THE STANDARDS COMMITTEE OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:

I. That Legislative Decree No. 614, dated December 20, 2022, published in Official Diary No. 241 Volume No. 437, of the 21st of the same month and year, issued the Comprehensive Pension System Law.

II. Article 27, fifth clause of the Comprehensive Pension System Law, establishes that Administrators will also be authorized to manage Voluntary Pension Savings Funds. Furthermore, said clause establishes that such Funds will be constituted as independent estates of the Administrator and of the Pension Funds it manages.

III. That Article 133, first clause of the Comprehensive Pension System Law, establishes that Voluntary Pension Savings Funds will be offered by Pension Fund Administrators, Banks, Cooperative Banks, Fund Managers, and Savings and Credit Societies, in accordance with the regulations applicable to them and will be governed by what is provided in Chapter I of Title II of said Law and, where applicable, by the Investment Funds Law.

IV. That first clause of Article 134 of the Comprehensive Pension System Law establishes that each Voluntary Pension Savings Fund will be the exclusive property of the natural persons and employers who have made contributions to it, being an independent estate different from that of the institution that manages it and other Voluntary Pension Savings Funds, which are managed by the same, if applicable.

V. That Article 159 of the Comprehensive Pension System Law establishes that the Central Reserve Bank of El Salvador will issue the necessary Technical Norms that allow the development of what is established in the referred Law.

VI. That Article 99, letter c) of the Law on Supervision and Regulation of the Financial System, establishes that it corresponds to the Standards Committee of the Central Reserve Bank, the approval of technical norms for the elaboration, approval, presentation, and dissemination of Financial Statements and supplementary information of the members of the financial system; the determination of accounting obligations and the principles in accordance with which they must keep their accounting and the establishment of criteria for the valuation of assets, liabilities, and constitution of provisions and reserves for risks.

THEREFORE,

by virtue of the regulatory powers conferred upon it by Article 99 of the Law on Supervision and Regulation of the Financial System,

AGREES, to issue the following:

ACCOUNTING MANUAL
FOR VOLUNTARY PENSION SAVINGS FUNDS

CONTENT

CHAPTER I
GENERAL PROVISIONS
Comprises the general application provisions for the recognition, measurement, presentation, and disclosure of the operations of Voluntary Pension Savings Funds.

CHAPTER II
ACCOUNTING FRAMEWORK
Comprises the accounting principles that Voluntary Pension Savings Funds will apply to their operations, which will be composed of sections that indicate how to proceed for the accounting of regulated elements. Sections of the Chapter:
SECTION 1. Cash and Cash Equivalents.
SECTION 2. Financial Instruments.
SECTION 3. Derivative Financial Instruments.
SECTION 4. Specific Treatments Defined for the Presentation of Financial Statements.
SECTION 5. Preparation, Presentation, Disclosure, and Publication of Financial Statements.

CHAPTER III
CHART OF ACCOUNTS
Comprises the list of accounts provided for the accounting of the respective operations.

CHAPTER IV
ACCOUNTING APPLICATIONS MANUAL
Comprises the description of the concept of the accounts and the main applications by which they will be affected.

CHAPTER V
FINANCIAL STATEMENTS
Models of Financial Statements.

CHAPTER VI
OTHER PROVISIONS AND VALIDITY

CHAPTER I
GENERAL PROVISIONS

OBJECTIVES

1.1. General Objective
To standardize the accounting recording of the operations of Voluntary Pension Savings Funds, to obtain financial statements that reflect the financial situation and the results of their management, as an instrument for the analysis of information and decision-making by the Managing Institutions, the public users of the services provided by said Managing Institutions, and other interested parties.

1.2. Specific Objective
To have complete, timely, and homogeneous information on the financial and economic situation of Voluntary Pension Savings Funds that contributes to decision-making by the participant and the general public.

SCOPE

The application of the Manual is mandatory for Voluntary Pension Savings Funds authorized by the Superintendence, for the management of their own operations.
When reference is made in this Manual to actions of the Fund, it shall be understood that the one performing them is the Managing Institution in its capacity as administrator thereof. The Manual is composed of the General Provisions, the Accounting Framework, the Chart of Accounts, the Accounting Applications Manual, and the Models of the Financial Statements with their Notes.

TERMS
For the purposes of this Accounting Manual, the terms indicated below have the following meaning:
a) Central Bank: Central Reserve Bank of El Salvador; b) Individual Account: Individual voluntary pension savings account in the name of a natural person, which contains the data of contributions and withdrawals made by natural persons or by the employer if applicable and the returns generated by said contributions; c) Fund(s): Voluntary Pension Savings Funds;

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ACCOUNTING MANUAL FOR VOLUNTARY PENSION SAVINGS FUNDS Approval:
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Validity: 30/12/2022 d) Employer: Natural or legal person that agrees by means of a contract or institutional plan, to make contributions to the individual account of a natural person with whom they maintain a labor relationship; e) Managing Institution: Financial institution that manages Voluntary Pension Savings Funds which are registered in the Public Registry of the Superintendence of the Financial System; f) Law: Comprehensive Pension System Law; g) FI Law: Investment Funds Law; h) Participant: Natural person in whose name the individual voluntary pension savings account is located; i) Withdrawal: Corresponds to the total or partial payment of the resources from the participant's individual account balance; j) Superintendence: Superintendence of the Financial System; k) Transfer: Corresponds to the total or partial sending of the resources from one individual account to another or other individual accounts of the same holder in the same or other authorized Voluntary Pension Savings Funds; and l) Securities: Shares, debentures, and other securities.

PROCESS OF OPERATIONS AND ACCOUNTING SYSTEM

4.1. Processing of Accounting Operations
Funds subject to this Manual may process their accounting operations by the means they deem convenient, provided it allows for their analysis and supervision. To this end, they must present to the Superintendence, prior to entry in the Register, the accounting information processing system they will use, for its respective verification and authorization. Likewise, when a change occurs in said system, they must present the change to the Superintendence. The documentary or electronic source of each accounting entry must contain explanations regarding the operation being recorded.

4.2. Authorization and Modification of the Accounting System
The accounting system consists of the methods, computer systems, application manuals, formats, accounting policies, and records established to identify, analyze, classify, record, and report the transactions of the Funds. The system comprises:
a) The Chart of Accounts and Application Manual; b) Accounting records, supporting documents, and auxiliary records; c) The accounting processing involved from the initiation of a transaction until its inclusion in the Financial Statements; and

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
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ACCOUNTING MANUAL FOR VOLUNTARY PENSION SAVINGS FUNDS Approval:
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Validity: 30/12/2022 d) The financial information process used to prepare the Financial Statements, including important estimates and disclosures.
Electronic accounting records may be kept, provided they comply with what is established in Article 455 of the Code of Commerce.
The minimum information to be detailed within the accounting system, for purposes of approval and modification, will be:

4.2.1. Description of the Accounting System

a) General Fund Data: Name, Tax Identification Number (NIT), address, and other relevant information, etc.; b) Type of Voluntary Pension Savings Fund according to the defined Plan; c) Registration data in the Public Registry; d) Name and registration number of the external auditor; e) Accounting policies and procedures adopted, which consist of presenting said policies and the procedures the Fund will employ, in accordance with the minimum disclosures required by this Manual and the applicable International Financial Reporting Standards; and f) Description of the notes to the Financial Statements to be prepared, in accordance with the minimum disclosures required by this Accounting Manual for Funds and the applicable International Financial Reporting Standards.

4.2.2. Requirements of Accounting Records

a) Method of keeping accounting books: legal accounting books will be kept in bound and paginated books, on separate paginated sheets, or other physical or electronic media; b) Nature of the system to be used: description of the name and method of operation of the computer system in which the accounting will be kept; c) Method of recording operations: explain in what form it will record its operations in the legalized accounting records; and d) Detail of auxiliary books to be kept and the method of recording operations in them.

4.2.3. Description of Computerized Information Systems

a) Design of the computerized accounting system: the content of this letter comprises a description of the method of recording, operating, and generating accounting records; b) Description of modules:

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ACCOUNTING MANUAL FOR VOLUNTARY PENSION SAVINGS FUNDS Approval:
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Validity: 30/12/2022
i. Name of the module;
ii. Implementation language;
iii. Objective of the module, which will describe generally what the main function of the specific accounting module is;
iv. Main sub-modules with their respective explanation;
v. Reports issued by the module; on paper, screen, or magnetic files; and
vi. Indicate the name of the report, frequency of issuance, and its objective.
c) Description of databases:
i. Name of the database;
ii. Objective;
iii. Database manager with version detail;
iv. Data capture method: in this particular area, it must be specified whether the content of the database is generated by the system by automatic calculation or corresponds to information captured through the user;
v. Detailed description of fields including name, type, meaning, and use of the field; and
vi. Data dictionary; and
d) Flowchart of modules and programs: the flowchart must show the data flow through the system and the interrelation between the steps of the process and the computer routines.

4.2.4. Security Measures
It will consist of the description of measures to be taken internally to guarantee the confidentiality and integrity of the information managed by the accounting system, with the purpose of minimizing the inherent risk existing for the different assets.

4.2.5. Contingency Plan
It will consist of a description of the measures to be taken to be resilient and able to continue operating the system.

4.2.6. Additional Documentation
The following documentation must be attached in original and copy:
a) Source documentation to be used for the recording of operations including income notes, expense vouchers, journal vouchers, among others; b) Formats of main books, except those required by the Tax Code and its respective regulation;

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
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ACCOUNTING MANUAL FOR VOLUNTARY PENSION SAVINGS FUNDS Approval:
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Validity: 30/12/2022 c) Formats of auxiliary books; d) Technical and operation manual of the computer system; and e) User manual of the computer system.

4.2.7. Outsourcing of Accounting
When the Managing Institution, on a sufficiently reasoned and founded basis, decides to hire an independent company to keep the accounting of each Fund it manages, the Managing Institution will define the profile of the company that will keep the records, which must be available to the Superintendence for review; likewise, the Superintendence may carry out the respective inspection of the computer systems of the contracted company to verify that they comply with the parameters established in this Manual and other applicable accounting provisions. This requirement will be applicable even when the accounting service is provided by a company from the same business group or financial conglomerate of the Managing Institution, because it is a contracting activity. Said company must ensure that it has the capacity to keep the accounting of each Fund separately.

When the service contract to keep the accounting is carried out, the Fund must ensure it has unrestricted access to historical information.

MODIFICATION OF THE MANUAL
The coding and openings established in this Manual must be respected in their entirety; therefore, no new elements, headings, accounts, primary sub-accounts, secondary sub-accounts, and sub-sub-accounts different from those already established may be opened. Analytical sub-sub-accounts may be added after the ninth (9th) digit, provided they correspond to the nature of the account from which they originate and to the degree and detail they consider necessary for better recording and control of their operations. When any operation or transaction arises that is not provided for in this Manual, the Fund will communicate it to the Central Bank, attaching the accounting criteria it intends to use as well as the accounts to be used, describing the transaction or event, indicating its quantitative impact on the Financial Statements and the reasons that, in the judgment of the competent administrative body, justify the proposed treatment. Such communication will be sent physically or by means of duly signed email by the responsible persons.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-62
ACCOUNTING MANUAL FOR VOLUNTARY PENSION SAVINGS FUNDS Approval:
30/12/2022
Validity: 30/12/2022
The Central Bank will analyze what is proposed and if it is a matter of modification of the Manual, the proposed accounting application if appropriate, will be approved by the Central Bank through its Standards Committee. Prior to the agreement of the Standards Committee, the Fund must account for the operation or proposal to be modified and when the Central Bank through its Standards Committee agrees to approve the change to the Manual, the Fund must make the necessary adjustments, transferring the transaction from the account in which it was temporarily recorded to the corresponding approved one.

RESPONSIBILITIES
6.1. Administration of Funds
The administration of the Funds is a purpose of the Managing Institutions; consequently, all matters and operations related to the activity of the Funds are the responsibility of these.

6.2. Accounting Records
It is the responsibility of the Managing Institution to record the operations of the Fund, from the preparation of vouchers, documents, records, and files of the transactions, to the formulation of the Financial Statements and other reports for their respective analysis and interpretation. The Managing Institution must define the profile that the accountant it hires to perform the accounting operations of the Fund must meet, in order that the activities and operations it performs are carried out efficiently and effectively.

6.3. Timeliness of Accounting Recording
It is the responsibility of the Managing Institution to account daily for the transactions carried out by the Fund, which will be recorded in chronological order and in the accounts whose title corresponds to their nature, and the accounting closing of the Fund will be daily.

SUBMISSION OF INFORMATION
7.1. Timeliness
The Fund will remit the corresponding information within the deadlines defined in this Manual. Lack of timeliness in the submission will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System. The Fund must designate a responsible official as well as its respective substitute to give timely compliance to the information requirements established in this Manual to be sent to the Superintendence.

7.2. Frequency
7.2.1. Monthly Financial Statements
The Managing Institution will obligatorily present the monthly trial balance of each Fund, which must be delivered to the Superintendence within eight (8) business days following the month to which the information corresponds. When it comes to Trial Balances and information relating to the months of June and December of each year, the Fund will remit electronically within fifteen (15) calendar days following the month to which the definitive information corresponds. The above does not mean that the provisional information of said months does not have to be presented within the deadline stipulated in the first paragraph. The Managing Institution must present the monthly Financial Statements of each Fund it manages as mentioned in item 7.2.2. Semiannual and Annual Financial Statements.

7.2.2. Semiannual and Annual Financial Statements
The Fund must present its semiannual and annual Financial Statements to the Superintendence, in the formats, deadlines, periodicity, and under the grouping norms dictated in this Manual. These Financial Statements are the only valid for all purposes, whether for inclusion in the annual report and publication in the press or for any other type of dissemination in the country or abroad, with the exception of Financial Statements that must be prepared for tax purposes, while there are fiscal criteria that differ from what is established in this Manual. The semiannual and annual Financial Statements, such as: General Balance, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows, and the notes thereto, that are sent to the Superintendence, must be presented obligatorily with the signatures of the general accountant, general manager or acting manager, and the legal representative when different from the legal manager or acting manager. The Financial Statements referred to the month of June must be sent with the interim report of the External Auditor. In the case of annual Financial Statements, the External Auditor's Opinion must be sent.

Table No.1 Frequency of Presentation of Financial Statements
Frequency Models Designation
Semiannual 1 General Balance
Semiannual 2 Statement of Comprehensive Income Semiannual 3 Statement of Changes in Equity Semiannual 4 Statement of Cash Flows Semiannual Notes to the Financial Statements Monthly Trial Balance

From the previous table, the Trial Balance will be the only one that will be sent to the Superintendence through electronic means according to the mechanisms it informs by means of circular. The Managing Institution must communicate to the Superintendence the names, signatures, and positions of the persons authorized to sign the Financial Statements of each Fund, within the first fifteen (15) business days of the appointment being made.

