Amending Resolution to the Resolution Modifying the General Provisions Applicable to Credit Institutions, Published on March 13, 2020

DOF: 23/09/2021

AMENDING RESOLUTION TO THE RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS, PUBLISHED ON MARCH 13, 2020

A seal bearing the National Coat of Arms appears at the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission, based on the provisions of Articles 96 Bis, first paragraph, and 98 Bis of the Credit Institutions Law; as well as Articles 4, fractions XXXVI and XXXVIII, and 16, fraction I of the National Banking and Securities Commission Law, and

CONSIDERING

That on March 13, 2020, the Resolution modifying the General Provisions applicable to credit institutions was published in the Official Gazette of the Federation, updating the accounting criteria applicable to credit institutions to make them consistent with national and international financial reporting standards. This will allow for transparent financial information comparable with other countries regarding International Financial Reporting Standard 9 "Financial Instruments" (IFRS 9 in English);

That the aforementioned resolution would enter into force on January 1, 2021, a date that was modified by publication in the Official Gazette of the Federation on December 4, 2020, to establish it as January 1, 2022;

That among the changes determined in the resolution of March 13, 2020, is the implementation of the effective interest method and the effective interest rate, so that entities calculate the amortized cost of the credit portfolio, to distribute their effective interest income or expense over the corresponding periods of the credit portfolio's life. The effective interest rate, unlike a nominal rate for recognizing interest as it accrues, considers a series of elements, such as the number of disbursements, the number of payments, the nominal interest, fees charged, transaction costs, as well as any other contractual cash flow or charge that might exist. Therefore, it affects the accounting recognition of interest from a financial rather than contractual perspective. The effective interest rate is that which exactly discounts the estimated future cash flows to be collected during the expected life of a credit;

That, under current accounting criteria, the recognition of interest on the credit portfolio is through the contractual rate, but the accrual of interest in contractual terms does not coincide with the accrual of interest using the effective interest rate. This is because in the first case, income from commissions and costs generated by granting credit are not part of interest income and are recognized through deferred charges or credits that are amortized under the straight-line method during the life of the credit;

That, for the implementation of the effective interest method and the effective interest rate, credit institutions require a significant investment to develop technological solutions that allow them to maintain operational control of operations to comply with their legal terms, and on the other hand, recognize the amortized cost and the accounting accrual of interest income and expenses using the effective interest method, and

That, due to the impacts experienced by credit institutions regarding health contingency effects, and in order for those institutions that are delayed in implementation and the necessary adjustments to their accounting information systems to have sufficient time to do so, it has resolved to issue the following:

AMENDING RESOLUTION TO THE "RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS", PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON MARCH 13, 2020

SINGLE. Article ELEVENTH (DÉCIMO PRIMERO) of the "Resolution that modifies the General Provisions applicable to credit institutions", published in the Official Gazette of the Federation on March 13, 2020, and modified through the "Amending Resolution to the Resolution that modifies the General Provisions applicable to credit institutions", published in said dissemination medium on December 4, 2020, is ADDED, to read as follows:

"ELEVENTH. Entities, during the 2022 fiscal year, in determining the amortized cost referred to in criterion B-6 "Credit Portfolio" contained in Annex 33 which is modified by this resolution, may continue to use in the recognition of accrued interest on their credit portfolio, the contractual interest rate, as well as the straight-line method for the recognition of fees charged and transaction costs as indicated in the current criterion B-6 "Credit Portfolio", valid until December 31, 2021; they must disclose, in the quarterly and annual financial statements of said fiscal year, such circumstance. To this end, they must notify it in writing to the Vice Presidency of the National Banking and Securities Commission responsible for their supervision, before December 31, 2021, explaining in detail the reasons why they will not be in a position to apply the aforementioned effective interest rate during the 2022 fiscal year, in addition to indicating the program to which they will adhere for its implementation.

Credit institutions, in the recognition and disclosure of the effects from the initial application of the effective interest method and the effective interest rate that they carry out in the 2023 fiscal year, must adhere to what is established in Financial Information Standard B-1 "Accounting Changes and Corrections of Errors", applicable to credit institutions by virtue of what is established in criterion A-2 "Application of particular standards", contained in Annex 33 of the General Provisions applicable to credit institutions.

TRANSITIONAL

FIRST. This Resolution shall enter into force the day following its publication in the Official Gazette of the Federation.

Respectfully,

Mexico City, September 13, 2021. - President of the National Banking and Securities Commission, Juan Pablo Graf Noriega.- Signature.

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