Resolution SBS No. 02148-2025: Amend the Accounting Manual for Private Pension Fund Administrators to Harmonize with IFRS 9 and IFRS 13

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Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Lima, June 17, 2025 S.B.S. Resolution No. 02148-2025

The Superintendent of Banks, Insurance, and Private Pension Fund Administrators

CONSIDERING:

That, by means of Supreme Decree No. 054-97-EF and its amendments, the Single Consolidated Text of the Law of the Private System for the Administration of Pension Funds was approved, hereinafter, TUO of the SPP Law, in which the operations that Private Pension Fund Administrators may carry out are established;

That, through SBS Resolution No. 435-2005 and its amendments, the Accounting Manual for Private Pension Fund Administrators was approved, hereinafter, the Accounting Manual;

That, it has been considered necessary to harmonize the accounting standards issued by this Superintendency, taking into account the nature of the companies that make up the supervised systems, towards International Financial Reporting Standard No. 9 “Financial Instruments” and International Financial Reporting Standard No. 13 “Fair Value Measurement”;

That, according to the foregoing, it is necessary to make modifications to the Accounting Manual;

That, in order to collect public opinions on the proposal, the publication of the draft standard was ordered on the Superintendency's digital site, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banks and Insurance – Law No. 26702 and its modifying norms, hereinafter, General Law, as well as Supreme Decree No. 009-2024-JUS;

With the approval of the Adjunct Superintendencies of Private Pension Fund Administrators, Regulation and Legal Affairs, as well as the Economic Studies Department; and,

In exercise of the powers conferred by numeral 13 of article 349 of the General Law and in accordance with subsection d) of article 57 of the TUO of the SPP Law;

RESOLVES:

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Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000
Article First.- Modify the Accounting Manual for Private Pension Fund Administrators, approved by SBS Resolution No. 435-2005 and its amendments, as follows:

1. Replace Chapter I “General Provisions”, which comprises the new Conceptual Accounting Framework and contains provisions regarding:

• Objectives.
• Scope.
• Recording, archiving of accounting documentation, and general concepts.
• Conceptual Accounting Framework, which contains concepts aligned with the Conceptual Framework for Financial Reporting under IFRS.
• Preparation of financial statements.
• General accounting standards:
• Financial instruments, which contains concepts aligned with IFRS 9 “Financial Instruments” and IFRS 13 “Fair Value Measurement”.
• Foreign currency transactions.
• Recognition of income from commissions on mandatory contributions.
• Recognition of income from insurance premiums.
• Provision for negligence.
• Application of IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”.
• Accounting treatment of disputes.
• Closing of the fiscal year.
• Accounting policies manual.
• Approval of financial statements and annual report by the General Shareholders' Meeting or Equivalent Body.

2. Replace Chapter II “Financial Statements, Frequency and Submission Deadlines”, which contains provisions on:

• Updating financial statement models due to changes in denominations and accounting codes established in Chapters III and IV of the Accounting Manual.
• Frequency and submission deadlines.
• Minimum notes that annual and quarterly financial statements must contain.

3. Modify Chapters III “Chart of Accounts” and Chapter IV “Description and Dynamics of Accounts”, regarding:

• Modify the denomination of Chapter III “Chart of Accounts” to “Accounting Schedule and Chart of Accounts” to incorporate the account classification schedule.
• Modification of Class 1 “Assets” and items 1010 “Cash and Banks”, 1012 “Accounts Receivable”, and 1016 “Other Accounts Receivable”, to align them with the financial instrument guidelines contained in Chapter I.
• Elimination of item 1011 “Negotiable securities owned by the AFP”.
• Modification of item 1014 “Accounts receivable from shareholders and/or staff”.
• Elimination of sub-classes “Current” and “Non-current” in Class 1 “Assets” and Class 2 “Liabilities”.
• Incorporation of item 1017 “Investments”, its description, accounts, and dynamics, to align with the financial instrument guidelines contained in Chapter I.