7.3. Mechanisms
The Superintendence will send to the subjects of application of this Manual, with a copy to the Central Bank, the technical details related to the submission of the information requested in this Manual, which will be communicated within a maximum period of thirty days after the entry into force of this Manual. The information requirements will be limited to the collection of information in accordance with what is regulated in this Manual.

7.4. Procedures
The Financial Statements must be presented according to the provisions established in this Manual.
In order to guarantee that the submission of the Financial Statements is carried out free of arithmetic errors or in the structure of the file, the Fund must perform the prior validations to the submission of information designed by the Superintendence for its submission. The technical characteristics of the files, as well as the transmission medium and report, will be mandatory compliance by the Fund.

7.5. Level of Opening
The minimum accounting information to be submitted to the Superintendence shall comprise subaccounts of up to nine (9) digits; as established in Chapter III of the Chart of Accounts, item 1, description of the coding method, without prejudice to the possibility that regulations may require a greater level of detail.

CLOSURE OF THE ECONOMIC YEAR
The economic and accounting period shall run from January 1 to December 31 of each year.
RECORDS
9.1. Accounting Books
The movement and balance of accounts shall be recorded in the main books and the subaccounts in auxiliary books as deemed necessary.
The main books that must be legalized are the following:
a) Daily Journal; b) General Ledger; and c) Financial Statements Book.
If the Fund considers it convenient and necessary, it may legalize the Daily Journal and the General Ledger in a single Daily General Ledger.
Accounting records must comply with what is established in the Commercial Code.
The figures entered in the main books and in the auxiliary books must be presented in absolute values including cents with two decimal places.
The Financial Statements entered in the respective Book must be presented in a comparative manner with the figures from the same period of the previous year.
INTERNAL CONTROL APPLIED TO ACCOUNTING RECORDS
The Fund shall establish internal control systems aimed at reasonably ensuring the reliability of accounting records, as well as the correct integration of operations. The internal control system may contain aspects such as:
a) Accounting records with the necessary detail of the characteristics of assets, liabilities, equity, income, and expenses, so that all information contained in the different statements to be submitted can be derived from them, which shall maintain the necessary correlation both among themselves, when applicable, and with the accounting basis; b) Auxiliary detail of the composition of the balance of each of the subaccounts, in order to have an adequate integration of the records; c) Inventory or details of the different items, independent of the mandatory books required by Salvadoran legislation; and d) Details deemed necessary for the preparation of the rest of the complementary informative statements, developing an analytical accounting that provides sufficient information for the calculation of costs and returns of the different centers, business lines, or other aspects of interest for adequate management control.
REGISTRATION AND ARCHIVING OF ACCOUNTING DOCUMENTATION
The operations recorded in the books listed in item 9.1 of this Manual must be supported by the corresponding documentation and comply with what is established in the Commercial Code. Such operations shall be entered as they are carried out, without prejudice to the sanctions, fines, and others that the Administrator Institution may incur for such delays in accordance with applicable legal norms. The Fund must archive the documentation supporting its operations, in chronological order, including the Financial Statements prepared monthly and the Trial Balances. The Fund is obligated to conserve its business records in general as well as its Financial Statements, according to the timeframes established in articles 451 and 455 of the Commercial Code.
CONCEPTUAL FRAMEWORK OF ACCOUNTING

Accounting shall be governed according to the following precedence:
a) Salvadoran legislation that establishes specific accounting treatments; b) Accounting Standards issued by the Central Bank through its Standards Committee; and c) International Financial Reporting Standards, provided that they develop topics for which there is no Salvadoran regulation. When the Fund applies International Financial Reporting Standards, it shall use those issued by the International Accounting Standards Board (IASB, in English), translated into Spanish, in accordance with item c) of this item.

When International Financial Reporting Standards provide different treatments for the same economic event, the Fund shall use the most prudent treatment established in those Standards. Accounting shall be developed applying the accounting criteria and fundamental characteristics indicated below:

12.1. Fair Presentation
Financial Statements must be drafted clearly, such that the information provided is understandable and useful for users in making their economic decisions, and must represent the fair presentation of the Fund's equity, financial situation, and comprehensive results, in accordance with legal and regulatory provisions. When it is considered that compliance with the requirements, principles, and accounting criteria included in this Manual is not sufficient to show the aforementioned fair presentation, precise complementary information shall be provided in the notes to the Financial Statements to achieve this objective. In those exceptional cases where such compliance is incompatible with the fair presentation that Financial Statements must provide, such application shall be considered inappropriate. In such cases, the notes to the Financial Statements shall sufficiently reason this circumstance and explain its influence on the Fund's equity, financial situation, and results.

12.2. Relevance and Reliability of Information to be Included in Financial Statements
The information included in Financial Statements must be relevant and reliable.
Information is relevant when it is useful for making economic decisions, that is, when it helps to evaluate past, present, or future events, or to confirm or correct evaluations made previously. In particular, to meet this requirement, Financial Statements must adequately show the risks to which the Fund is exposed. Information is reliable when it is free from material errors and reflects real and current data in its content; consequently, users can trust that it is the fair presentation of the information it intends to represent. Information must be complete, which is feasible when financial information contains completely all data that can influence decision-making, without omissions of significant information. Additionally, financial information must comply with the qualities of comparability and clarity. Comparability is the quality that financial information has to be able to compare it over time. Information shall be formulated with relevant criteria of identification, valuation, registration, and presentation that allow the possibility of comparing the financial situation, the results achieved, and compliance with the legal provisions of the Fund in different periods or with other similar Funds, in order to facilitate the analysis, evaluation, supervision, and audit of management and adequate accountability. On the other hand, clarity implies that, based on a reasonable knowledge of economic activities, accounting, and corporate finance, users of Financial Statements, through a diligent examination of the information provided, can form judgments that facilitate decision-making.

12.3. Accounting Principles
The Fund's accounting and, in particular, the registration and valuation of the elements of Financial Statements, shall be developed by applying the accounting principles and fundamental hypotheses indicated below.

12.3.1. Going Concern
The duration of the Funds shall be considered indefinite. Financial Statements shall be prepared based on the going concern hypothesis. Consequently, the application of accounting principles shall not be aimed at determining the value of equity for the purpose of its global or partial alienation, nor the resulting amount in case of liquidation. If Financial Statements are not prepared on the basis of going concern, such circumstance must be disclosed along with the alternative criteria that have been used and the reasons why such Funds are not considered as a going concern. Such disclosure shall also take into account what is provided in the Technical Standards for the Transfer, Merger, or Liquidation of Voluntary Previsional Savings Funds -71), approved by the Central Bank through its Standards Committee.

12.3.2. Accrual
The effects of transactions or economic events shall be recorded when they occur, attributing to the period to which the Financial Statements refer, the expenses and income that affect it, regardless of the date of payment or collection; such effects must be recognized daily.

12.3.3. Uniformity
Once a criterion is adopted in the application of Accounting Principles within the alternatives that, if applicable, allow it, it must be maintained over time as long as the assumptions that motivated the choice of said criterion are not altered. If, for justified cause, these change, the affected Financial Statements shall be accompanied by an explanatory note that allows appreciating the origin of the new criteria and their quantitative and qualitative effect on equity, results, and total assets. Likewise, such changes and their effects shall be recorded in the notes to the Financial Statements.

12.3.4. Prudence
Prudence shall prevail over any other principle in case of conflict. One must be prudent in the estimates and valuations to be made under conditions of uncertainty.
Prudence does not justify that the valuation of equity elements does not respond to the fair presentation that Financial Statements must reflect.
Likewise, benefits obtained up to the closing date of the period shall be accounted for. On the contrary, all risks, originating in the period or in a previous one, must be taken into account as soon as they are known, even if they are only known between the closing date of the annual Financial Statements and the date on which they are formulated. In such cases, complete information shall be provided in the notes to the Financial Statements, without prejudice to its reflection, when a liability and an expense have been generated, in other documents comprising the annual Financial Statements. Consequently, it is necessary to include a certain degree of caution in the exercise of judgments necessary to make the estimates required under conditions of uncertainty. Amortizations and value corrections for impairment of assets must be taken into account, whether the period ends with a profit or a loss. Exceptionally, if risks are known between the preparation and before the approval of the Financial Statements and significantly affect the fair presentation, the Financial Statements must be prepared again.

12.3.5. Non-Compensation
In no case may items of assets and liabilities of the Balance Sheet, nor items of expenses and income of the Statement of Comprehensive Income, be offset, unless specifically allowed or required by International Financial Reporting Standards, which must be reported to the Superintendence. When this occurs, it must be disclosed in a note to the Financial Statements.

12.3.6. Relative Importance
Each item that has sufficient relative importance must be presented separately in Financial Statements. Items of insignificant amounts must appear grouped with others of similar nature or function, provided that they do not have to be presented separately. The strict application of some accounting principles and criteria shall be admitted when the relative importance in quantitative or qualitative terms of the variation that such fact produces is not significant and, consequently, does not alter the expression of the fair presentation. In cases of conflict between accounting principles, the one that best leads to Financial Statements expressing the fair presentation of equity, financial situation, and comprehensive results of the Fund shall prevail.

CHAPTER II
ACCOUNTING FRAMEWORK

SECTION 1
CASH AND CASH EQUIVALENTS

OBJECTIVE
This Section aims to establish the specific elements that help identify whether a financial asset meets the conditions to be presented in the Balance Sheet as cash or cash equivalents.
SCOPE
This Section applies to financial items that the Fund presents in its Balance Sheet as cash and cash equivalents.
DEFINITIONS
For the purposes of this Section, the terms indicated below have the following meaning:
a) Cash: The available in cash and bank deposits on demand; and b) Cash Equivalents: Short-term investments of high liquidity that are easily convertible into determined amounts of cash, are used to meet payment commitments, and have an insignificant risk of changes in their value. Their maturity is less than or equal to ninety (90) calendar days from the date of acquisition. The criteria that define cash equivalents are the following:
a) The investments are short-term; b) They are high-liquidity investments; c) They are easily convertible into determined amounts of cash; d) They are subject to a insignificant risk of changes in their value; and e) Financial instruments are held to meet short-term payment commitments rather than for investment purposes.
RECOGNITION
Cash and cash equivalent items shall be recognized by the Fund
MEASUREMENT
Cash shall be measured at the date of its initial recognition at its fair value, that is, the amount of cash received and subsequently, by its amortized cost, understood as the initial amount plus yields minus amortizations, minus charges for services or others that apply and that affect the initially recognized amount, whether increasing or decreasing it. Cash equivalents shall be measured initially at their fair value plus, in the case of those subsequently measured at amortized cost, the transaction costs incurred on the date of their acquisition. Subsequently, the same shall be measured based on amortized cost or fair value, whichever applies, taking into consideration the business model established by the administration for such instruments and the characteristics of their contractual cash flows. On the other hand, financial items denominated in a foreign currency are converted at the prevailing buying exchange rate on the date of the Financial Statements. A foreign currency shall be understood as a currency different from the legal tender of the Fund.
PRESENTATION
Cash and cash equivalents are presented by the amounts representing their fair values or amortized costs, depending on the measurement applied to them.

SECTION 2
FINANCIAL INSTRUMENTS

OBJECTIVE
This Section aims to establish the financial criteria to be applied for the recognition, measurement, presentation, and disclosure of investments in financial instruments, both financial assets and financial liabilities.
SCOPE
This Section applies to investments in financial instruments other than:
a) Financial derivative instruments; b) Rights and obligations arising from lease contracts; and c) Rights and obligations arising from an insurance contract.
DEFINITIONS
For the purposes of this Section, the terms indicated below have the following meaning:
a) Financial Assets: Any asset that is cash, an equity instrument of another entity, or implies a right to receive cash or another financial asset; or to exchange financial assets and liabilities with third parties under favorable conditions, and any contract that can be settled with equity instruments; b) Conventional Purchase or Sale of a Financial Asset: The purchase or sale of a financial asset under a contract or agreement, the terms of which require its delivery within the time generally established by regulation or convention in the relevant market where the transaction has taken place. The settlements of these contracts or agreements shall be carried out gross, not allowing or requiring the net settlement of the change in value in the contract; c) Amortized Cost of a Financial Asset or a Financial Liability: The initial measure of said asset or liability minus principal repayments, plus or minus the accumulated amortization -calculated using the effective interest method- of any difference between the initial amount and the repayment value at maturity, minus any impairment or uncollectibility loss that has been recognized directly or through the use of a correction account; d) Financial Instrument: Any contract that gives rise to a financial asset in one entity and a financial liability or an equity instrument in another entity; e) Transaction Date Method: A method consisting of recognizing or derecognizing a financial asset on the date that the Fund agrees to purchase or sell it; f) Effective Interest Rate Method: A method of calculating the amortized cost of a financial asset or a financial liability or a group of financial assets or liabilities, and of allocating financial income or expense over the relevant period; g) Financial Liability: Any liability that implies a contractual obligation to deliver cash or another financial asset; or to exchange financial assets or liabilities with third parties under conditions that are potentially unfavorable, and any contract that can be settled with equity instruments; h) Continuing Involvement in Assets: If a Fund does not transfer or retain substantially all the risks and rewards inherent in the ownership of a transferred asset and retains control over it, it shall continue to recognize the transferred asset to the extent of its continuing involvement; i) Effective Interest Rate: The discount rate that equates the book value of a financial instrument with the sum of the estimated cash flows over the expected life of the instrument discounted at this rate, based on its contractual terms and without considering future credit risk losses; j) Ordered, Arranged, or Organized Transaction: A transaction that assumes market exposures for a period prior to the measurement date, including usual and customary trading activities for transactions incorporating such assets or liabilities. The foregoing does not refer to a forced transaction, such as a forced liquidation or a sale under financial
difficulties; and k) Fair Value: The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, well-informed individuals who participate freely and independently, on the date of measurement.
INITIAL RECOGNITION
The Fund shall recognize a financial asset or a financial liability in its Balance Sheet

