Regulatory Alerts2023-01-01
Circular No. 162: International Financial Reporting Standard 9
The Palestine Monetary Authority issued Circular No. 162/2023 requiring all banks operating in Palestine to prepare a quantitative impact study for expected credit losses, held-for-sale assets, and fair value measurements aligned with IFRS 9, IFRS 5, and IFRS 13 for financial statements as of June 30, 2023. The circular mandates specific accounting treatments for Stage 1, 2, and 3 provisions, interest revenue recognition on net exposures, internal collateral liquidation estimates, and the inclusion of exposures overdue beyond six years. Banks must submit a detailed report outlining calculation methodologies and results to the Authority by September 15, 2023.
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