SBS Resolution N° 02663-2025: Amends the Accounting Manual for Financial System Companies to harmonize accounting provisions with IFRS 9, IFRS 13, and IFRS 15

Lima, July 30, 2025
S.B.S. Resolution
N° 02663-2025

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

CONSIDERING:
That, in accordance with numeral 13 of article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law N° 26702 and its amendments, hereinafter the General Law, it is the Superintendent's attribution to issue general norms to specify the preparation, presentation, and publicity of financial statements and any other complementary information, ensuring that the real economic-financial situation of companies is reflected; That, by means of SBS Resolution N° 895-98 and its amendments, the Accounting Manual for Financial System Companies, hereinafter the Accounting Manual, was approved; That, it has been considered necessary to harmonize the accounting norms issued by this Superintendency, taking into account the nature of the companies that integrate the supervised systems, towards International Financial Reporting Standard N° 9 "Financial Instruments", International Financial Reporting Standard N° 13 "Fair Value Measurement" and International Financial Reporting Standard N° 15 "Revenue from Contracts with Customers"; That, in accordance with the above, it is necessary to make modifications to the Accounting Manual; That, in order to gather opinions from the general public regarding the proposed modifications to the financial system regulations, by means of SBS Resolution N° 0476-2025, the draft norm was published on the Superintendency's digital headquarters, under the provisions of the Thirty-Second Final and Complementary Provision of the General Law, as well as Supreme Decree N° 009-2024-JUS; With the approval of the Deputy Superintendencies of Banking and Microfinance, of Regulation and Legal Affairs, as well as the Risk Management and Economic Studies Department; and,

In use of the attributions conferred by numeral 13 of article 349 of the General Law;

RESOLVES:
Article First.- Modify the Accounting Manual for Financial System Companies, approved by SBS Resolution N° 895-98 and its amendments, as indicated below:

1. Substitute Chapter I "General Provisions", which contains provisions on:

• Objectives.
• Scope.
• Recording and archiving of accounting documentation:
• General norms.
• Coding and denomination system.
• Conceptual Accounting Framework, which contains concepts aligned with the Conceptual Framework for Financial Reporting of IFRS.
• Preparation of Financial Statements.
• General Accounting Norms:
• Financial instruments and Other financial assets, which contain concepts aligned with IFRS 9 "Financial Instruments" and IFRS 13 "Fair Value Measurement".
• Credits.
• Foreign currency transactions.
• Transfer of loan portfolios.
• Acquisition of loan portfolios.
• Trusts and fiduciary commissions.
• Recognition of revenue from contracts with customers, which contains concepts aligned with IFRS 15 "Revenue from Contracts with Customers".
• Application of IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors".
• Accounting treatment of controversies.
• Close of the economic year.
• Manual of accounting policies.
• Approval of financial statements and the annual report by the general meeting of shareholders or equivalent body.

2. Substitute Chapter II "Financial Statements and Complementary Information", which contains provisions on:

• Updating of financial statement formats due to modifications of denominations and accounting codes established in Chapters III and IV of the Accounting Manual.
• Frequency and deadlines for presentation.
• Minimum disclosure notes that annual and quarterly financial statements must contain, which include concepts aligned with IFRS 7 "Financial Instruments: Disclosures".