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-11/2022
NSP-62
ACCOUNTING MANUAL FOR VOLUNTARY PREVISIONAL SAVINGS FUNDS Approval:
30/12/2022
Validity: 30/12/2022 only when it becomes part of the contractual conditions of the instrument.
Conventional purchases or sales of financial assets shall be recognized applying the trade date method.
5. RECOGNITION OF THE FINANCIAL INSTRUMENT APPLYING THE
TRADE DATE METHOD
The trade date method requires that the Fund apply the following:
a) In the case of a purchase, to recognize the asset to be received and the liability to pay for it on the trade date; and b) In the case of a sale, to derecognize the sold asset against the corresponding receivable account and recognize the gain or loss on the derecognized asset on the trade date. Changes in the fair value of a financial asset that is sold conventionally are not recorded in the Financial Statements between the trade date and the settlement date because the seller's right regarding changes in the fair value ceases on the trade date. In the case of a purchase, interest does not begin to accrue or be earned on the acquired asset and the corresponding liability until the settlement date, when the title is transferred, and in the case of a sale, interest ceases to accrue until the settlement date. For the case of investments in Repos, the Fund will begin to accrue interest on them from the date of their settlement, that is, from the day on which the Fund makes the payment for the investment.
6. CLASSIFICATION OF FINANCIAL INSTRUMENTS

6.1. Financial Assets
Funds must classify their financial assets on the date they first recognize them, taking into account the following:
a) The basis or objective of the business model for managing financial assets; and b) The characteristics of the contractual cash flows of the financial asset.
Having determined the above, the Fund will classify financial assets, according to their subsequent measurement at fair value, the latter taken from any of the sources established in paragraph 10 of this Section.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
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ACCOUNTING MANUAL FOR VOLUNTARY PREVISIONAL SAVINGS FUNDS Approval:
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6.2. Classification of Financial Liabilities
The Fund must classify its financial liabilities, when first recognized, as measured subsequently at amortized cost, applying the effective interest rate method, except for the following financial liabilities:
a) Financial liabilities classified mandatorily at fair value with c changes in profit or loss, subsequently to their initial measurement will be measured at their fair value; b) Financial liabilities that originate when the transfer of a financial asset does not qualify for derecognition, will be recognized by an amount equal to the consideration received; and c) Financial liabilities that originate from the continuing involvement in assets, will be measured on the basis that reflects the obligations that the Fund has retained or assumed. The associated liability is measured in such a way that the net amount of the transferred asset and the net amount of the associated liability is equal to the fair value of the rights and obligations retained by the Fund, when measured independently, if the transferred asset is measured by fair value.
7. INITIAL MEASUREMENT
When a financial asset or a financial liability is initially recognized, they are measured at their fair value. In the case that in the subsequent recognition of such financial liabilities they are not measured at fair value with changes in profit or loss, the following shall apply:
When the subsequent measurement of the financial liability is at amortized cost, transaction costs directly related to the issuance or assumption of the financial liability shall be deducted. If it turns out that the fair value of the acquired financial asset or liability differs from the transaction price, then the Fund will proceed to recognize the difference between the fair value on the date of its initial recognition and the transaction price in the following manner:
a) If that fair value is obtained with a quoted price in an active market for an identical asset or liability or is based on methodologies that use only data from observable markets, the Fund will recognize the difference as a gain or loss; and b) In other cases, to defer the difference between the fair value at the moment of initial recognition and the transaction price. After initial recognition, the Fund will recognize that deferred difference as a gain or loss only to the extent that it arises from a change in a factor including time that market participants would take into account when setting

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
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ACCOUNTING MANUAL FOR VOLUNTARY PREVISIONAL SAVINGS FUNDS Approval:
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Validity: 30/12/2022 the price of the asset or liability.
8. SUBSEQUENT MEASUREMENT OF FINANCIAL ASSETS
Financial assets that are measured subsequently to their recognition at fair value shall be classified as financial assets held for trading, which comprises values acquired and managed within a business model that reflects active and frequent purchases and sales, whose purpose is to generate gains in the short term from price fluctuations or from trading margins. The effects of changes in fair value are taken directly to profit or loss.
9. SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES

The subsequent measurement of financial liabilities will be carried out as defined in paragraph 7 of this Section.
10. OBTAINING FAIR VALUE
For the purposes of establishing the measurement of financial instruments, the Fund must obtain the respective prices from the following sources:
a) In the case of financial instruments from local issuers, the prices provided by a specialized agent in securities valuation; b) In the case of financial instruments from foreign issuers, the prices provided by a specialized agent in securities valuation or a system of recognized international stock or financial information by the Superintendence; and c) Regarding financial instruments whose prices cannot be obtained from any of the sources cited above, the Fund may define its own methodology for the valuation of said instruments, the which must be available at any time for the Superintendence. For the purposes of recognition of international stock or financial information systems it must be taken into consideration the aspects considered in the specific provisions on recognition of markets and information systems -12), approved by the Central Bank through its Standards Committee.
11. DERECOGNITION OF FINANCIAL ASSETS
The Fund shall derecognize a financial asset or a portion of it, when the contractual rights to the cash flow expire or the financial asset is transferred and the transfer meets the requirements for derecognition.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
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It will be considered that the Fund has transferred a financial asset if it has transferred the contractual rights to receive the cash flows of a financial asset, but assumes the contractual obligation to pay them to one or more buyers of the transferred asset. In the latter case, it will be assumed that the Fund has transferred the asset if the following three conditions are met:
a) The Fund is not obligated to pay any amount to the buyers unless it collects equivalent amounts from the original asset. Short-term advances made by the Fund, with the right to full recovery of the amount plus accumulated interest at market rates, do not violate this condition; b) The Fund is prohibited, according to the conditions of the transfer contract, from selling or pledging the original asset, except as collateral for payment of the cash flows committed to the eventual buyers; and c) The Fund is obligated to remit without significant delay any cash flow that it collects on behalf of the eventual buyers. Furthermore, the Fund is not authorized to reinvest the cash flows. Upon derecognizing a financial asset in its entirety, the difference between the book amount determined on the date the financial asset is derecognized and the sum of the benefits received including any new financial asset obtained minus any new liability assumed will be recognized in the results. If the transferred asset is part of a larger financial asset, and the transferred part meets the requirements for derecognition in its entirety, the original book amount of the larger financial asset will be distributed between the part that continues to be recognized and the part that has been derecognized, based on the relative fair values of said parts on the date of the transfer. The difference between:
a) The book amount measured on the date of derecognition attributable to the
part that has been derecognized; and
b) The consideration received for the part derecognized including the new assets obtained minus the new liabilities assumed.
12. FINANCIAL ASSETS MANAGED UNDER A BUSINESS MODEL OF
FREQUENT PURCHASES AND SALES

12.1. Special Conditions

Financial assets under a business model that reflects frequent purchases and sales and whose purpose is to generate gains in the short term from price fluctuations or from trading margins, must meet the basic requirements described below:

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Validity: 30/12/2022 a) There must be a clearly documented trading strategy for securities, approved by the competent authority, in accordance with the Fund's policies; b) There must be clearly defined policies and procedures for the active management of the position, to ensure that:
i. Positions are managed by a trading team;
ii. Limits are set on positions and monitored to check their
adequacy;
iii. The personnel in charge of trading must have autonomy
to take or manage positions within the agreed limits and respecting the agreed strategy; c) Positions must be valued daily, consequently the asset classifications in this model require that they have price quotes in an active market; d) The Fund must indicate which of the sources provided in paragraph 10 is the provider of the market price and in case that the same source provides a diversity of prices on the same instrument, the Fund must indicate which price of the available ones it has taken; e) The Fund must include in its risk management policy the sources provided in paragraph 10, the one that applies, for the determination of prices of its investment portfolio. In the case that the same source used provides various prices for the same instrument, the Fund must define, within the indicated policies, the prices it will use to establish the value of the portfolio and the reasons that have defined such selection; f) The Fund will incorporate into its financial or risk management policies criteria that will define whether a price fluctuation in the market is normal or not; g) The Risk Committee will be informed of the positions held as an integral part of the Fund's risk management process, as well as the risk to which the Fund is exposed equally by the positions taken, when applicable; h) Active monitoring of positions with reference to market information sources will be carried out; and i) Monitoring of the volume of operations and of the positions expired in the Fund's trading portfolio will be carried out.
12.2. Recording Changes in Fair Value
Any gain or loss originating from a change in fair value shall be included in the net gain or loss of the period. Book applications shall be made daily.

SECTION 3
FINANCIAL DERIVATIVE INSTRUMENTS

OBJECTIVE
This Section aims to establish the accounting criteria to apply for the recognition, measurement, presentation and disclosure of financial instrument derivative contracts that the Fund acquires, which have the exclusive object of hedging their risks through accounting hedge.
SCOPE
Applies to financial instrument derivative contracts that are acquired whose underlying assets are interest rate, exchange rate, debt financial instruments, equity instrument, among others.

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The basic financial derivative instruments mentioned are not a complete list of the many instruments that exist in the market, and that could be used to comply with what is stipulated in this Section are, for example:
a) Forward contracts; b) Futures contracts; c) Basic options contracts; and d) Financial swap contracts or interest rate or currency swaps.
Furthermore, these instruments are acquired for the purpose of hedging financial risks; it being foreseen that they on the retrospective evaluation dates that apply to them, have the probability of ceasing to meet the essential requirements for designation as a risk hedge item, the above does not mean that such items are withdrawn from the scope of this Section.
3. DEFINITION
A derivative is a financial instrument that presents the following characteristics:
a) Its value changes in response to changes in an observable market variable, such as the interest rate, the exchange rate, the price of a financial instrument or a market index, including credit ratings; b) Its net initial investment is zero or very small in relation to other contracts with similar response to changes in market conditions; and c) It is settled on a future date.
4. BASIC CRITERIA THAT MUST BE OBSERVED TO ACQUIRE FINANCIAL
DERIVATIVE INSTRUMENTS

The Fund must enter into a negotiation of financial derivative instruments only if it has expertise on the functioning of the instruments and has the trained personnel and adequate systems for their recognition, valuation, measurement and ability to ensure compliance with the criterion taken to value the instrument to be acquired. The verification of the valuations of the instruments must be carried out by the Fund acquirer of the same. To ensure compliance with this criterion, it must comply with what is established in the previous clause, in such a way that the price provided by the entity issuing the instrument can be verified internally through the application of independent financial tools. Financial derivative instruments must be acquired solely for hedging financial risks and the Fund must implement strict risk management policies that expressly indicate the types of instruments that will be contracted in accordance with what is provided in this Section and for what purposes the same will be acquired, which cannot be for purposes other than the mitigation of their assumed risks. Financial derivative instruments must be acquired only if the Fund proves that the risk exposure intended to be covered is appropriately compensated by the value changes of the intended hedge item for the purposes of the management of its risks. The Fund must establish a methodology that allows it to develop the relevant assessment, through which to conclude whether the intended operation meets or does not meet the hedge objectives. Such methodology will be available to the Superintendence for verification of its compliance.
5. RECOGNITION
The Fund must recognize the contract of a financial derivative instrument on the date on which it becomes part of the contractual agreements of the acquired instrument. On the contract date, the Fund will recognize either a financial asset or a financial liability, the amount of which will be subject to the conditions under which the transaction was contracted. Generally, on the recognition date, the value of these contracts will be zero unless the transaction corresponds to a derivative that gives rise to an option or that the originated contract has been acquired under conditions within the stock market or an over-the-counter (OTC) market according to the underlying fixed to establish the value of the instrument.
6. INITIAL MEASUREMENT
Financial instrument derivative contracts will be initially measured at their fair value, which unless evidence to the contrary, will be the transaction price. Transaction costs attributable to the acquisition of these instruments, will be applied to the The nominal amount of these contracts, when it exists, or the amount established to measure the costs or benefits to be paid or received by the transaction, shall be incorporated from the date of the contract in off-balance sheet accounts known as order accounts, established for such purposes.
7. SUBSEQUENT MEASUREMENT
The contract will be measured subsequently by its fair value, which will be established by

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
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ACCOUNTING MANUAL FOR VOLUNTARY PREVISIONAL SAVINGS FUNDS Approval:
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Validity: 30/12/2022 the Fund acquirer of the instrument, considering for this purpose:
a) The use of valuation models that use as a source the basic inputs that for the type of instrument being valued are appropriate; or b) According to market practice where they are issued or according to the practice developed by the Fund, which must demonstrate that it is at least equal or more conservative than that originated by the issuer of the contract. In the case that the derivative instrument has been acquired in an over-the-counter market, the Fund must remit to the Superintendence the methodology applied to establish the fair value for its verification and inform whenever it is modified. Such methodology must contain the relevant detail that allows the understanding of how the values affecting the Fund's Balance Sheet and results have been obtained and must be incorporated into its risk management policies. The lower price established between the issuer's price and the price determined by the Fund will be taken into consideration. The prices of acquired products that are available in some of the sources cited in paragraph 10 of Section 2 of this Manual will be taken into consideration and the source of the information used to determine the fair value on the date of measurement will be documented. For these contracts the frequency of measurement will be daily.
8. RECOGNITION OF INCOME AND/OR EXPENSES
Value changes occurring between the previous and current measurement dates, in financial derivative instruments, will affect the results of the period, either as an expense or as income, depending on the instrument's price position and the Fund's position within the contract, which could leave the Fund in a position of realized or unrealized losses or gains.
9. DERECOGNITION
The Fund will derecognize the fair values of financial derivative instruments on the date of termination of the contracts or on the date of exercise of the instrument, whichever occurs first. On the indicated dates the Fund will pay or collect the pending amounts owed to it or in its favor or exercise the positions closed on that date, in the case that the transaction corresponds to a purchased option and the same ends with intrinsic value. When contracting a derivative for hedging its investments, the Fund must ensure that when selling the underlying asset for which it contracts the hedge, it can realize or liquidate said derivative, according to what is established in this Manual.

PRESENTATION
Financial derivative instruments will be presented in the Balance Sheet, according to the rights and obligations they represent as of the date of the Financial Statements. Active and passive balances originating from the behavior of the underlying assets used to establish the cost or benefit of such contracts will not be offset against each other.

SECTION 4
SPECIFIC TREATMENTS DEFINED FOR THE PRESENTATION OF FINANCIAL STATEMENTS

OBJECTIVE
This Section aims to establish the method of presentation for the Financial Statements.
SCOPE
It establishes the methods that must be applied by the Fund for the presentation of the Balance Sheet, the Statement of Comprehensive Income, and the Statement of Cash Flows.
PRESENTATION OF ELEMENTS OF FINANCIAL STATEMENTS

Presentation refers to the way accounting information is incorporated into the Financial Statements in such a manner that such incorporation is uniform period after period, reliable, and relevant for a better reading and interpretation of the different elements of the Financial Statements. Below, the models or methods defined for the presentation of the elements of the Financial Statements are detailed:

Financial Statement	Presentation Method	Reasoning
Balance Sheet	Assets and liabilities will be presented according to their term type, separating them into current or non-current.	This presentation method takes into consideration the ease of conversion of assets into cash and the exigibility of the payment of liabilities, regardless of whether they are current or non-current. The use of this method is considered appropriate for Funds, as information on expected dates of realization of assets and exigibility of liabilities is useful for evaluating the liquidity and solvency of the Funds and is considered to provide more relevant reliable information. Adopting this method does not exempt Funds from disclosing amounts expected to be recovered or settled within a period less than or equal to one year after the date of the reported period and those that will be recovered in a period greater than one year after the date of the reported period.
Statement of Comprehensive Income	Expenses will be accounted for applying the Method of Nature of Expenses and disclosing additional items considered necessary for the adequate understanding of the Fund's financial performance.	Considering the nature of the Funds, the method of presenting expenses by nature is considered to provide a reliable and more relevant presentation, as it provides useful information on expenses that are materially representative of the Funds, while also being easier to apply; this is complemented by a detail of expenses that contributes to a better understanding of the Fund's financial performance.
Cash Flows	Direct Method applied to operating, financing, and investment activities.	The advantage of presenting operating activities under the Direct Method is that it provides useful information for estimating future flows, which is not available when the indirect method is applied.

