Regulatory Alerts2019-12-02
Circular 4/2019 of the Bank of Spain on Public and Reserved Financial Information Standards and Financial Statement Models for Credit Institutions
The Bank of Spain issued Circular 4/2019 to establish the specific accounting regime for credit institutions, replacing their previous transitional framework with standards aligned with the Commercial Code and EU-adopted IFRS. The regulation mandates the preparation and publication of individual and consolidated financial statements while defining simplified reporting requirements for reserved financial data to reflect the lower complexity of these entities compared to credit institutions. It sets an effective date of January 1, 2020, and includes transitional provisions to facilitate the initial application of new accounting criteria for financial instruments and leases.
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