Derogation of the Standard on Accounting for Share Investments in Subsidiaries of Banks, Financial Companies, and Shareholding Companies — SIBOIF — NI

Resolution No. CD-SIBOIF-1087-6-DIC4-2018
Dated December 4, 2018
DEROGATION OF THE STANDARD ON ACCOUNTING FOR SHARE INVESTMENTS IN SUBSIDIARIES OF BANKS, FINANCIAL COMPANIES, AND SHAREHOLDING COMPANIES

The Board of Directors of the Superintendence of Banks and Other Financial Institutions,

CONSIDERING

That on July 17, 2001, Resolution CD-SIB-164-2-JUL17-2001 was issued, containing the Standard on Accounting for Share Investments in Subsidiaries of Banks, Financial Companies, and Shareholding Companies, which aims to establish the accounting registration method for investments made by banks, financial companies, and shareholding companies that form part of a financial group, in shares issued by subsidiary or affiliate companies of the investing entity and by investment companies.

That on October 10, 2017, the Standard for the Implementation of the Accounting Framework for Banking and Financial Institutions was approved, contained in Resolution CD-SIBOIF-1020-1-OCT10-2017, in which the accounting aspects regulated in the Standard on Accounting for Share Investments in Subsidiaries of Banks, Financial Companies, and Shareholding Companies are incorporated.

III

That in accordance with the considerations stated above, and based on the powers conferred by Article 3, numeral 13) and Article 10, numeral 1) of Law No. 316, Law of the Superintendence of Banks and Other Financial Institutions, and its reforms; contained in Law No. 974, Law of the Nicaraguan Legal Digest on Banking and Finance Matters, published in La Gaceta, Official Gazette No. 164, of August 27, 2018, and its reforms.

In exercise of its powers,

HAS ISSUED

The following:

Resolution No. CD-SIBOIF-1087-6-DIC4-2018
DEROGATION OF THE STANDARD ON ACCOUNTING FOR SHARE INVESTMENTS IN SUBSIDIARIES OF BANKS, FINANCIAL COMPANIES, AND SHAREHOLDING COMPANIES

FIRST: Resolution CD-SIB-164-2-JUL17-2001, containing the Standard on Accounting for Share Investments in Subsidiaries of Banks, Financial Companies, and Shareholding Companies, published in La Gaceta, Official Gazette, Number 174 of September 13, 2001, is hereby repealed.

SECOND: This resolution shall enter into force on January 1, 2019, without prejudice to its subsequent publication in La Gaceta, Official Gazette. (F) S. Rosales C (F) M. Díaz O. (F) Fausto Reyes B. (F) Illegible (Silvio Moisés Casco Marenco) (F) Illegible (Rafael Ángel Avellán Rivas) Secretary

RAFAEL ÁNGEL AVELLÁN RIVAS
Secretary, Board of Directors SIBOIF

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Supersedes

Resolution CD-SIB-164-2-JUL17-2001Not in RegAlert
“Resolution CD-SIB-164-2-JUL17-2001, containing the Standard on Accounting for Share Investments in Subsidiaries of Banks, Financial Companies, and Shareholding Companies, published in La Gaceta, Official Gazette, Number 174 of September 13…”

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Refers to

Norm for the Implementation of the Accounting Framework for Banking and Financial Institutions2017 · SIBOIF
“That on October 10, 2017, the Standard for the Implementation of the Accounting Framework for Banking and Financial Institutions was approved, contained in Resolution CD-SIBOIF-1020-1-OCT10-2017, in which the accounting aspects regulated i…”