SECTION 5
PREPARATION, PRESENTATION, DISCLOSURE AND PUBLICATION OF FINANCIAL STATEMENTS

OBJECTIVE
This Section aims to establish procedures that allow for the preparation, presentation, disclosure, and publication of Financial Statements, in accordance with prudential requirements of the Central Bank's Standards Committee and, where applicable, IFRS, in order to provide the public with sufficient and timely financial information regarding the financial, economic, and legal situation of the Funds.
SCOPE
It indicates the Financial Statements that Funds must publish to present their financial information, as well as the minimum note framework to them that they must observe when making information disclosures for each line of the Balance Sheet, Statement of Comprehensive Income, Statement of Changes in Equity, and Statement of Cash Flows, which must be prepared according to models established in Chapter V of this Manual.
REQUIREMENT AND CONTENT OF FINANCIAL STATEMENTS
The most relevant aspects that must be considered in the presentation and disclosure of Financial Statements are:
a) Technical Standards, Fundamental Hypotheses, and Qualitative Characteristics: Financial Statements must be prepared based on the standards issued by the Central Bank through its Standards Committee, which are applicable to them, and International Financial Reporting Standards (IFRS). When IFRS present different ways to measure the same element of the Financial Statements, the Fund must adopt the most prudent criterion among them; b) Expression of Figures: The figures in the Financial Statements and their notes must be expressed in United States dollars with two decimal places; c) Accounting Origin of Balances: The figures in the Financial Statements and their notes must originate from the balances in the general ledger and management information systems as of the corresponding reference date, which must contain definitive figures; d) Amounts to be Disclosed in Financial Statements: The amounts presented in the Financial Statements will be those that meet the condition of an asset, liability, equity, income, or expense; and e) Accounts with Nature Contrary to the Main Account on Which They Underlie: When it is necessary to disclose valuation and corrective accounts that have a nature different from the accounts on which they underlie, for example: impairment estimates, which net against the accounts that originate them within equity, among others. In these cases, such accounts must be presented in parentheses.
FINANCIAL STATEMENTS
The Financial Statements that must be prepared with reference to December 31 include: the Balance Sheet, the Statement of Comprehensive Income, the Statement of Changes in Equity, and the Statement of Cash Flows, according to models established in Chapter V and their respective notes, which include a summary of the most significant accounting policies and other explanatory information. Likewise, the Fund must prepare a complete set of Financial Statements with reference to June 30 of each year. Notes present information about the bases for the preparation of Financial Statements and about accounting policies, provide narrative descriptions, and are an integral part of them; they contain additional, detailed information that complements the balances reflected in the Financial Statements. Additionally, a Balance Sheet at the beginning of the first comparative period must be prepared when a Fund applies an accounting policy retroactively or performs a retroactive restatement of items in its Financial Statements, or when it reclassifies items in its Financial Statements. Financial Statements must be presented in comparative form for the same previous period.
ADDITIONAL NOTES
The Fund may incorporate additional notes it deems convenient for greater clarification of its figures and operations, without altering the sequential number assigned to the notes established in this Manual.
RESPONSIBLE FOR PREPARING FINANCIAL STATEMENTS
The preparation of Financial Statements is the responsibility of the Fund's Administrative Institution. The Financial Statements that are published must be signed by the General Accountant, the General Manager or their designee, and the Legal Representative when different from the General Manager or their designee, and accompanied by the External Auditor's Report, where applicable.
SUBMISSION OF FINANCIAL STATEMENTS

7.1. Semi-Annual Financial Statements
Semi-annual Financial Statements must be presented to the Board of Directors or Administrative Council of the Administrative Institution for their respective authorization, in the session immediately following the reference date of said Financial Statements. Along with what is required in the previous paragraph, the certification of the minute point of the session of the Board of Directors or Administrative Council of the Administrative Institution where the content of the Financial Statements were presented and authorized and their publication was agreed upon must be sent.

7.2. Annual Financial Statements
The Fund must send to the Superintendence, no later than five (5) days before its publication, the Financial Statements, accompanied by the certification of the minute point of the Board of Directors or Administrative Council in which they were presented and authorized and the corresponding External Auditor's Report. In the event of observations or objections by any member of the Board of Directors or Administrative Council regarding the approval of the Financial Statements, these must be reported immediately to the Superintendence.

DISCLOSURE OF FINANCIAL STATEMENTS
The Financial Statements delivered to participants and to anyone who requests them, those published in the annual report, and in general any disclosure of them, must include all Financial Statements, their notes in full, and the external auditor's report. The Fund, in accordance with current legal standards, must publish the Financial Statements on June 30 and December 31 of each year. Interim Financial Statements will be published within a maximum period of thirty (30) calendar days, in a national circulation newspaper established in the respective prospectus, along with the external auditor's interim report and its respective notes. Annual Financial Statements will be published along with the external auditor's report, within a maximum period of sixty (60) calendar days after the end of the accounting year, in a national circulation newspaper established in the respective prospectus. The notes to the Financial Statements are an integral part of them and therefore are mandatory for publication. The notes required in this Manual are the minimum that the Fund must publish. Additionally, said Financial Statements must be published on the Administrative Institution's website, within the previously established timeframes. The Interim Balance Sheet must be presented in comparative form with the Annual Balance Sheet of the same immediate previous period; the remaining interim Financial Statements will be presented with their counterpart from the semester of the immediate previous period. Likewise, it must publish on the website the Financial Statements referred to the periods ended on March 31 and September 30 respectively. It must also publish monthly Financial Statements on this medium. If the Superintendence determines the existence of data that alter, modify, or affect the published Financial Statements, the notes, or that the latter have not been published in their entirety, it will require the Fund to publish anew, in the same national circulation newspaper in which it was originally published, accompanied by its explanatory note proposed by the Fund and approved by the Superintendence. In the event that the Fund refuses to publish the new Financial Statements proposed by the Superintendence and the notes required in this Manual, the Superintendence will instruct a deadline for the Administrative Institution to correct it, and in case it does not, the Superintendence will sanction the Administrative Institution in accordance with what is established in the Law on Supervision and Regulation of the Financial System. A correction notice will be published when they are errors that do not alter the Financial Statements; otherwise, what is established in the previous paragraphs must be carried out. The closing Financial Statements of the economic year and management must be included in the Annual Work Report of the Voluntary Previsional Savings Funds for its approval, which must be prepared in accordance with what is established in the Techniques for
the Submission and Disclosure of Information of Voluntary Previsional Savings Funds (NSP-61), approved by the Central Bank through its Standards Committee. This Annual Work Report will be sent to the Superintendence within a period of ten (10) business days after being approved.
NOTES TO FINANCIAL STATEMENTS

Note 1. Fund Identification
The Fund will describe as part of its identification the information corresponding to the following requirements:
a) Name of the reporting Fund, as well as changes relative to such information since the end of the previous reported period; b) Description of the nature of the Financial Statements; c) Closing date of the period on which information is reported or the period covered by the Financial Statements; d) Classification of the Fund, country of incorporation, address of its social domicile or main domicile where it develops its activities, if this were different from the social one; e) Description of the nature of the Fund's operations and main activities; f) Duration term of the Fund if it is of limited life; g) Date of authorization by the Board of Directors or Administrative Council for the disclosure of the Financial Statements; and h) Name of the Fund's Administrative Institution, address of domicile, date and country of incorporation, and description of its main activity.

Note 2. Bases of Preparation a) Declaration on Bases of Preparation: The standards used in the preparation of the Financial Statements have been issued by the Central Bank through its Standards Committee. The Financial Statements have been prepared by the Administrative Institution based on the standards issued by the Central Bank through its Standards Committee, which are applicable to it, and International Financial Reporting Standards (IFRS), with the regulations issued by the Central Bank through its Standards Committee prevailing in case of conflict with IFRS. Additionally, when IFRS present different forms and options to measure and account for the same element or event, the most conservative criterion of IFRS must be adopted. The main divergences between the standards used and IFRS must be presented in a note; b) Measurement Bases: The Fund will declare the measurement bases it has used to prepare its Financial Statements; c) Functional and Presentation Currency: The Fund will declare the legal tender and presentation currency of the Financial Statements and the degree of rounding applied when presenting figures in said Financial Statements; d) Use of Estimates and Criteria: The Fund will make a description of the estimates and accounting criteria used for the preparation of the Financial Statements and that affect the application of accounting policies and the amounts of assets, liabilities, income, and expenses reported, as well as what each estimate and applied criterion consists of; and e) Changes in Accounting Policies:
i. The Fund will describe and identify the areas in which accounting policies have been changed; and
ii. It will describe what the new accounting policy consists of or what it is based on and the reason for the change, as well as what the previous accounting policy was based on or consisted of.

Note 3. Significant Accounting Policies
The Fund will make a summary of the significant accounting policies applied, which are defined as the principles, bases, agreements, rules, and specific procedures adopted in the preparation and presentation of its Financial Statements.

Note 4. Investment Policy
The Fund will disclose a summary of the current and authorized investment policy, the date of authorization by the competent body, the established limits and by types of financial instruments, the restrictions to which the Fund is subject, among other aspects. It will also include other information that is relevant to users of the Financial Statements regarding investment policies.

Note 5. Management of Financial and Operational Risks Current regulations for comprehensive risk management will be applied.
Administrative Institutions must disclose in summary form in the notes to the semi-annual Financial Statements of each Fund they administer, the way they manage risks and compliance with their policies. Additionally, the following will be disclosed regarding each risk:

5.1. Market Risk
The Fund will describe in tabular form for the investment portfolio, what the risk position has been, by type of exchange rate risk, interest rate risk, or other, assumed according to the indicators reflected by its methodology or technique applied to manage risk during the last twelve (12) months, because the complete period is important when the exposure to risk presented at the end of the year is not representative of the exposure maintained throughout the period.

5.1.1. Exchange Rate Risk
The Fund will describe in tabular form and classified by currency the assets and liabilities in foreign currency, establishing the net position of assets and liabilities on and off balance sheet.

5.1.2. Interest Rate Risk
The Fund will describe in tabular form a summary of financial assets and liabilities that are not held for trading and whose fair value is exposed to interest rate risks, classifying them by their remaining maturities. The tabulation must present financial assets and liabilities at their book value, classified by the term of the next contractual repricing. The same previous information will be presented by the Fund regarding financial derivative instruments held for risk hedging purposes and whose fair value is exposed to interest rate risk.

5.2. Liquidity Risk
Likewise, the Fund will describe in tabular form financial liabilities to be paid and financial assets held to manage liquidity risk, both by classes and classifying them by their remaining contractual maturities. The amounts disclosed in the tabulation will be the undiscounted contractual flows. It will also describe, if not evident in the previous tabulation, the quality of assets held to manage liquidity risk and other elements it considers pertinent. For example, cash, deposit certificates, sovereign bonds, and other securities that are used in repo operations, very liquid assets held in the portfolio for trading, among others. This section could be omitted if in the previous item, the class and quality of assets used in risk management are evident.

5.2.1. Net Settled Financial Derivative Liabilities
The Fund will describe the types of financial derivative instruments that are settled on a net basis, adding all details it considers pertinent, for example: interest rate derivatives, exchange rate derivatives. Additionally, it will present a tabular description of such derivatives, name, and classified by remaining maturity terms to the contractual maturity date, on the date of the Financial Statements, for example: up to one month, more than 1 to 3 months, more than 3 months up to 12 months, among others. The values presented in this tabulation are undiscounted.

5.2.2. Gross Settled Financial Derivative Liabilities
The Fund will describe the types of financial derivative instruments held as of the date of the Financial Statements and that will be settled on a gross basis, adding all details it considers pertinent, for example: interest rate derivatives, exchange rate derivatives, credit risk derivatives, among others. Additionally, it will present a tabular description of such derivatives, including the name, identifying the flows to be paid and the flows to be received, classifying them by remaining maturity terms to the contractual maturity date, on the date of the Financial Statements. For example: up to one month, more than 1 to 3 months, more than 3 months

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ACCOUNTING MANUAL FOR VOLUNTARY PREVISIONAL SAVINGS FUNDS

Approval: 30/12/2022
Effective Date: 30/12/2022

5.2.3. Off-Balance Sheet Items
The Fund will describe each of the off-balance sheet items that imply commitments it must fulfill in the immediate future or medium to long term. Additionally, it will perform a tabulated description of each of these items, classifying them by their remaining term to the fulfillment date of the commitment, at the date of the Financial Statements, for example: not greater than one year, more than one year to 5 years, more than 5 years, among others.

5.3. Fair Value of Financial Assets and Liabilities

5.3.1. Fair Value Hierarchy
The Fund will describe the hierarchy of fair values used for financial assets and liabilities presented in the Financial Statements at fair value. It will also make the corresponding classifications and clarifying descriptions it considers pertinent, for example:
Level 1, Level 2, Level 3; indicating the characteristics of each level and what class of financial assets are included in each of them.

5.3.2. Financial Assets and Liabilities Measured at Fair Value
The Fund will make a tabulated description of the financial assets and liabilities whose book values are carried to fair value. The tabulation will indicate as a minimum the following:
In the columns, the hierarchical levels of fair value used to establish the value of assets by Level 1, Level 2, and Level 3 will be placed.
In the rows, two global classifications of fair value measurements will be incorporated, the permanent measurement classification and another of temporary fair value measurements with the book values and fair values of those financial assets and liabilities both inside and outside the Balance Sheet, segregating them by class.

5.3.3. Transfers of Financial Assets and Liabilities Between Levels 1 and 2 of the Fair Value Hierarchy
The Fund will reveal for financial assets and liabilities that are measured at fair value on a recurring basis and that are held in the Balance Sheet at the end of the period being reported, the amounts of any transfers between Levels 1 and 2 of the fair value hierarchy, the reasons why the transfers were made, and the policies that the Fund has established to determine that transfers between levels have occurred. Transfers occurring into or from each level will be revealed and presented separately.

