Regulatory Alerts2021-09-23 | DOF 5630656Added · Updated
Amending Resolution to the Resolution Modifying the General Provisions Applicable to Credit Institutions, Published on March 13, 2020
The document amends the transitional provisions of the March 13, 2020 resolution to allow credit institutions to continue using the contractual interest rate and the straight-line method for recognizing commissions and transaction costs during the 2022 fiscal year, instead of the effective interest method and effective interest rate required by IFRS 9. To utilize this exemption, institutions must notify the Vice Presidency of the National Banking and Securities Commission in writing by December 31, 2021, detailing the reasons for non-compliance and their implementation program. Starting in the 2023 fiscal year, institutions must fully apply the effective interest method and effective interest rate in accordance with Financial Information Standard B-1.
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