Lima, 07 May 1999

S.B.S. Resolution No. 0334-99

The Superintendent of Banking and Insurance

WHEREAS:

That, by SBS Resolution No. 895-98 of 01 September 1998, the Accounting Manual for Companies of the Financial System, hereinafter the Accounting Manual, was approved;

That, said Resolution provided that the Accounting Manual would be in force as of 01 January of the year 2000, leaving without effect the Chart of Accounts for Financial Institutions, hereinafter the Chart of Accounts, approved by SBS Resolution No. 1256-92 of 23 October 1992 and its amending and/or supplementary rules;

That, this Superintendency has considered it advisable to extend the deadline for the entry into force of the Accounting Manual, in order to provide greater facilities for the process of adaptation to it;

That, in accordance with the opinion of the Deputy Superintendencies of Banking and of Legal Advisory Services; and,

In use of the powers conferred by numerals 7, 9 and 13 of article 349 of the General Law;

RESOLVES:

Article One.- To extend the entry into force of the Accounting Manual as of 01 January of the year 2001 and to extend the validity of the Chart of Accounts approved by SBS Resolution No. 1256-92 and its amending and/or supplementary rules until 31 December of the year 2000, inclusive.

The provisions set forth in the preceding paragraph apply to all multiple-operation companies, financial leasing companies and factoring companies, hereinafter companies, with the exception of those that avail themselves of the provisions of article four of this Resolution according to the procedure established in article five of this rule.

Article Two.- The companies must submit to this Superintendency, until 30 September of the year 1999, a new implementation plan for the Accounting Manual, which must contain a schedule of activities for the process of adaptation of the accounting and computer system, in accordance with the requirements that this Superintendency establishes.

Article Three.- (1)

Article Four.- Companies that are in a position to adapt their accounting and computer systems in the current fiscal year and, consequently, can apply the Accounting Manual as of 01 January of the year 2000, must consider the following obligations, which modify the deadlines established in article 3 of SBS Resolution No. 895-98:

a) As of 31 October 1999 (2) , companies must prepare and submit the financial statements in accordance with the catalog and forms established both in the Accounting Manual and in the Chart of Accounts. Likewise, they must prepare and submit the annexes and reports in accordance with the catalog and formats established both in the Accounting Manual and in the Chart of Accounts and other rules in force at the date of their submission; and,

b) No later than 30 November 1999, companies must have verified that the computer support of the accounting system, designed for the implementation of the Accounting Manual, is capable of satisfying its objectives, and of facing the risks arising from the year 2000.

The companies shall submit the financial statements, annexes and reports on the dates established by this Superintendency.

Article Five.- Companies must inform this Superintendency, within a period not exceeding ten (10) calendar days, counted from the entry into force of this Resolution, of the decision to avail themselves of the provisions of articles one to three or article four, mentioned above.

Those companies that avail themselves of the provisions of article four must attach their updated and readjusted implementation plan in accordance with the new information submission schedule. Likewise, the financial statements they publish in fiscal year 2000 must contain an explanatory note indicating that their financial statements are published in accordance with the form established in the Accounting Manual for Companies of the Financial System and, therefore, are not comparable with those companies that availed themselves of the extension provided by this Resolution.

Article Six.- Noncompliance with the provisions of this Resolution shall give rise to the imposition of sanctions in accordance with the provisions of SBS Resolution No. 310-98 of 18 March 1998.

Article Seven.- This Resolution enters into force on the day following its publication in the Official Gazette El Peruano.

MARTÍN NARANJO LANDERER
Superintendent of Banking and Insurance

[1] Repealed by SBS Resolution No. 368-2000 of 30.05.2000

[2] Amended by SBS Resolution No. 0943-99 of 20.10.99