Regulatory Alerts2015-01-01
Circular No. 105 Revenue Recognition from Fees and Commissions
The Palestine Monetary Authority issued Circular No. 105/2015 to mandate that banks recognize fees and commissions as revenue upon service provision or completion of a significant act, aligning with International Accounting Standard No. 18. Banks must analyze and classify fees collected between July 1 and December 31, 2015, separating deferred amounts from earned revenue, while fully automating their accounting system updates by January 1, 2016. The Authority will enforce compliance through supervisory measures, including the potential rejection of year-end financial statements for institutions that fail to apply these international standards.
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