Regulatory Alerts2017-10-10 | CD-SIBOIF-1020-1-OCT10-2017Added · Updated
Norm for the Implementation of the Accounting Framework for Banking and Financial Institutions
The Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1020-1-OCT10-2017 to approve an updated Accounting Framework for Banking and Financial Institutions based on International Financial Reporting Standards. Financial institutions must implement this framework during a transition period from January 1 to December 31, 2018, with mandatory adoption starting January 1, 2019. The resolution repeals the previous Norm on the Single Chart of Accounts contained in Resolution No. CD-SIBOIF-468-1-FEBR28-2007 effective January 1, 2019. Institutions are prohibited from applying the framework to securities lending and financial derivative instruments without express authorization.
Topics
Share