Regulatory Alerts2013-10-30
Circular 5/2013 of the Bank of Spain, of 30 October, amending Circular 4/2004 on financial information standards and Circular 1/2013 on the Risk Information Central
The Bank of Spain issued Circular 5/2013 to align Spanish banking regulations with EU IFRS standards, specifically IFRS 10, 11, 12, and 13, by replacing proportional consolidation with the control-based approach and introducing fair value measurement rules. The circular also updates accounting treatments for defined benefit pension plans under IAS 19 and establishes new reporting requirements for small and micro-enterprise financing and collateral within the Risk Information Central. Additionally, it extends the deadline for initial data submissions to the new Risk Information Central to accommodate implementation complexities and institutional restructuring.
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