RegAlertRule · NBB · 16 Mar 2011 · CBFA 2011_11
Communication CBFA 2011_11/ Periodic Reporting Scheme
The document clarifies the accounting treatment for operations involving deposit, financial instruments, and life insurance protection funds for entities subject to these regimes. Contributions paid to these funds must be recorded under 'Other administrative expenses' (item 40.720), while reimbursements are recorded under 'Other operating income' (item 41.400). Any receivables or payables related to these funds are to be reported under 'Other receivables' (item 70.030) or 'Other payables' (item 20.400).
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CBFA Communication 2011_11 of 16 March 2011
Periodic Reporting Scheme
Scope:
Brokerage firms, portfolio management and investment advisory firms, branches of investment firms, OPC management companies and branches of OPC management companies.
Summary/Objectives:
The purpose of this communication is to clarify the accounting treatment of operations involving deposit protection systems, financial instruments and life insurance.
Dear Sir, Dear Madam,
Following the new framework for deposit, financial instruments and life insurance protection systems (program law of 23 December 2009 amending the Royal Decree of 14 November 2008), we wish to specify and clarify the accounting treatment of operations carried out with the Deposit and Financial Instruments Protection Fund and the Special Deposit and Life Insurance Protection Fund. The following instructions apply provided that the institutions are subject to the protection system regime.
Firstly, contributions paid within the framework of deposit protection systems (both to the Deposit and Financial Instruments Protection Fund and to the Special Deposit and Life Insurance Protection Fund) are recorded under 'Other administrative expenses' in the income statement (i.e. item 40.720 1). Reimbursements of contributions paid by institutions within this same framework are included under 'Other operating income' (i.e. item 41.400).
Regarding any receivables or payables towards the Deposit and Financial Instruments Protection Fund or the Special Deposit and Life Insurance Protection Fund, these will be recorded either under item 70.030 'Other receivables' (item detailing item 10.400 of the assets) or under item 20.400 'Other payables'.
A copy of this communication is sent to the auditor(s) of your institution.
Please accept, Sir, Madam, the expression of our distinguished consideration.
The President,
Jean-Paul SERVAIS
1
The item numbers refer to the reporting defined by CBFA circular of 14 April 2010 (CBFA_2010_10).
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