Regulatory Alerts2018-01-23 | DOF 5511096Added
Resolution modifying the general provisions applicable to popular savings and credit entities, integration organizations, community financial societies, and rural financial integration organisms under the Popular Savings and Credit Law
The National Banking and Securities Commission amends Annex E of the general provisions for popular savings and credit entities, community financial societies, and rural financial integration organisms to align accounting criteria with International Financial Reporting Standards. The amendments allow these entities to recognize credit loss estimate excesses and recovered previously written-off credits in the period they occur, and incorporate specific Financial Information Standards (B-17, C-3, C-9, C-16, C-19, C-20, D-1, D-2) effective January 1, 2019. Entities may opt to apply the modified credit portfolio and income statement criteria immediately upon publication, provided they notify the Commission within ten business days of the intended early application date.
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