3. Modify Chapter III "Chart of Accounts" and Chapter IV "Description and Dynamics of Accounts", as follows:

• Modify the description of class 1 "Asset" and rubric 11 "Cash and Cash Equivalents" to align them with the guidelines established for financial instruments contained in Chapter I.
• Modify the denomination of rubric 12 to "Interbank funds and repurchase agreements", and make other modifications to align it with the guidelines established for financial instruments contained in Chapter I.
• Modify the denomination of rubric 13 to "Investments", and make other modifications to align it with the guidelines established for financial instruments contained in Chapter I.
• Modify rubric 15 "Accounts receivable".
• Modify rubric 17 "Investments in subsidiaries, associates and participations in joint ventures", to align it with the guidelines established by IFRS 11 "Joint Arrangements".
• Modify rubric 19 "Other assets" and rubric 21 "Obligations with the public".
• Modify the denomination of rubric 22 to "Interbank funds and repurchase agreements", and make other modifications to align it with the guidelines established for financial instruments contained in Chapter I.
• Modify rubric 25 "Accounts payable", rubric 27 "Provisions", rubric 28 "Securities, titles and obligations in circulation" and rubric 29 "Other liabilities".
• Modify the denomination of rubric 36 to "Other comprehensive income", and make other modifications to align it with the guidelines established in Chapter I.
• Modify rubric 38 "Accumulated results".
• Modify the description of class 4 "Expenses" and rubric 41 "Financial expenses".
• Modify the denomination of rubric 42 to "Expenses for commissions and various financial services", and make other modifications to align it with the guidelines established in Chapter I.
• Modify rubric 43 "Provisions for impairment, provisions for uncollectibility and non-current assets held for sale", rubric 44 "Depreciation, amortization and impairment" and rubric 46 "Other expenses".
• Eliminate rubric 49 "Cost of sales".
• Modify class 5 "Income" and rubric 51 "Financial income".
• Modify the denomination of rubric 52 to "Income from commissions and various financial services", and make other modifications to align it with the guidelines established in Chapter I.
• Modify rubric 53 "Reversal of impairment losses and recovery of impairment in property, plant and equipment, and intangibles".
• Modify the denomination of rubric 54 to "Reversal of impairment provisions", and make other modifications to align it with the guidelines established in Chapter I.
• Modify rubric 56 "Other income".
• Eliminate rubric 57 "Sales".
• Modify class 7 "Contingencies", rubric 71 "Debtor contingencies" and rubric 72 "Creditor contingencies".
• Modify rubric 84 "Creditor order accounts".

4. Modify Chapter V "Complementary Information", as follows:

• Substitute Annex N° 1, as well as its denomination to "Investments and Deposits", to align it with the guidelines of Chapter III and IV of the Accounting Manual.
• Modify in the Chart of Accounts of Annex N° 6 "Credit Report of Debtors", the corresponding codes, according to the following:
  a) Incorporate account 1202 "Repurchase agreements", as well as its corresponding sub-accounts. b) Modify the structure of rubric 13 codes and denominations, according to the changes in Chapter III and IV of the Accounting Manual. c) Modify the denomination of sub-account 150402. d) Eliminate sub-account 150711. e) Modify the structure and denomination of account 1509, as well as sub-accounts 150904 and 150907. f) Modify the denomination of analytical sub-account 27020503.
• Substitute Annex N° 7-A "Interest Rate Risk Measurement - Earnings at Risk".
• Substitute Annex N° 7-B "Interest Rate Risk Measurement - Equity Value at Risk".
• Substitute Annex N° 8-A "Positions in financial derivative instruments" and its methodological notes.
• In Annex N° 13 "Deposits by amount scale", modify the "Term" rubric.
• Substitute Annex N° 15-A "Treasury Report and Daily Liquidity Position", as well as its methodological notes.
• Substitute Annex N° 15-B "Liquidity Coverage Ratio", as well as its methodological notes.
• Substitute Annex N° 15-C "Monthly Liquidity Position", as well as its methodological notes.
• Substitute Annex N° 16-C "Net Stable Funding Ratio", as well as its methodological notes.
• Substitute section A of Annex N° 17-A "Control of Impositions Covered by the Deposit Insurance Fund".
• Substitute Report N° 3 "Effective Equity".
• Substitute Report N° 4-E "Information to calculate the market concentration risk indicator".
• Modify reference 6 of Report N° 6-B "Passive interest rates on balances".
• Substitute the denomination of Report N° 6-C to "Daily rate report for Financial Derivative Instruments".
• Modify references 6, 8 and 9 of Report N° 6-E "Passive interest rates of daily operations".
• Modify the general considerations of the Notes to Report 23 "Exposure to Country Risk".
• Modify Report N° 37 "Leverage Ratio" to substitute the term financial derivative products with financial derivative instruments.