5.3.4. Valuation Techniques and Inputs Used for Fair Value Measurement
For fair value measurements categorized within Levels 2 and 3 of the aforementioned hierarchy, the Fund will present a description of the valuation techniques and inputs used to obtain such measurements. If there have been changes in valuation techniques, the Fund will reveal those changes and the reasons for them. It will reveal quantitative information about significant unobservable inputs in the market, that is, when they have been developed by the Fund for financial assets measured at fair value on a recurring and non-recurring basis. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Fund will provide quantitative information about significant unobservable inputs in the market that are used in the measurement of fair value. This disclosure must contain as a minimum the following tabulated information: description of financial instruments, fair value at the date of the Financial Statements being reported, valuation technique used, unobservable inputs used, and the ranges handled by the inputs used as well as their weighted averages, where applicable. This disclosure is required when the inputs have been developed by the Fund.

5.3.5. Fair Value Measurements Using Significant Unobservable Inputs
The Fund will present a reconciliation of financial assets measured at fair value on a recurring basis and categorized within Level 3 of the fair value hierarchy, starting from the Opening Balance to the Closing Balance, revealing separately the changes during the period attributable to the following:
a) Total gains and losses of the period recognized in earnings and the line of earnings in which those gains or losses were recognized; b) Total gains and losses of the period recognized in other comprehensive income and the line of other comprehensive income in which those gains or losses were recognized; c) Purchases, sales, issuances, and settlements revealed separately; and d) The amounts of transfers into or from Level 3 of the fair value hierarchy, the reasons for such transfers, and the policies established by the Administrator Institution to determine if transfers between levels have occurred. Transfers into or from level 3 will be revealed and presented separately.

5.4. Credit Risk
It will describe, through tabulation, the maximum exposure to credit risk by class of asset and risk classification, both inside and outside the Balance Sheet without having considered any guarantee or other credit enhancement in its possession. For this section, the amounts to be described are the book values as reported in the Fund's Balance Sheet.

5.4.1. Impaired Financial Assets
The Fund will reveal the following information:
An analysis of financial assets that have been individually determined as impaired at the end of the period being reported, including the factors that the Administrator Institutions has considered to determine their impairment, such as: nature of the counterparty, geographic analysis, or other factors that have contributed according to the Fund to the impairment of the assets. To comply with the above, the analysis may include the following information or other that the Fund considers more representative:
a) The book amount, before the deduction of any impairment loss, according to its risk classification, segregated by time periods and asset subgroups; and b) The amount of any impairment loss related and segregating it by time periods and asset subgroups.

5.5. Operational Risk
The Fund will describe the methodology it uses to manage operational risk, which implies describing the entire management process it performs on this risk from the factors used to identify it to those that serve for its measurement, control, mitigation, monitoring, and communication.

Note 6. Cash and Cash Equivalents
The Fund must reveal in tabular form the components of cash and cash equivalents, and will present a reconciliation of the amounts of its Statement of Cash Flows with the equivalent items on which it reports in the Balance Sheet. Among the components of cash equivalents will be included deposits with a maturity of up to 90 days. It will reveal the criteria adopted to determine the composition of cash and cash equivalent items. Likewise, it will state which resources are restricted, the purpose of the restriction, and the terms of the same.

Note 7. Financial Investments

7.1. Financial Assets Held at Fair Value
a) Financial Assets Held for Trading: The Fund will reveal in tabular form the financial instruments measured obligatorily at fair value, describing all pertinent clarifications related to these instruments. Including in said description as a minimum: composition of financial instruments by issuer, instrument, term, and type of market. Additionally, it will reveal information that allows users of its Financial Statements to evaluate the nature and scope of the risks arising from the financial instruments to which the Fund is exposed at the end of the period being reported; and b) Financial Assets for Risk Hedging: In the case that there are contracts for operations with financial derivative instruments for risk management, the Fund will reveal in tabular form the following information: type of financial derivative instrument, notional amount of the contract, fair value of the contract at the date of the Financial Statements whether asset or liability, and any additional information useful for the understanding of the operations.

7.2. Financial Assets Pledged as Collateral
The Fund will reveal regarding financial assets pledged as collateral the following:
a) A detail of the restricted financial assets; b) The book amount of the financial assets pledged as collateral for liabilities; and c) Description of the terms and conditions of the financial assets pledged as collateral for liabilities.

7.3. Financial Assets Pending Settlement
A tabulated detail of the financial instruments negotiated and pending settlement at the closing date must be included when they are purchases and sales.

7.4. Financial Investments Received in Payment
A detail of the financial instruments and their respective values, which the Fund, for justified cause, has received in payment in the year and that are contemplated in the prospectus or in Law, must be included, and the annual comparative balance will be placed, including additionally the following information:
a) A general description of the financial instruments received in payment during the current exercise and their respective initial recognition value; as well as the adjustments to fair value and the earnings accrued during the period; and b) A detail of the financial instruments sold during the current exercise, including their selling price, their book value, and the results obtained upon their commercialization. Likewise, it must reveal the percentages by which it exceeds the limits established for each type of instrument permitted to invest in and within what term these excesses will be reverted and the manner of doing so.

Note 8. Accounts Receivable
The Fund will reveal in detail the amounts that make up this grouping, making the corresponding descriptions and explanations. Lines that have their own note of revelations will be excluded from this.

8.1. Accounts Receivable Investment Funds
The Fund will reveal in detail the amounts that make up this grouping, making the corresponding descriptions and explanations.
It will reveal the following:
a) The amounts for each of the categories of accounts receivable; b) A description of the accounts receivable; and c) In the case of Investment Funds both local and foreign, a description of the earnings pending collection for each type of Investment Fund in which it has invested. Include other revelations that are necessary for a better understanding by the users of the Financial Statements.

8.2. Accounts Receivable Transfers to Other Funds
The Fund will reveal regarding transfers to other Voluntary Previsional Savings Funds the following:
a) The total amount of transfers that are pending to be received detailed both by individual and institutional plans; b) The number of participation units pending to be received; and c) Other revelations that are necessary for a better understanding for the users of the Financial Statements.

8.3. Accounts Receivable Related Parties
If there were transactions with related parties to the Administrator Institution, the Fund will reveal the amounts receivable between it and said parties.

8.4. Other Accounts Receivable
The Fund will reveal:
a) A description of the other accounts receivable; and b) The amount corresponding to the financial products to be collected.
Include other revelations that are necessary for a better understanding for the users of the Financial Statements.

8.5. Accounts Receivable - Estimation of Reserves
The Fund will present a detail of the estimation of uncollectibility for accounts receivable, by type of account, and if there is impairment reversal, it will present said detail.

Note 9. Financial Liabilities at Fair Value
The Fund will reveal the following information:
a) The fair values that result in losses for financial instruments by sub-classification; b) Global classification of the amounts established previously in Current and Non-Current; and c) Other information that the Fund considers important and pertinent for the better understanding of the users of the financial information.

Note 10. Accounts Payable

10.1. Withdrawals in Individual Accounts by Contracts or Individual Plans
The Fund must reveal the following:
a) The amounts of withdrawals pending payment to participants; b) Conditions to make withdrawals, which includes terms and amounts, where applicable; c) Description of the commissions applicable for withdrawal payments; and d) Any other relevant and pertinent information for clients for a better understanding of the financial information.

10.2. Withdrawals in Individual Accounts by Contracts or Institutional Plans
The Fund must reveal the following:
a) The amounts of withdrawals pending payment to participants or employers, where applicable; b) Description of the terms to effect transfers; c) Description of the commissions applicable for transfers; and d) Any other relevant and pertinent information for clients for a better understanding of the financial information.

10.3. Third-Party Services
The Fund will reveal the following:
a) Detail by concepts of accounts pending payment for services received by third parties related to the Fund's operational activities; and b) Detailed information that allows the user to understand the integration of these accounts.

Note 11. Commissions Payable
The Fund will reveal the following information:
a) Commissions pending payment to the Administrator Institution; b) The total of commissions paid to the Administrator Institution; and c) Any other relevant and pertinent information for clients for a better understanding of the financial information.

Note 12. Provisions
The Fund will reveal for each type of provision a reconciliation that shows the following information:
a) The book amount at the beginning and at the end of the period; b) The constitutions of new provisions made in the period, also including increases in existing provisions; c) The amounts used, being those applied or charged against the provision, during the period; d) The unused amounts that have been liquidated or reversed in the period; e) The increase during the period in the discounted amount that arises from the passage of time and the effect of any change in the discount rate; f) Any other information necessary to generate the reconciliation of this account; and g) Classification of the amount established at the end of the periods being reported, in Current and Non-Current.

Note 13. Equity
The Fund will reveal the following information:
a) For Individual Accounts specify the following:
Type of Account Number of Accounts in the Fund Contract or Individual Plan Specify the number of accounts Contract or Institutional Plan Specify the number of accounts b) For participation units:
i. The number of units of the Fund;
ii. The unit value of the units at the close of the exercise; and
iii. Periodicity of conversion of contributions, transfers, and withdrawals to the Fund.
c) A description of the nature, composition, and destination of each additional element of Equity, such as: earnings and other non-distributable equity adjustments, disaggregated to the extent necessary for greater understanding of the contents.

Note 14. Interest and Dividend Income
The Fund will reveal regarding interest and dividend income the following information:
a) Description in tabular form of income and expenses for interest and dividends that come from the different operations of its activity; b) Method of calculation of interest applied, for example effective interest rate; c) Description of the amount of interest not recognized in the period's earnings for corresponding to earnings generated by impaired financial assets, of which the recovery of pending contractual flows is uncertain; d) Interest and dividends pending collection; and e) Addition in this section of any other component that forms part of net interest and additional explanations that contribute to the understanding of the Financial Statements by the readers thereof.

Note 15. Gains or Losses on Financial Investments

15.1 Gains or Losses from Sales of Financial Assets and Liabilities
The Fund will reveal the following information: the detail of the income or expenses generated or incurred in the disposal of portfolios of financial assets and liabilities measured obligatorily at fair value, which allow users to understand the integration of these elements.

15.2 Net Gains or Losses from Changes in the Fair Value of Financial Assets and Liabilities
The Fund will reveal separately the following information:
a) That corresponding to gains or losses; and b) Any description necessary to know the diverse components that generate for the Fund income and expenses for the indicated concepts.

15.3 Gains from Reversal of Impairment and Losses from Constitution of Impairment of Financial Assets
The Fund will reveal information on the amount of gains from reversal of impairment and loss from constitution of impairment of assets held at amortized cost, evidencing:
a) The increases for impairment; b) The amounts removed from the Balance Sheet in the period as an effect of amounts considered uncollectible whether accounts receivable or other financial assets for which no loss estimation had been constituted; c) Recoveries on assets prior to their removal from the Balance Sheet; and d) Reversals of impairment and others that contribute to establishing the total amount of impairment charges during the period. Additionally, it will add any description necessary for the user to understand the diverse elements that generate or originate for the Fund income or expenses for the indicated concepts.

Note 16. Management Expenses
The Fund will reveal the following information:
a) The amount, in concept of remuneration for administration of the Fund; b) The existence during the period of changes in the percentages of administration commissions; c) The existence during the period of changes in the value of administration commissions; and d) Any other information that is relevant for the users of the Financial Statements.

Note 17. General Administrative Expenses
A summary of each of the expenses that make up general administrative expenses will be revealed by their nature. Additionally, it will add any description necessary to know the diverse elements that originate expenses for the Fund for the indicated concept.

Note 18. Other Income or Expenses
The Fund will reveal the detail of the income or expenses that are aggregated in the indicated account, which allow users to understand the integration of these components. Additionally, it will add any description necessary to know the diverse elements that originate for the Fund income or expenses for the indicated concepts.

Note 19. Related Parties
The Fund will reveal regarding related parties to the Administrator Institution the following information:
a) The relationships between the Fund and the related parties, regardless of whether there have been transactions between them; and b) The transactions with related parties, during the periods covered by the Financial Statements, indicating the nature of the relationship with said related parties, as well as the information, on the transactions and pending balances, including commitments, that is necessary for users to understand the potential effect of the relationship on the Financial Statements. These information disclosure requirements are additional to those required in the previous literal. As a minimum, the information to be revealed will include:
i. The amount of the transactions;
ii. The amount of pending balances, including commitments, their terms and conditions, indicating if they are guaranteed, as well as the nature of the...

Note 20. Fiscal Regime
Include a description of the Fiscal Regime to which the Fund is subject, in accordance with Article 138 of the Comprehensive Pension System Law.

Note 21. Information on Custody of Securities and Other Assets The details of the entities to which the custody of investments in financial instruments or other assets requiring custody has been entrusted shall be disclosed.

Note 22. Constituted Guarantees
Detailed information, comparative for two years, of the guarantee or guarantees constituted by the Administrator Institution in favor of the Fund shall be included. At a minimum, it must include: the nature of the guarantees, issuer, representative of the beneficiaries of the guarantee or guarantees, amount and percentage in relation to the Fund's Equity, validity period, and other pertinent information regarding the same.

Note 23. Pending Litigation
The Fund shall disclose in detail the judicial processes in which it is sued and which are initiated by interested parties, in the normal course of its operations and for various reasons. These actions may have a positive or negative impact on the legal or economic aspects of the Fund.

Note 24. Outsourcing of Services
The Fund must disclose the name of the contracted companies when applicable, to carry out accounting or other related services, revealing the conditions of said contract and its relationship with the company.

Note 25. Contingent Liabilities and Assets
The Fund shall disclose for each type of contingent liability at the end of the period being reported, a brief description of its nature, for example: legal lawsuits, capital commitments, among others, and when possible, the following:
a) An estimate of its financial effects; b) An indication of the uncertainties related to the amount or the schedule of resource outflows corresponding to them; and c) The possibility of obtaining eventual reimbursements. When there is a probability of future cash inflow, the Fund shall disclose a brief description of the nature of the contingent assets at the end of the period being reported and, when feasible, an estimate of the financial effects measured using the principles established for measuring provisions. In those cases where situations involving contingent liabilities or contingent assets are not disclosed, because management considers that disclosure could seriously harm the Fund's position, it shall disclose the generic nature of the dispute along with the fact that information has been omitted and the reasons that led to such a decision.

Note 26. Assets and Rights Received in Payment The Fund that, for justified cause, has received assets and rights in payment for the recovery of investments in securities, and which are not included in its investment regime or in the respective prospectuses or in the respective Law, must disclose a general description of the assets and rights received at the accounting closing and the value of their initial recognition.

Note 27. Risk Classification
The Fund shall disclose the following information: the classification obtained, the reference date of the classification, as well as an explanation of what the obtained classification means and other information that the Fund considers pertinent for a better understanding of the users of the Financial Statements.

