Regulatory Alerts2018-01-23 | DOF 5511098Added
Resolution modifying the general provisions applicable to the activities of savings and loan cooperative societies
The resolution amends Annex E of the general provisions for savings and loan cooperative societies with operation levels I to IV, specifically modifying criteria B-4 (Credit Portfolio) and D-2 (Statement of Results) to align accounting for credit risk estimates with International Financial Reporting Standards. It mandates the application of specific Financial Information Standards (B-17, C-3, C-9, C-16, C-19, C-20, D-1, and D-2) issued by the Mexican Council for Financial Reporting Standards, with a mandatory effective date of January 1, 2019, and an optional early adoption provision. The changes require entities to adjust their accounting for credit loss estimates and the recognition of recovered previously written-off credits within the financial results.
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