Regulatory Alerts2017-07-24 | DOF 5491643Added
Resolution modifying the General Provisions applicable to general warehouse receipts, exchange houses, credit unions, and multiple-object financial companies
The resolution amends Accounting Criterion B-2 regarding investments in securities for credit unions, specifically expanding the time period during which held-to-maturity securities can be sold or reclassified without losing that classification status. It clarifies the requirements for isolated events outside the entity's control that permit such sales or reclassifications to align with International Financial Reporting Standards. The changes apply prospectively, meaning credit unions are not required to reevaluate previously recognized investment classifications but must disclose significant accounting standard changes in financial statement notes.
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