Note 28. Events Occurring After the Period Being Reported The Fund shall disclose the following information:
a) Update of the disclosures regarding conditions that existed at the date of the period being reported, in accordance with new information related to those conditions that has been obtained after the period being reported; and

b) Regarding each significant category of events occurring after the period being reported that do not imply adjustment:
i. The nature of the event; and
ii. An estimate of its financial effect or a statement that such estimation cannot be made.

Note 29. Significant Differences between International Financial Reporting Standards and Standards Issued by the Regulator The Fund shall disclose the significant differences between the International Financial Reporting Standards and the regulation issued by the Central Bank through its Standards Committee.

CHAPTER III
CHART OF ACCOUNTS

DESCRIPTION OF THE CODIFICATION METHOD
The Chart of Accounts contains the basic accounts required for the accounting recording of economic events that meet the conditions for their recognition or, failing that, originate contingent rights or obligations, enable the entity to claim future rights, evidence ownership or justify the existence of certain rights or obligations, indicating the number and name of element, item, primary sub-account, secondary sub-account, and sub-sub-account. The Chart includes the codes and accounts that by regulation must be reported periodically to the Superintendence, consequently, for their internal records, the Fund may disaggregate within each sub-sub-account the detail that best suits its needs. The Chart of Accounts is structured in elements identified with one digit, items identified with two digits, accounts identified with three digits, Primary Sub-accounts identified with four digits, Secondary Sub-accounts identified with seven digits, and Sub-sub-accounts identified with nine digits, which will be the type of currency, as exemplified below:

ACCOUNT TYPE	ACCOUNT CODE	ACCOUNT DESCRIPTION
Element	1	ASSETS
Item	11	CURRENT ASSETS
Account	110	CASH
Primary Sub-account	1100	CASH

ACCOUNT TYPE	ACCOUNT CODE	ACCOUNT DESCRIPTION
Secondary Sub-account	1100000	GENERAL CASH
Sub-sub-account	111000000	TYPE OF CURRENCY
Element	2	LIABILITIES
Item	21	CURRENT LIABILITIES
Account	210	FINANCIAL LIABILITIES AT FAIR VALUE
Primary Sub-account	2100	FOR RISK MANAGEMENT
Secondary Sub-account	2100000	FOR ACCOUNTING HEDGES
Sub-sub-account	210000000	TYPE OF CURRENCY
Element	3	EQUITY
Item	31	EQUITY
Account	310	INDIVIDUAL ACCOUNTS
Primary Sub-account	3100	INDIVIDUAL CONTRACTS OR PLANS
Secondary Sub-account	3100000	PARTICIPANT CONTRIBUTIONS

The level corresponds to the position the account occupies within the account structure.
To define the Chart of Accounts, a six-level structure has been established. The meaning of each of the levels is as follows:

Level	Meaning	Values
First	Element of account in the Financial Statement	1 Assets; 2 Liabilities; 3 Equity; 4 Expenses; 5 Income; 6 Contingent and Order Accounts; 7 Contra Contingent and Order Accounts
Second	Item of accounts in the Financial Statement	11 Current Assets; 12 Non-Current Assets; 21 Current Liabilities; 22 Non-Current Liabilities; 31 Equity; 32 Results of the period; 33 Restricted Equity
Third	Account	Collects sub-groupings of accounts associated with the previous level. Identified by 3 digits.; 110 Cash; 111 Banks and Other Financial Entities; 112 Financial Products Receivable; 113 Financial Investments; 114 Accounts Receivable; 115 Estimated Uncollectibility for Accounts Receivable (CR); 116 Other Assets

Level	Meaning	Values
Fourth	Primary Sub-account	Identifies the position of each sub-account within each account. Identified by 4 digits.; Minimum value: 00; Maximum value: 99; 1100 Cash; 1101 Remittances in Transit; 1102 Checks and other payment means (1)
Fifth	Secondary Sub-account	Identifies the position of each secondary sub-account within the primary sub-accounts. Identified by 7 digits.; Minimum value: 000; Maximum value: 990; 1100000 General Cash; 1101000 Remittances in Transit
Sixth	Sub-sub-account	Differentiates the class of currency representing the balance of the sub-account. Identified by 9 digits.; 110000000 General Cash ML; 110000010 General Cash ME

The Chart of Accounts to be used is presented as an annex to this Accounting Manual.

CHAPTER IV
ACCOUNTING APPLICATIONS MANUAL

SECTION 1
ACCOUNTING APPLICATIONS MANUAL OF ASSETS

Element 1 ASSETS
Item 11 CURRENT ASSETS
This element comprises monetary resources in cash, demand bank deposits, financial investments, products and accounts receivable, and prepaid expenses that are presented in the Balance Sheet along with cash equivalents. Cash equivalents are short-term investments of high liquidity, characterized by being easily convertible to cash, of low risk, and liquidatable in the short term, understood as such, financial instruments with a maturity of ninety (90) calendar days or less from the date of acquisition. The following accounts and sub-accounts correspond to this item:

Account 110 CASH
Primary Sub-account 1100 CASH
Primary Sub-account 1101 REMITTANCES IN TRANSIT Primary Sub-account 1102 CHECKS AND OTHER PAYMENT MEANS (1) This account represents monetary resources both in national currency and foreign currency, available in the Fund's general cash, as well as local remittances in transit, for the development of cash operations carried out by the Administrator Institution on behalf of the Fund. It is debited by the entry of cash, with credit to the accounts that serve as the counterpart, according to the nature of the operation that generates the increase in cash. It is credited by the exit of cash, with debit to the accounts that serve as the counterpart, according to the nature of the operation that generates the decrease. The sub banks and other local and foreign financial entities and whose amounts at the close of the day have not been confirmed as already remitted. shows the balance of checks receivable from third parties as well as other payment means that are in the process of compensation and have not confirmed the crediting of the amounts in the bank accounts of the Fund where they have been deposited. (1)

Account 111 BANKS AND OTHER FINANCIAL ENTITIES Primary Sub-account 1110 BANKS AND OTHER ENTITIES OF THE FINANCIAL SYSTEM This account must represent the amounts of money deposited in banks and other entities of the financial system. It is debited by the constitution of deposits, with credit to the accounts that serve as the counterpart, according to the nature of the operation that generates the opening as well as the increases in the same. It is credited by the exit of cash, with debit to the accounts that serve as the counterpart, according to the nature of the operation that generates the expenditure.

Primary Sub-account 1111 BANKS AND OTHER FINANCIAL ENTITIES OF THE EXTERIOR This sub-account must represent the monetary deposits made in banks located outside the national territory, which will be used for the receipt of money that are originated by the commercialization of the Fund or other type of operation.

Account 112 FINANCIAL PRODUCTS RECEIVABLE
Primary Sub-account 1120 BANKS AND OTHER ENTITIES OF THE FINANCIAL SYSTEM Primary Sub-account 1121 BANKS AND OTHER FINANCIAL ENTITIES OF THE EXTERIOR In these sub-accounts, all concepts of interest or gains corresponding to the yield generated by cash and equivalents shall be recognized. It is debited by accrued contractual interest and credited by recoveries in cash or by adjustments to the same originated by various causes. Debits to this sub-account will correspond to credits to the sub-accounts of account 5100 Interest on Deposits, whichever applies.

Account 113 FINANCIAL INVESTMENTS
This account presents all investments in financial instruments made by the Fund, other than accounts receivable and others that incorporate a quality of financial instrument but are grouped in another classification. Investments will be made in accordance with the Investment Policy defined in the respective Fund prospectus. The following sub-accounts are part of this account:

Primary Sub-account 1130 FINANCIAL ASSETS FOR TRADING AT FAIR VALUE WITH CHANGES IN RESULTS This primary sub-account includes financial assets for trading, measured at fair value whose changes in value are applied to results. It is debited by the amounts corresponding to increases in the fair value of debt or equity instruments acquired by the Fund, excluding transaction costs which are applied directly to results, crediting the account 3 Gains its fair value increases and it is credited by the amounts of decreases in the value Losses by financial assets held at fair value that have been restricted by having been given as collateral or other type of restriction. Such assets will be reclassified to their original accounts, at the moment that they are freed from all restriction. In order accounts, the nominal value balance of financial instruments granted as collateral in repo operations will be recorded.

Primary Sub-account 1131 FINANCIAL ASSETS FOR RISK HEDGING AT FAIR VALUE WITH CHANGES IN RESULTS This sub-account presents all investments that the Fund has made in financial derivative instruments, which have as their exclusive object the hedging of risks of the Fund's investments, other than accounts receivable and others, that incorporate a quality of financial instrument but are grouped in another classification. different justified causes ceased to meet the conditions to be used as coverage for which they were acquired. They will be maintained temporarily in this secondary sub-account, only for a maximum period of eight days, during which the Fund must sell them or redesignate them for coverage. If after the eight-day period, the Fund has not sold or designated the derivative financial instrument, its balance must be liquidated against the corresponding sub-sub-account of the secondary sub-account 209000 Loss from Hedging Operations

Primary Sub-account 1132 FINANCIAL INVESTMENTS RECEIVED IN PAYMENT This sub-account represents the financial investments that the Fund has received in payment.
It is debited by the amounts corresponding to increases in the fair value of debt or equity instruments received by the Fund in payment, crediting the 3 Gains from Changes in the Fair Value of Assets and Liabilities

It is credited by the amounts of decreases in the fair value of the instruments

Primary Sub-account 1133 ADJUSTMENTS OF FINANCIAL INVESTMENTS The secondary sub-accounts that make up this primary sub-account identify the adjustments in financial investments.

Secondary Sub-account 1133000 YIELDS
This secondary sub-account will show the amounts of yields receivable at the accounting close of the different financial instruments, acquired by the Fund.
In it, all concepts of interest or similar, established based on the contractual interest rate, that correspond to the yield generated by the financial instruments will be recognized. It is debited by the accumulation or accrual and credited by the recoveries in cash or by adjustments to the same, originated by various causes.

Account 114 ACCOUNTS RECEIVABLE
In this account, the amounts receivable in favor of the Fund originated by agreements that the Administrator Institution makes on behalf of the Fund with third parties will be recognized. It is debited by the amounts pending to be received with credit to the corresponding contra-accounts. It is credited by the recovery of the balances or when they are removed from the Balance Sheet due to established uncollectibility.

Primary Sub-account 1140 LOCAL INVESTMENT FUNDS In this sub-account, the values receivable that are held with other Investment Funds originated by yields in participation shares in favor of the Fund and which at the close of the Financial Statements are pending collection will be recognized.

Primary Sub-account 1143 RELATED PARTIES
In this sub-account, accounts receivable from persons related to the Administrator Institution and which at the close of the Financial Statements are pending collection will be recognized.

Primary Sub-account 1144 ADMINISTRATOR INSTITUTIONS Secondary Sub-account 1144000 CLAIMED INDEMNITIES Indemnities pending payment by the Administrator Institutions to the participants originated by the damages and losses caused by it, its representatives, directors, managers, external auditors, members of its staff, and any other person who provides services to it, to the detriment of said participants, as a consequence of the execution or omission, as appropriate, are recognized in this primary sub-account. Administrator Institution.

Primary Sub-account 1145
ACCOUNTS RECEIVABLE FROM TRANSFERS OF
INDIVIDUAL ACCOUNTS FROM OTHER ADMINISTRATOR INSTITUTIONS In this sub-account, accounts receivable from other Administrator Institutions for the transfers of individual accounts of the contracts or individual and institutional plans will be recorded.

Primary Sub-account 1147 STOCKBROKERAGE FIRMS
In this sub-account, the values pending to be received, from the accounting of the sales of financial instruments negotiated pending liquidation, will be recognized. In addition, any other concept pending collection from the Stockbrokerage Firm will be recognized.

Account 115 ESTIMATED UNCOLLECTIBILITY FOR ACCOUNTS RECEIVABLE (CR) Primary Sub-account 1150 ESTIMATED UNCOLLECTIBILITY FOR ACCOUNTS RECEIVABLE (CR) In this account, the estimate of reserves for accounts receivable of doubtful collection will be recorded. It is credited with the amounts for accounts classified as uncollectible and debited,

when said balances are recovered partially or totally, or when the accounts receivable, to which the corresponding estimate has been created, are liquidated.

Account 116 OTHER ASSETS
This account must represent the acquisition cost of the different goods and services used for the development of the Fund's business management.

Primary Sub-account 1160 PREPAID EXPENSES
This primary sub-account collects the expenditures incurred in the purchase of goods and services that will be expensed as expenses throughout the accounting period or in subsequent periods and that meet the definition of an asset. The corresponding amounts will be applied to the corresponding expense applying the policy included for such effects in the prospectus.

Primary Sub-account 1161 ASSETS AND RIGHTS RECEIVED IN PAYMENT This sub-account represents the values, goods, and rights that the Fund has received in payment for justified cause. The Administrator Institution will communicate this situation to the Superintendence, the next business day from the date they were received in payment.

SECTION 2
ACCOUNTING APPLICATIONS MANUAL OF LIABILITIES

Element 2 LIABILITIES
Item 21 CURRENT LIABILITIES
This element presents obligations contracted by the Fund, originated by normal operations of its business and derived from debts from credits obtained and expenses incurred in the execution of its operations, as well as obligations with persons related to the Administrator Institution that administers the Fund and various provisions among others. The current liabilities item represents the obligations on account of the Fund whose maturity is less than one year.

Account 210 FINANCIAL LIABILITIES AT FAIR VALUE This account includes all financial liabilities that the Fund has declared in its policies that it acquires or originates with the intention of managing them within a model

business purpose, whose objective is to generate short-term profits through the continuous negotiation of instruments or if the Fund acquires them with the intention of using them as hedging items for the financial risks to which it is exposed. All financial instruments aggregated in this group are characterized by the fact that their valuation will always be at fair value.

Primary Account 2100 FOR RISK HEDGING
Secondary Account 2100000 FOR ACCOUNTING HEDGES

In the primary account, items will be recognized from their initial moment or by reclassification from the account in which the item designated by the Fund as a hedging item is located. This account will be used for the changes in value suffered by the hedges in their daily valuation. This element includes all financial liabilities that the Fund includes in its policies, which it acquires with the intention of using them as hedging items for the financial risks to which its investments are exposed. All financial instruments aggregated in these accounts are characterized by the fact that their valuation will always be at fair value.

Primary Account 2101 OPERATIONS WITH REPURCHASE AGREEMENTS

In this account, amounts representing the obligations assumed by the Fund when acting as the reporting entity in repo operations will be included. The amounts recorded in this account must represent the fair value of the operations on the transaction date. The account will be increased over the life of the operation by the amount corresponding to the incurred effective interest, so that at maturity the account has a payable value equivalent to one hundred percent (100%) of the liability.