5. 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 N° 009-2024-JUS.
   Article Second.- Reclassifications for the first application of the new criteria for classifying financial assets shall be accounted for by applying the principles and criteria for reclassification of financial assets established in Chapter I of the

Accounting Manual for Financial System Companies. The effects that would correspond to be recorded in income and expense items must be recognized in the "Accumulated results" rubric. The effect of the first application of the new impairment model and other accounting provisions shall be recorded in the corresponding equity account of the "Accumulated results" rubric.
Article Third.- In matters not covered by the Accounting Manual, financial system companies 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.- Financial system companies must prepare and present their financial information in accordance with the following guidelines:
1. The initial balances for the 2027 period must be adjusted to the new accounting policies, accounting for said effect in accordance with the guidelines established in article second of this resolution, in the month of January 2027.
2. The new impairment criteria for financial instruments shall apply to the initial balances of the 2027 period.
3. In the quarterly financial statements corresponding to the 2027 period (March, June, and September), companies shall disclose the following in notes:
a) A complete set of significant accounting policies; and, b) A description of the change in accounting policy.
4. For the annual financial information corresponding to the close of the 2027 period, the disclosure in notes shall be comparative with the previous year. Likewise, as one of the notes to the annual financial statements, the effect on each of the financial statement items resulting from the application of the new requirements must be disclosed; that is, comparing the final balances as of 12/31/2026 determined based on previous accounting principles with the adjusted financial statements indicated in numerals 1 and 2 of this article.
Article Fifth.- For the purposes of distribution, capitalization or any form of application of profits from the adjustments indicated in numerals 1 and 2 of article fourth of this resolution, the annual financial statements for the 2027 period must have been audited and approved by the General Meeting of Shareholders.
Article Sixth.- Repeal numeral II of Annex I of SBS Resolution N° 2110-2024.
Article Seventh.- Modify the Accounting Manual for Financial System Companies, approved by SBS Resolution N° 895-98 and its amendments, as indicated below:
1. Modify the first paragraph of numeral 3.2 "Indirect credits or contingent credits" of literal E. "General accounting norms" of Chapter I "General Provisions", as follows:

"3.2 Indirect credits or contingent credits
Represent guarantees, letters of guarantee, bank acceptances, letters of credit and unused commitments, granted by financial system companies. Such credits are accounted for in class 7 accounts and are presented as off-balance sheet operations, together with other contingent operations."
2. Substitute the denomination of sub-account 5201.05 "Unused credit lines and undisbursed granted credits" with "Unused commitments" in Chapters III and IV.
3. Modify in Chapter V "Complementary Information" of the Accounting Manual for Financial System Companies, Annex N° 5 "Report on debtor classification and provisions" as follows:
3.1 Substitute in section V.- BALANCE FIGURES, the formula for the TOTAL row and BALANCE column, as follows:
V.- BALANCE
FIGURES
Balance
Total V6= V1+V2+V3+V4+V5= 1401+1403+1404+1405+1406-2901.01-(2901.02- 2901.02.07)-2901.07.02-2901.08.01+ 7201+7202+7203+7204+7207
Article Eighth.- This resolution shall enter into force from the information corresponding to the month of January 2027, except for the following:

1. Article Sixth enters into force the day after its publication.
2. Article Seventh enters into force for the information of March 2026.1.
   Register, communicate and publish.
   SERGIO JAVIER ESPINOSA CHIROQUE
   Superintendent of Banking, Insurance, and AFPs 1 By means of SBS Resolution N° 00493-2026, published on 02.20.26, the effective date of Article Seventh of Resolution 04347-2027 was modified, establishing that it enters into force from the information of January 2027.