Regulatory Alerts2019-01-01
Instructions No. 8 of 2019 Concerning the Amendment of Requirements and Guidelines for Applying International Financial Reporting Standard No. 9
The Palestine Monetary Authority issued Instructions No. 8 of 2019 to temporarily amend the regulatory requirements for applying International Financial Reporting Standard No. 9 (IFRS 9). The directive exempts public sector employees facing irregular salary payments due to government financial constraints from the standard 30-day past-due threshold for classifying credit risk as significantly increased under Stage Two, extending the applicable grace period to 60 days. These temporary provisions mandate compliance by all licensed Palestinian banks and remain effective for six months until January 1, 2020, after which regulations revert to the original 2018 instructions.
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