Regulatory Alerts2017-11-10 | CD-SIBOIF-1026-1-NOV10-2017Added · Updated
Norm for the Implementation of the Accounting Framework for General Warehouses
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1026-1-NOV10-2017 to approve an updated Accounting Framework for General Warehouses based on International Financial Reporting Standards. General Warehouses must implement this framework during a transition period from January 1 to December 31, 2018, with mandatory adoption beginning January 1, 2019. The resolution repeals the previous Single Chart of Accounts Manual effective January 1, 2019, and prohibits warehouses from carrying out operations with financial derivative instruments without express authorization.
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