Regulatory Alerts2024-06-06 | 13639International Financial Reporting Standard No. 9 (IFRS 9)
The Central Bank of Lebanon issued Circular No. 696 and Decision No. 13639 to amend Basic Decision No. 12713 by repealing the second paragraph of Article Five, thereby updating the regulatory application framework for International Financial Reporting Standard No. 9 (IFRS 9). The amendment aligns Lebanese banking regulations with updated IFRS 9 requirements, mandating immediate compliance for all licensed banks and financial institutions upon the decision's issuance. Published in the Official Gazette, this regulatory update supersedes prior transitional provisions and establishes a unified accounting standard for financial reporting across the sector.
Circular No. 696
To Banks and Financial Institutions
We hereby attach Circular No. 13639 dated June 6, 2024, regarding the amendment of Basic Decision No. 12713 dated November 7, 2017 (Application of International Financial Reporting Standard No. 9 (IFRS 9)) attached to Basic Circular No. 143.
Beirut, June 6, 2024 Acting Governor of the Central Bank of Lebanon Dr. Wissam Mansouri
Decision No. 13639 Amendment of Basic Decision No. 12713 dated November 7, 2017
The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Banking Law, particularly Articles 70, 174, and 182 thereof; Pursuant to International Financial Reporting Standard No. 9 (IFRS 9); Pursuant to Basic Decision No. 12713 dated November 7, 2017, regarding the application of International Financial Reporting Standard No. 9 (IFRS 9); And pursuant to the Central Council Decision No. 143 dated May 28, 2024;
Has decided as follows:
Article One: The text of the paragraph "Second, Article Five of Basic Decision No. 12713 dated November 7, 2017" is repealed. Article Two: This decision takes effect upon issuance. Article Three: This decision is published in the Official Gazette.
Beirut, June 6, 2024 Acting Governor of the Central Bank of Lebanon Dr. Wissam Mansouri