Regulatory Alerts2017-07-24 | DOF 5491642Added
Resolution modifying the General Provisions applicable to the activities of Savings and Loan Cooperative Societies
The resolution amends Accounting Criterion B-2 for Savings and Loan Cooperative Societies with operation levels I to IV, extending the period during which held-to-maturity securities can be sold or reclassified without losing that classification. Specifically, it clarifies that isolated events outside the entity's control, which are non-recurring and unforeseeable, qualify as exceptions to the 'tainting' rule. The amendment applies prospectively, meaning prior classifications remain unchanged, but entities must disclose significant accounting changes in financial statement notes.
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