Regulatory Alerts2024-01-01
Palestine Monetary Authority Circular No. 27 of 2024: Final Financial Statements for the Year 2024
The Palestine Monetary Authority issued Circular No. 27 of 2024 to mandate the submission of final financial statements for the year 2024 by all supervised entities. The directive requires that these statements be prepared in accordance with the provisions of the Central Bank Law and the Authority's regulations, ensuring compliance with established accounting standards. Banks and financial institutions are obligated to submit the required documentation by the specified deadline to maintain regulatory adherence.
PALESTINE MONETARY AUTHORITY Circular No. 27 of 2024
Regarding the submission of the Final Financial Statements for the Year 2024
In implementation of the provisions of Article (40) of the Central Bank Law No. (4) of 2022, and pursuant to Article (3) of the Executive Regulations of the Central Bank Law No. (4) of 2022, and in light of the need to monitor the financial position of supervised entities,
The Palestine Monetary Authority has issued the following circular:
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All banks and financial institutions supervised by the Authority shall submit their final financial statements for the year 2024 to the Authority by March 31, 2025.
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The final financial statements shall be prepared in accordance with the International Financial Reporting Standards (IFRS) and the instructions issued by the Authority regarding the format and content of financial statements.
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The financial statements must be audited by an independent external auditor approved by the Authority, and the audit report must be attached to the submitted statements.
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Failure to submit the final financial statements within the specified deadline shall subject the supervised entity to the penalties stipulated in the Central Bank Law and its executive regulations.
Ramallah, Palestine Palestine Monetary Authority