Regulatory Alerts2021-09-02 | 13359Circular No. 594 on the Amendment of Basic Decision No. 12713 Regarding International Financial Reporting Standard No. 9 (IFRS 9)
The Governor of the Central Bank of Lebanon issued Circular Decision No. 13359 to extend the implementation deadlines for Sections "First" and "Fourth" of Article Seven under Basic Decision No. 12713 until December 31, 2021. This amendment aligns the application timeline for International Financial Reporting Standard No. 9 (IFRS 9) with recent monetary and banking laws, including the Suspension of Statutes Laws Nos. 199 and 237. The decision takes immediate effect upon issuance and is formally published in the Official Gazette to ensure compliance across all regulated banks, financial institutions, and supervisory agents.
Circular No. 594
To Banks, Financial Institutions, and Supervisory Agents
We send you Circular No. 13359 dated September 2, 2021, regarding the amendment of a version 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, September 2, 2021
Governor of the Central Bank of Lebanon Riad T. Salam
Circular Decision No. 13359
Amendment of Basic Decision No. 12713 dated November 7, 2017
The Governor of the Central Bank of Lebanon, Based on the Monetary and Banking Law, particularly Articles 70, 174, and 175 thereof, Based on the Suspension of Statutes Law No. 199 dated December 29, 2020, and Law No. 237 dated July 16, 2021, Based on Basic Decision No. 12713 dated November 7, 2017, and its amendments regarding the application of International Financial Reporting Standard No. 9 (IFRS 9), Based on the decision of the Central Bank Council taken in its meeting held on September 1, 2021,
Decrees the following:
Article One: The deadline specified in both "Section 'First' of Article Seven" and "Section 'Fourth' of Article Seven" of Basic Decision No. 12713 dated November 7, 2017, is extended until December 31, 2021.
Article Two: This decision takes effect immediately upon its issuance.
Article Three: This decision is published in the Official Gazette.
Beirut, September 2, 2021
Governor of the Central Bank of Lebanon Riad T. Salam