting Manual for Financial System Companies, Annex No. 5 “Report on debtor classification and provisions” as follows:

3.1 Replace in section V.- BALANCE SHEET FIGURES, the formula for the TOTAL row and SALDO column, as follows:

V.- BALANCE SHEET FIGURES
Balance
Total V6= V1+V2+V3+V4+V5= 1401+1403+1404+1405+1406-2901.01-(2901.02- 2901.02.07)-2901.07.02-2901.08.01+ 7201+7202+7203+7204+7207

Article Eighth.- This Resolution shall enter into force starting from the information corresponding to the month of January 2027
, except for the following:

1. Article Six enters into force the day following its publication.

2. Article Seven enters into force for the information of the month of March 2026.2

Register, communicate, and publish.

1 Through SBS Resolution No. 1889-2026, published on 24.07.2026, the entry into force of the modifications to Chapter III “Chart of Accounts” and Chapter IV “Description and Dynamics of Accounts” of the Accounting Manual for Financial System Companies, included in items 64 to 102 of Annex 3 of SBS Resolution No. 2663-2025, referred to the modifications in the accounting accounts: 2101 “Obligations at sight”, 2102 “Obligations for savings accounts”, 2103 “Obligations for time deposits”, 2107 “Restricted liabilities to the public”, and 2108 “Expenses to pay for liabilities to the public”, which enter into force starting from the information corresponding to the month of August 2027. Likewise, the entry into force of the modifications to Chapter V “Complementary Information” of the aforementioned Accounting Manual, referred to in items 6, 11, 14, and 16 of Annex 4 of SBS Resolution No. 2663-2025, was extended, which enter into force starting from August 1, 2027.

2 Through SBS Resolution No. 00493-2026, published on 20.02.26, the entry into force of Article Seven of Resolution 04347-2027 was modified, establishing that it enters into force starting from the information of January 2027.

SERGIO JAVIER ESPINOSA CHIROQUE
Superintendent of Banking, Insurance, and AFP