Regulatory Alerts2015-01-01
Circular No. 171 Revenue Recognition from Fees and Commissions
The Palestine Monetary Authority issued Circular No. 2015/171 to postpone the application of International Accounting Standard No. 18 revenue recognition requirements for fees and commissions on individual loans until January 1, 2016. The directive permits banks to exclusively recognize up to USD 500 (or equivalent) of such fees and commissions upon service provision, while mandating full compliance with the standard for the final financial statements as of December 31, 2015. Banks must automatically update their accounting systems by the new effective date to ensure seamless alignment with the standard and related circulars.
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