Account 211 ACCOUNTS PAYABLE

In this account, accounts payable and documented obligations arising from the acquisition of financial assets as well as pending withdrawals for payments to participants and employers when applicable will be registered.

They are credited with the amounts of liabilities assumed with a debit to the affected accounts, which will generally be expenses.
They are debited when the assumed liabilities are settled with a credit to cash and cash equivalents accounts or others if required.

Primary Account 2110
WITHDRAWALS IN INDIVIDUAL ACCOUNTS FOR CONTRACTS OR INDIVIDUAL PLANS Secondary Account 2110000 PARTICIPANT WITHDRAWALS

Primary Account 2111 WITHDRAWALS IN INDIVIDUAL ACCOUNTS FOR CONTRACTS OR INSTITUTIONAL PLANS Secondary Account 2111000 PARTICIPANT WITHDRAWALS Secondary Account 2111010 EMPLOYER WITHDRAWALS

In these accounts, partial or total withdrawals pending payment to participants and employers, when applicable, will be recognized, according to the conditions established in the Fund's Prospectus and the conditions established by the employer, in the case of contracts or institutional plans. It will be credited with the values of withdrawals that have been requested and authorized, against the Fund's equity. As well as for the net benefits authorized for distribution to participants and employers. It will be debited with the corresponding payment made to participants or employers.

Primary Account 2112 ADMINISTRATING INSTITUTIONS

The amounts payable to the Administratng Institution arising from administration fees charged to the Fund will be recognized.

Primary Account 2113 THIRD-PARTY SERVICES

This corresponds to the obligations of the Fund contracted with third parties for services received by it, for example: external and tax auditors, risk classifiers, securities custody, and others related to the Fund's activity as established in the Fund's prospectus.

Primary Account 2114 WITHHOLDINGS FOR INCOME TAX

This primary account is increased by crediting it with the amounts corresponding to all withholdings that the Fund makes in accordance with the Income Tax Law.
It is also increased by crediting it for withholdings made when there are voluntary previsional savings withdrawals before the five-year term given by the Integral Pension System Law. It is debited when the withholdings are paid to the Ministry of Finance.

Primary Account 2115 BROKERAGE FIRMS

In this account, commitments for purchases of negotiated financial instruments pending settlement will be registered. This will be settled when the purchase funds are delivered, as well as other payable concepts to the same.

Primary Account 2117 ACCOUNTS PAYABLE TO RELATED PARTIES

This account gathers the amounts owed to persons related to the Administratng Institution, which are usually part of the synergy generation within the group, factors that facilitate or reduce operational costs by acting reciprocally in the receipt and settlement of transactions that are part of their daily activity and are pending settlement.

Primary Account 2118
OBLIGATIONS FOR TRANSFERS OF INDIVIDUAL ACCOUNTS TO OTHER ADMINISTRATING INSTITUTIONS Secondary Account 2118000 CONTRACTS OR INDIVIDUAL PLANS Secondary Account 2118010 CONTRACTS OR INSTITUTIONAL PLANS

In these accounts, partial or total transfers pending payment to participants and employers, when applicable, will be recognized.
It will be credited with the values of transfers that have been requested and authorized, against the Fund's equity. It will be debited with the corresponding payment made to other Administratng Institutions.

Primary Account 2119
OBLIGATIONS FOR TRANSFERS OF INDIVIDUAL ACCOUNTS TO OTHER VOLUNTARY FUNDS IN THE SAME ADMINISTRATING INSTITUTION Secondary Account 2119000 CONTRACTS OR INDIVIDUAL PLANS Sub-sub-account 211900000 CONTRACTS OR INDIVIDUAL PLANS ML Secondary Account 2119010 CONTRACTS OR INSTITUTIONAL PLANS Sub-sub-account 211901000 CONTRACTS OR INSTITUTIONAL PLANS ML

Account 212 OTHER ACCOUNTS PAYABLE
Primary Account 2120 OTHER ACCOUNTS PAYABLE
Primary Account 2121 CONTRIBUTIONS PENDING APPLICATION

In these accounts, insurance that the Funds contract as well as other accounts payable not included in the accounts payable accounts are registered.
Additionally, contributions received in the Fund that are pending to be entered into Equity because they were received after the cutoff time will be registered. The respective secondary account will be debited when transferred to equity.

Item 22 NON-CURRENT LIABILITIES

Represents the set of obligations, on behalf of the Fund, whose maturity occurs at more than one year term.

Account 220 PROVISIONS
Primary Account 2200 PROVISIONS

This account represents the obligations registered by the Fund in the concept of future obligations; which are based on legal regulations.
Its recognition will take place, only if the following three conditions are met:
a) If the Fund has a present obligation as a result of a past event; b) If it is probable that the Fund will have to part with resources, which incorporate economic benefits to cancel such an obligation; and c) If the Fund can make a reliable estimate of the amount of the obligation.

Secondary Account 2200000 FOR JUDICIAL LAWSUITS

This account will represent the loss estimates, according to the best estimate applied by the Fund in relation to lawsuits filed against it and for whose negative resolution, the Fund considers a probable outflow of economic resources that an entry of cash. It is credited with the estimate made with a debit to the corresponding expense accounts.

Primary Account 2201 OTHER PROVISIONS

This account will be affected by any other provision that meets the conditions for its recognition and that is not one of those cited above.

SECTION 3
ACCOUNTING APPLICATIONS MANUAL FOR EQUITY
Item 3 EQUITY

This element recognizes all those items that meet the definition of equity, which is specified as the residual participation in the assets of the Fund after deducting all its liabilities. This can be subdivided, among others, into funds contributed by participants, benefits pending distribution, results to apply, and restricted equity.

Item 31 EQUITY
Account 310 INDIVIDUAL ACCOUNTS
Primary Account 3100 CONTRACTS OR INDIVIDUAL PLANS Primary Account 3101 CONTRACTS OR INSTITUTIONAL PLANS Primary Account 3102 CONTRIBUTIONS PENDING APPLICATION

This account registers the total of contributions, withdrawals, and transfers made by participants to the Fund, as well as by capitalization of profits or losses.
The capitalization of profits or the application of losses in the case of Funds will be registered on a daily basis, crediting this account.
It is credited with contributions with a debit to bank accounts. It is debited for partial or total withdrawals or transfers to the Fund.
The primary account will register the pending contributions to be credited to the individual accounts of those participants who have not been duly identified on an occasional basis. The Administratng Institution must diligently control and identify the contributions made by participants.

Item 32 RESULTS TO APPLY
Account 320 RESULTS OF THE CURRENT PERIOD

They are credited or debited with the net result amounts obtained at the end of each accounting period with a debit or credit to the result accounts, on the date they are settled. The results of the current period will be transferred on a daily basis to the Individual Accounts.

Item 33 RESTRICTED EQUITY
Account 330 OTHER COMPREHENSIVE INCOME

This account will receive with a credit or debit, depending on the nature presented by the movement or the item at the moment of its recognition, of all those amounts that represent gains or losses on items whose valuation requires that gains or losses on them be recognized within equity.

Primary Account 3300
CHANGES IN FAIR VALUE OF HEDGING
FINANCIAL INSTRUMENTS

This item will be affected with credits or debits, as appropriate, by changes in the fair value of items designated as risk hedges in a cash flow hedge or net investment hedge. The fair value changes that have been assigned to this account are not transferred to results on the date that the items that originated them are disposed of, but they can be reclassified from one equity item to another. The applications made to this item must be net of taxes. In the case of cash flow hedges, the portion of the gain or loss in the hedging instrument, which derives from the change in the fair value of the hedged item and which is determined as an effective hedge, is what will be recognized in this account. The ineffective portion in the hedging instrument will be recognized in the according to the nature of the change in the fair value of the hedged item. When the change in fair value of the hedged item exceeds that of the hedging item, no ineffective amounts are established, 100% of the change in fair value in the hedging item remains recognized in this account. These adjustments will be transferred to results when the following occurs:
When the hedge of a planned transaction subsequently results in the recognition of a financial asset or a financial liability. In this case, the gain or loss of the hedge is left registered in this account and subsequently it is gradually transferred to results as a reclassification adjustment in the period or periods during which the covered planned cash flows affect results, provided that the interest income or expenses of the hedged item affect results. If the covered planned transaction results in the recognition of a non-financial asset or liability, the entity adjusts the carrying amount of the asset or liability with the amount of the gain or loss of the hedge previously deferred in this account.

SECTION 4
ACCOUNTING APPLICATIONS MANUAL FOR EXPENSES
Item 4 EXPENSES
Item 41 OPERATING EXPENSES
Account 410 FINANCIAL EXPENSES FROM OPERATIONS WITH FINANCIAL INSTRUMENTS

Financial interest expenses incurred in the concept of financial obligations assumed by the Fund with a credit to the corresponding liability accounts are registered.

Primary Account 4100 LOSSES FROM SALE OF FINANCIAL ASSETS AND LIABILITIES

The losses that the Fund has in the sale of financial assets and liabilities that it carries out during its operations are registered.

Primary Account 4101 LOSSES FROM CHANGES IN FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

This account is debited by the downward changes in the fair value of financial assets and by the upward changes in the fair value of financial liabilities.

Secondary Account 4101000 HELD FOR TRADING

This account will be affected by debiting it with the downward changes in fair value of financial assets and upward changes in fair value of financial liabilities held within a business model whose purpose is to continuously manage the investment portfolio in order to obtain margin profits in the short term.

Secondary Account 4101010 FOR RISK HEDGING

This account will be affected with the fair value changes of financial items designated for risk hedging.
If the fair value changes in the risk hedging item give rise to a financial liability or increase the amount of the liability or decrease the value of the financial asset established in the previous evaluation, this account will be debited by the amount of the fair value change that is equivalent to the effective amount of the hedge. Likewise, this account will be affected with the fair value changes of financial items designated as hedged items in a fair value accounting hedge. If the hedged item is an asset item, this account will be increased by debiting it with the downward changes of that hedged item. If the hedged item is a liability item, this account will be increased by debiting it with the upward changes of that hedged item.

Primary Account 4102 EXPENSES FROM EXCHANGE DIFFERENCES

In this account, losses incurred in operations due to exchange rate fluctuations arising in assets and liabilities denominated in foreign currency are registered.

Secondary Account 4102000 LOSSES FROM EXCHANGE RATE FLUCTUATIONS

In the case of exchange rate fluctuations of monetary items denominated in foreign currency: it is debited with the amounts incurred in the concept of losses from conversion, at the purchase exchange rate, of the legal tender, on the date of closing of the Financial Statements. With a credit to the affected monetary asset and liability items by the conversion, assets for downward changes and liabilities for upward changes.

Secondary Account 4102010 LOSSES FROM CURRENCY PURCHASE-SALE

The balance of this secondary account represents the losses that originate in the purchases and sales of currencies other than the legal tender, with a credit to the cash and cash equivalents account.

Primary Account 4103 EXPENSES FROM INTEREST ON REPURCHASE AGREEMENT OPERATIONS

This account includes the effective interest expenses incurred in the concept of financial obligations assumed by the Funds in Repo, Repurchase

Primary Account 4104 OTHER EXPENSES FROM OPERATIONS WITH FINANCIAL INSTRUMENTS Secondary Account 4104000 FEES Secondary Account 4104010 LOCAL SECURITIES CUSTODY

Other expenses arising from financial obligations assumed by the Fund, especially commissions and securities custody expenses, are registered, with a credit to the corresponding liability accounts or cash and cash equivalents.

Account 411 LOSSES FROM INEFFECTIVE AMOUNTS IN RISK HEDGING OPERATIONS

This account will be affected by debiting it with ineffective amounts that imply a loss and that arise in a hedging relationship, any of those established in the chart of accounts.

Additionally, it will be affected with amounts that represent ineffective values that imply a loss and that come from a hedged item, in the latter case, only of a hedged item in a fair value hedging relationship.

Account 412 EXPENSES FROM OBLIGATIONS WITH FINANCIAL INSTITUTIONS

In this account, expenses from occasional overdrafts of the Fund's current accounts are registered.
It is debited for commissions and overdraft expenses.

Account 413 MANAGEMENT EXPENSES

In this account, operating expense accounts related to the Fund's activities are included. It includes expenses related to the administration and management of the Fund.

Primary Account 4130 FEE

This account includes the expenses for commissions that the Fund pays to the Administratng Institution for its administration services, it is debited with the accrual 12000 Commission of cash and cash equivalents, when commissions are recognized at the moment of payment.

Account 414 GENERAL ADMINISTRATIVE EXPENSES
Primary Account 4140 PROFESSIONAL FEES AND OTHERS

This primary account includes the amount of operating expenses related to payments for professional fees such as Audit Firms, Law Firms, Risk Classifiers, Price Providers, etc. and all other services necessary for the functioning of the Fund and that must be included in the Fund's prospectus. This account is debited with the amounts that the Fund must pay for the services it receives, either at the moment they are accrued or when they are paid against the respective liability sub-account or at the moment of accrual or cash and cash equivalents accounts, if they are recognized at the moment of payment.

Primary Account 4142 INSURANCE AND GUARANTEES

This primary account registers the values that the Fund pays in the concept of Insurance and Guarantees that are necessary for the functioning of the Fund.

Primary Account 4143 PROVISIONS

This primary account details provisions for judicial lawsuits, restructuring costs, and others that will not be paid in the accounting period and must be recognized for the functioning of the Fund.

Primary Account 4144 OTHER EXPENSES

This primary account includes other expenses whose concepts are not included in the previous accounts and that are necessary for the functioning of the Fund.

Account 415 EXPENSES FROM ACCOUNTS RECEIVABLE
Primary Account 4150
CONSTITUTION OF DOUBTFUL ACCOUNTS RESERVE FOR
ACCOUNTS RECEIVABLE

In this account, expenses for the constitution of doubtful accounts reserves for accounts receivable of doubtful recovery will be registered.

Item 42 OTHER EXPENSES
Account 420 OTHER EXPENSES

In this account, any other expenses that the fund incurs and that correspond to other concepts not classified in any of the previous descriptions will be registered. Such expenses must be detailed in the Fund's prospectus.

Primary Account 4202 LOSSES FROM SALE OF GOODS AND RIGHTS RECEIVED IN PAYMENT

This account must represent the value of losses caused by the sale of movable goods, immovable goods, investments, and rights received in payment.

Subaccount
Secondary 4209000 LOSSES FROM HEDGING OPERATIONS This secondary subaccount will apply to derivatives acquired by the Fund for hedging operations that have expired the eight-day deadline to maintain them in this subaccount, and have not been sold or designated for hedging other financial instruments.