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Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000

• Incorporation of item 1027 “Non-current assets held for sale”, its accounts, as well as its description and dynamics.
• Modification of item 1028 “Reserve maintained”.
• Incorporation of item 1032 “Investments in subsidiaries, associates, and joint venture interests”, as well as its description and dynamics.
• Modification of items 1033 “Real estate, machinery, and miscellaneous equipment”, 1034 “Intangible assets and amortizable expenses”, 1035 “Deferred income tax asset”, 1038 “Deferred charges”, 1039 “Accumulated depreciation, amortization, and impairment”, 2040 “Taxes payable and contributions”, 2041 “Salaries and participations payable”, 2042 “Suppliers”, 2046 “Other accounts payable”, 2047 “Social benefits for workers”, 2049 “Deferred income tax liability”, and 2051 “Financial obligations”.
• Modification of Class 3 “Equity” and items 3059 “Results” and 3060 “Unrealized results”.
• Elimination of item 3061 “Others”.
• Modification of Class 4 “Expenses”.
• Modification of items 4067 “Financial charges”, 4068 “Asset valuation, impairment, and provisions”, 5071 “Profit (Loss) from Reserve”, 5072 “Profit (Loss) from Complementary Fund”, 5073 “Profit (Loss) from Longevity Fund”, 5074 “Profit (Loss) from Reserve due to investment excesses”, 5075 “Other income (net)”, 5077 “Financial income”, 5079 “Charges imputable to cost accounts”, and 6089 “Result of the fiscal year”.
• Modification of items 8001 “Debit off-balance sheet accounts” and 8002 “Credit off-balance sheet accounts”.
• Incorporation of sub-classes associated with Class 4, corresponding to item 9090 “Administrative expenses” and item 9091 “Sales expenses”.

4. The aforementioned modifications are attached in the Annex that forms part of this Resolution and are published on the institutional portal (www.sbs.gob.pe), in accordance with the provisions of Supreme Decree No. 009-2024-JUS.

Article Second.- The reclassifications resulting from the first application of the new financial asset classification criteria shall be accounted for by applying the principles and criteria for reclassification of financial assets established in Chapter I of the Accounting Manual for Private Pension Fund Administrators.

The effects derived from the first application that should be recorded in income and expense items, as well as the effects related to the first application of the new financial asset impairment model, must be recognized in the corresponding accounts of the “Results” item (undistributed profits or accumulated losses).

Article Third.- In matters not contemplated in the Accounting Manual for Private Pension Fund Administrators, AFPs must adhere to the International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) that have been approved in the country by the Accounting Standards Council.

Article Fourth.- AFPs must prepare and present their financial information in accordance with the following guidelines:

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Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000

1. The opening balances for the 2026 period must be adjusted to the new accounting policies, accounting for this effect in accordance with the guidelines established in Article Two of this resolution, in January 2026.

2. The new financial instrument impairment criteria shall be applied to the opening balances of the 2026 period.

3. In the quarterly financial statements corresponding to the 2026 period (March, June, and September), AFPs must disclose in the notes the following:
   a. A complete set of significant accounting policies. b. A description of the change in accounting policy.

4. For the annual financial information corresponding to the close of the 2026 period, the note disclosure must be presented comparatively with the previous period. Furthermore, as part of the notes to the annual financial statements, the effect of the application of the new requirements must be disclosed in each of the items of the financial statements; that is, compare the closing balances as of December 31, 2025 determined in accordance with previous accounting principles, with the financial statements adjusted in accordance with numerals 1 and 2 of this Article.

Article Fifth.- For the purposes of distribution, capitalization, or any form of application of profits resulting from the adjustments indicated in numerals 1 and 2 of Article Four of this resolution, it is required that the annual financial statements for the 2026 period have been audited and approved by the General Shareholders' Meeting.

Article Sixth 1
.- This resolution enters into force starting from the information corresponding to the month of January 2026.

Register, communicate, and publish.

SERGIO JAVIER ESPINOSA CHIROQUE
Superintendent of Banks, Insurance, and AFP

1 Entry into force modified by SBS Resolution No. 04200-2025, published on November 26, 2025. The provisions contained in this resolution enter into force starting from January 2027. By virtue thereof, the references to the year 2026 contained in Articles Four and Five must be understood as references to the year 2027, and the references to the year 2025 must be understood as references to the year 2026.