Regulatory Alerts2012-01-01
Circular No. 86 Regarding International Financial Reporting Standard 9
The Palestine Monetary Authority issued Circular No. 86/2012 mandating all banks operating in Palestine to early-adopt International Financial Reporting Standard (IFRS) 9 effective July 1, 2012. Banks must reflect the standard's impact on their financial statements as of December 31, 2012 to enhance transparency for individual institutions and the national banking sector. This directive aligns with ongoing regulatory amendments and aims to improve the clarity and comparability of financial reporting across the Palestinian banking industry.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (86/2012)
To All Banks Operating in Palestine
Date: Thursday, June 07, 2012
Subject: International Financial Reporting Standard No. (9)
In the context of its efforts to improve users' ability to understand the financial reports of individual banks in particular and the banking sector in Palestine in general, and in alignment with related amendments and developments, all banks are required to early-apply the aforementioned International Standard effective July 1, 2012, and reflect its impact on the financial statements as of December 31, 2012.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
Ramallah - Al Bireh P.O. Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
www.pma.ps