Regulatory Alerts2018-01-04 | DOF 5510037Added
Resolution modifying prudential, accounting and information request provisions applicable to the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development
The resolution amends Annex 10 of the general prudential and accounting provisions for the National Financial Institution for Agricultural, Rural, Forestry and Fisheries Development (FNDARFP) by reforming Criteria A-2 and B-4. It mandates that FNDARFP adjust its accounting criteria to cancel excesses in preventive estimates for credit risks against the same provision and recognize recoveries of previously written-off credits, aligning with International Financial Reporting Standards. The modified Criterion B-4 becomes mandatory on January 1, 2019, with an option for early application upon notice to the CNBV within ten business days. Additionally, specific Mexican Financial Reporting Standards (B-17, C-3, C-9, C-16, C-19, C-20, D-1, and D-2) referenced in Criterion A-2 enter into force on January 1, 2019.
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