SECTION 5
ACCOUNTING APPLICATION MANUAL OF INCOME

Element 5 INCOME
Item 51 OPERATING INCOME
Account 510 INCOME FROM INVESTMENTS
This element includes operating income accounts related to normal operations, that is, those that are a consequence of the execution of the operations for which the Fund was created and by the nature of the Fund. This group of subaccounts will record income from banking operations that accrue interest on balances deposited in Local or Foreign Financial Institutions where the deposit of financial resources from the Funds is permitted. It is credited with the amounts accrued for this concept with a debit to the asset accounts where the corresponding financial products receivable are recorded.

Subaccount
Primary 5100 INTEREST ON DEPOSITS IN BANKS AND OTHER FINANCIAL SYSTEM ENTITIES Interest generated by deposits in local and foreign banks and other financial entities is recorded in this primary subaccount.

Subaccount
Primary 5102 INCOME FROM FINANCIAL INVESTMENTS Interest generated by financial investments at fair value with changes in profit or loss, acquired by the Fund in accordance with the limits established in the investment policy defined in the Fund's prospectus, is recorded in this subaccount. This sub...

Subaccount
Primary 5103
GAINS FROM CHANGES IN FAIR VALUE
OF FINANCIAL ASSETS AND LIABILITIES
The secondary subaccounts of this primary subaccount are credited with increases in the fair value of financial assets and decreases in the fair value of financial liabilities.

Subaccount
Primary 5104
GAINS FROM SALES OF FINANCIAL ASSETS AND LIABILITIES This subaccount will be affected by crediting it with amounts representing a gain from the sale of financial assets and liabilities with a debit to the corresponding cash and cash equivalent account.

Subaccount
Primary 5105
GAINS FROM REVERSAL OF IMPAIRMENT OF
FINANCIAL ASSETS
Gains resulting from the reversal of reserves for estimation of uncollectible accounts receivable will be accounted for in this subaccount.
This subaccount will be affected with the amounts corresponding to reversals of estimates for uncollectible doubtful accounts receivable, which previously caused the recognition of losses for the impairment of such accounts receivable. On the date this subaccount is affected, there will be evidence that the accounts receivable have been recovered in part or in full of their lost value; consequently, these value increases will affect this sub...

Subaccount
Primary 5106 OTHER GAINS FROM REVERSALS
In this subaccount, increases in the value of assets are recorded when a loss for impairment of value of accounts for contingencies and commitments had previously been recognized, with a debit to the corresponding asset accounts, up to the amount of losses previously recognized.

Subaccount Primary 5107 OTHER INCOME
Subaccount
Secondary 5107000 GAINS FROM EXCHANGE RATE
FLUCTUATIONS
The related to fluctuations in the exchange rate of monetary items denominated in foreign currency is credited with the amounts accrued as gains obtained from the conversion, at the buying exchange rate, of the legal tender, on the date of closing of the Financial Statements. With a debit to the monetary asset and liability items affected by the conversion. Assets for increases and liabilities for decreases.

Subaccount
Secondary 5107010 GAINS FROM PURCHASE-SALE OF CURRENCY The balance of this secondary subaccount represents the gains that originate in the purchases and sales of currencies other than the functional currency, with a debit to the cash and cash equivalents account.

Subaccount Primary 5108
GAINS FROM INEFFECTIVE AMOUNTS IN
HEDGING OPERATIONS

Subaccount
Secondary 5108000 HEDGING ITEMS
This secondary subaccount will be affected by crediting it with ineffective amounts that imply a gain and that arise in a hedging relationship, any of those established in the Chart of Accounts. Additionally, it will be affected with amounts representing ineffective amounts that imply a gain and that come from a hedged item; in this last case, only from a hedged item in a fair value hedging relationship.

Item 52 OTHER INCOME
Account 520 OTHER INCOME

Subaccount Primary 5200 GAINS ON SALE OF ASSETS AND RIGHTS RECEIVED IN PAYMENT Any other income or flows received by the Fund, corresponding to any other income not classified in any of the previous descriptions, will be recorded in this account. This primary subaccount must represent the value of gains obtained from the sale of movable property, real estate, investments, and rights received in payment.

SECTION 6
ACCOUNTING APPLICATION MANUAL OF CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS

Element 6 CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS Item 61 CONTINGENT ACCOUNTS Account 610 OPEN JUDICIAL PROCEEDINGS Subaccount Primary 6100 OPEN JUDICIAL PROCEEDINGS AGAINST THE FUND This element considers amounts representing contingent liabilities, that is, those events that according to the Fund's knowledge of them, on the date of the Financial Statements, it is not probable that a present obligation exists due to them and the possibility that a resource outflow occurs due to them is not remote.

Item 62 OFF-BALANCE SHEET ACCOUNTS
Account 620 OPEN JUDICIAL PROCEEDINGS
Subaccount
Primary 6200 OPEN JUDICIAL PROCEEDINGS BY THE FUND This account will record amounts that could favor the Fund due to open judicial proceedings against third parties from which the probability of some monetary settlement in favor arises.

Account 621 OPERATIONS WITH FINANCIAL DERIVATIVE INSTRUMENTS The subaccounts of this account will account for the nominal or notional amounts of financial derivative instrument contracts purchased or acquired for the purpose of hedging risks.

Account 622 SECURITIES IN CUSTODY
This account will record the values of the Fund's own financial instruments that are in custody of an authorized institution.

Account 623 SECURITIES AND OWN ASSETS CEDED AS COLLATERAL This account will record the values and assets of the Fund that have been ceded as collateral.

Account 624 GUARANTEES CONSTITUTED IN FAVOR OF FUND PARTICIPANTS This account will record the amounts corresponding to guarantees constituted in favor of the Fund Participants, in accordance with Article 22 of the Investment Funds Law. The amounts for which these control accounts will be recorded will be the value at which they were received and will be updated monthly, or with a lesser periodicity if applicable.

Account 625 OBLIGATIONS FROM REPURCHASE OPERATIONS This account will reflect the nominal value of financial instruments on which the Fund has acquired the obligation of sale through repurchase operations with a repurchase agreement. The asset account will reflect the fair value of the restricted financial instruments.

Account 626 WITHDRAWAL REQUESTS PENDING CANCELLATION This control account will reflect the value of the requests presented by participants and employers in which they request the withdrawal of resources from the individual account and which are pending payment.

Account 627 GUARANTEES FOR REPURCHASE OPERATIONS Subaccount Primary 6270 RIGHT OF REPURCHASE FOR REPURCHASE SALES This account will reflect the purchase right of financial instruments on which the Fund has invested in repurchase operations with a resale agreement.

Account 628 TRANSFER REQUESTS PENDING APPLICATION This control account will reflect the value of the requests presented by participants in which they require to transfer in part or in total the resources from the individual account.

Item 63 OTHER OFF-BALANCE SHEET ACCOUNTS
Account 630 WRITT-OFF ASSETS
Subaccount Primary 6300 WRITT-OFF ASSETS
Subaccount
Secondary 6300000 WRITT-OFF FOR ACCOUNTING HEDGING

In this secondary subaccount, derivatives acquired by the Fund for...
1010 expense subaccount 42 because the eight-day deadline to maintain them in the Asset secondary subaccount expired, and they have not been sold or designated for hedging other financial instruments. Its balance will be adjusted in accordance with the variations originating from its valuation at fair value. In the event that the derivative is subsequently realized, the balance of this account will be liquidated to be activated in the corresponding financial accounts.

SECTION 7
ACCOUNTING APPLICATION MANUAL OF CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS BY CONTRA

Element 7 CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS BY CONTRA Item 71 COMMITMENT CONTINGENT ACCOUNTS BY CONTRA Account 710 OPEN JUDICIAL PROCEEDINGS BY CONTRA Subaccount Primary 7100 OPEN JUDICIAL PROCEEDINGS AGAINST THE FUND BY CONTRA This element, item, account, and subaccount will serve as contra-accounts for all off-balance sheet accounts developed in Section 6 of this Manual.

Item 72 OFF-BALANCE SHEET ACCOUNTS BY CONTRA
Account 720 OPEN JUDICIAL PROCEEDINGS BY THE FUND BY CONTRA Account 721 OPERATIONS WITH FINANCIAL DERIVATIVE INSTRUMENTS BY CONTRA Account 722 SECURITIES IN CUSTODY BY CONTRA Account 723 SECURITIES AND OWN ASSETS CEDED AS COLLATERAL BY CONTRA

Account 724 GUARANTEES CONSTITUTED IN FAVOR OF FUND PARTICIPANTS BY CONTRA Account 725 OBLIGATIONS FROM REPURCHASE OPERATIONS BY CONTRA Account 726 WITHDRAWAL REQUESTS PENDING CANCELLATION BY CONTRA Account 727 GUARANTEES FOR REPURCHASE OPERATIONS BY CONTRA Account 728 TRANSFER REQUESTS PENDING APPLICATION BY CONTRA Item 73 OTHER OFF-BALANCE SHEET ACCOUNTS BY CONTRA Account 730 WRITT-OFF ASSETS BY CONTRA These items and accounts will serve as contra-accounts for all off-balance sheet accounts developed in Section 6 of this Manual.

CHAPTER V
FINANCIAL STATEMENT MODELS
Model No. 1

NAME OF VOLUNTARY PREVISIONAL SAVINGS FUND
ADMINISTERED BY: NAME OF ADMINISTRATING INSTITUTION Balance Sheet Balances as of December 31 (current year) and of (previous year) (Expressed in United States Dollars) Note (Current Year) (Previous Year) Assets US$ US$ Current Assets Cash and Cash Equivalents (110 + 111+ 112) )- (1110020+1120020)* 6 Time Deposits (1110020+1120020)* Financial Investments (113) 7 Net Accounts Receivable (114+115) 8 Other Assets (116) Non-Current Assets Assets Received in Payment (120) 26 Total Assets Liabilities Current Liabilities Financial Liabilities at Fair Value (2100 to 2101) 9 Accounts Payable (211) 10 Non-Current Liabilities Provisions (220) 12 Total Liabilities Equity 13 Individual Accounts (310) Other Comprehensive Income (330) Total Equity Total Liabilities and Equity Number of Quotas Unit Value of Quota

With maturity periods greater than 90 days
The notes on pages _ to _ are an integral part of these Financial Statements.

Model No. 2

NAME OF VOLUNTARY PREVISIONAL SAVINGS FUND
ADMINISTERED BY: NAME OF ADMINISTRATING INSTITUTION Statement of Comprehensive Income For the years ended from January 01 to December 31 of (current year) and of (previous year) (Expressed in United States Dollars)

Note
(Current
Year)
(Previous
Year)
OPERATING INCOME US$ US$
Income from Investments (510) 14,15
OPERATING EXPENSES
Financial Expenses from Operations with Financial Derivative Instruments (410+411) 15 Management Expenses (413) 16 General Administrative Expenses (414) 17 OPERATING RESULTS Expenses for Obligations with Financial Institutions (412) Other Income (Expenses) (52-(415+42)) 18 PROFIT (LOSS) OF THE PERIOD OTHER COMPREHENSIVE INCOME Adjustments for Changes in Fair Value of Hedging Financial Instruments (3300) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

The notes on pages _ to _ are an integral part of these Financial Statements.

Model No. 3
NAME OF VOLUNTARY PREVISIONAL SAVINGS FUND
ADMINISTERED BY: NAME OF ADMINISTRATING INSTITUTION

Statement of Changes in Equity
For the years ended December 31 of (current year) and of (previous year) (Expressed in United States Dollars) CONCEPTS Notes Individual Accounts Results of the Current Period Other Comprehensive Income Total Equity Balance at January 01, 20x1 Effects of correction of errors Effects of changes in accounting policies Re-expressed Balance Increase from new contributions Reductions in quotas for paid withdrawals and transfers Increase (Decrease) in Participation balance due to Valuation Net Adjustments in Fair Value of Instruments for Hedging Daily Profit (Loss) Balance at December 31, 20x1 13 Increase from new contributions Reductions in quotas for withdrawal and paid transfers Increase in Participation due to Valuation Increase (Decrease) in Participation balance due to Valuation Net Adjustments in Fair Value of Instruments for Hedging Daily Profit (Loss) Balance at December 31, 20x2 13 The notes on pages _ to _ are an integral part of these Financial Statements.

Model No. 4
NAME OF VOLUNTARY PREVISIONAL SAVINGS FUND
ADMINISTERED BY: NAME OF ADMINISTRATING INSTITUTION Statement of Cash Flows Years ended December 31 of (current year) and of (previous year) (Expressed in United States Dollars) Note (Current Year) (Previous Year) Cash flows from operating activities: US$ US$ Interest Received (+) Dividends Received (+) Benefits Received (+) Payments to service providers (-) Recovery of Accounts Receivable (+) Sale of Assets and Rights Received in Payment (+) Other receipts related to activity (+) Other payments related to activity (-) Net cash provided (used) by operating activities Cash flows from investing activities Acquisition of Financial Investments (-) Sale of Financial Investments (+) Decrease in Time Deposits over 90 days (+) Increase in Time Deposits over 90 days (-) Repurchase Operations with Repurchase Agreement (+) Repurchase Operations with Repurchase Agreement (-) Net cash provided (used) by investing activities Cash flows from financing activities Contributions to Individual Accounts (+) Transfers of Resources Received (+) Withdrawals of Resources from individual account (-) Transfers of Resources from individual account (-) Net cash provided (used) in financing activities Net Increase (Decrease) in Cash and Cash Equivalents US$ US$ Cash and Cash Equivalents at January 01 Cash and Cash Equivalents at ___ of _____ 6 US$ US$ The notes on pages _ to _ are an integral part of these Financial Statements.

CHAPTER VI
OTHER PROVISIONS AND VALIDITY

SANCTIONS
Non-compliance with the provisions contained in this Accounting Manual will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System.
REPEAL
These Standards repeal the
-27) approved by the Central Bank through its
Norms Committee, in Session CN-09/2019, on May 28, 2019.
UNFORESEEN ASPECTS
Aspects not foreseen in regulatory matters in this Accounting Manual will be resolved by the Central Bank through its Norms Committee.
VALIDITY
These Standards will enter into force as of December 30, two thousand twenty-two.

MODIFICATIONS:
(1) Modifications in primary subaccount 1102 Checks by the addition of definition and sub-subaccounts for Other payment methods, approved by the Central Bank through its Norms Committee, in Session No. CN-10/2023, on November 28 two thousand twenty-three, with validity as of December 13 two thousand twenty-three.

Accounting Manual for Voluntary Pension Savings Funds

ACCOUNTING MANUAL FOR VOLUNTARY PREVISIONAL SAVINGS FUNDS

Lineage: No known changes

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