Regulatory Alerts2017-12-06
Circular 4/2017 of the Bank of Spain on Public and Reserved Financial Information Standards and Financial Statement Models
The Bank of Spain issued Circular 4/2017 to adapt the accounting regime of Spanish credit institutions to European standards, specifically aligning with IFRS 9 and IFRS 15 effective from January 1, 2018. The regulation mandates a shift to an expected loss model for financial instrument impairment, introduces new classification criteria for financial assets, and updates revenue recognition and hedge accounting rules. It also establishes detailed requirements for public and reserved financial reporting, internal accounting development, and the submission of statistical data to the central bank.
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