SBS Resolution No. 02663-2025: Amending the Accounting Manual for Financial System Companies to Harmonize Provisions with IFRS 9, IFRS 13, and IFRS 15

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Lima, July 30, 2025 SBS Resolution No. 02663-2025

The Superintendent of Banks, Insurance and Private Pension Fund Administrators CONSIDERING:
Whereas, in accordance with paragraph 13 of Article 349 of the General Law of the Financial System and Insurance System and Organic Law of the Superintendence of Banks and Securities, Law No. 26702 and its amendments (hereinafter, the General Law), it is within the Superintendent's authority to issue general regulations specifying the preparation, presentation, and publication of financial statements and any other complementary information, ensuring that they reflect the actual economic-financial situation of the companies; Whereas, through SBS Resolution No. 895-98 and its amendments, the Accounting Manual for Financial System Companies (hereinafter, the Accounting Manual) was approved; Whereas, it has been deemed necessary to harmonize the accounting standards issued by this Superintendence, taking into account the nature of the companies comprising the supervised systems, towards International Financial Reporting Standard No. 9 "Financial Instruments", International Financial Reporting Standard No. 13 "Fair Value Measurement" and International Financial Reporting Standard No. 15 "Revenue from Contracts with Customers"; Whereas, based on the foregoing, it is necessary to make modifications to the Accounting Manual; Whereas, in order to gather opinions from the general public regarding the proposed modifications to the financial system regulations, through SBS Resolution No. 0476-2025, the draft regulation was published on the Superintendence's digital platform, under paragraph 32 of the Final and Complementary Provisions of the General Law, as well as Decree Supreme No. 009-2024-JUS; With the approval of the Adjunct Superintendencies of Banking and Microfinance, Regulation and Legal Affairs, as well as the Risk Management and Economic Studies Department; and,

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 In exercise of the powers conferred by paragraph 13 of Article 349 of the General Law; RESOLVES:
First Article.- Modify the Accounting Manual for Financial System Companies, approved by SBS Resolution No. 895-98 and its amendments, as indicated below:

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

• Objectives.
• Scope.
• Recording and archiving of accounting documentation:
  • General standards.
  • Coding and naming system.
• Conceptual Accounting Framework, which contains concepts aligned with the IFRS Conceptual Framework for Financial Reporting.
• Preparation of Financial Statements.
• General Accounting Standards:
  • Financial instruments and Other financial assets, which contain concepts aligned with IFRS 9 "Financial Instruments" and IFRS 13 "Fair Value Measurement"
  • Loans.
  • 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 NIC 8 "Accounting Policies, Changes in Accounting Estimates and Errors".
  • Accounting treatment of disputes.
• End of the economic year.
• Manual of accounting policies.
• Approval of financial statements and notes by the general meeting of shareholders or equivalent body.

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

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

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000
3. Modify Chapter III "Chart of Accounts" and Chapter IV "Description and Dynamics of Accounts", as follows:

• Modify the description of class 1 "Assets" and item 11 "Cash and Cash Equivalents" to align them with the guidelines for financial instruments contained in Chapter I.
• Modify the denomination of item 12 to "Interbank funds and repurchase operations", as well as other modifications to align it with the guidelines for financial instruments contained in Chapter I.
• Modify the denomination of item 13 to "Investments", as well as other modifications to align it with the guidelines for financial instruments contained in Chapter I.
• Modify item 15 "Receivables".
• Modify item 17 "Investments in subsidiaries, associates and joint ventures", to align it with the guidelines established by IFRS 11 "Joint Arrangements".
• Modify item 19 "Other assets" and item 21 "Obligations with the public".
• Modify the denomination of item 22 to "Interbank funds and repurchase operations", as well as other modifications to align it with the guidelines for financial instruments contained in Chapter I.
• Modify item 25 "Payables", item 27 "Provisions", item 28 "Securities, bonds and obligations in circulation" and item 29 "Other liabilities".
• Modify the denomination of item 36 to "Other comprehensive income", as well as other modifications to align it with the guidelines established in Chapter I.
• Modify item 38 "Accumulated results".
• Modify the description of class 4 "Expenses" and item 41 "Financial expenses".
• Modify the denomination of item 42 to "Expenses for commissions and other financial services", as well as other modifications to align it with the guidelines established in Chapter I.
• Modify item 43 "Provisions for devaluation, provisions for uncollectibility and non-current assets held for sale", item 44 "Depreciation, amortization and impairment" and item 46 "Other expenses".
• Eliminate item 49 "Cost of sales".
• Modify class 5 "Income" and item 51 "Financial income".
• Modify the denomination of item 52 to "Income from commissions and other financial services", as well as other modifications to align it with the guidelines established in Chapter I.
• Modify item 53 "Reversal of impairment losses and recovery of impairment in land, building and equipment, and intangibles".
• Modify the denomination of item 54 to "Reversal of provisions for impairment", as well as other modifications to align it with the guidelines established in Chapter I.
• Modify item 56 "Other income".
• Eliminate item 57 "Sales".
• Modify class 7 "Contingencies", item 71 "Debt contingencies" and item 72 "Creditor contingencies".
• Modify item 84 "Off-balance sheet creditor accounts".

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000
4. Modify Chapter V "Complementary Information", as follows:

• Replace Annex No. 1, as well as its denomination to "Investments and Deposits", to align it with the guidelines of Chapters III and IV of the Accounting Manual.
• Modify in the Chart of Accounts of Annex No. 6 "Credit Report of Debtors", the corresponding codes, as follows:
  a) Incorporate account 1202 "Repurchase operations", as well as its corresponding sub-accounts. b) Modify the code structure of item 13 and denominations, according to the changes in Chapters 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.
• Replace Annex No. 7-A "Interest Rate Risk Measurement - Earnings at Risk".
• Replace Annex No. 7-B "Interest Rate Risk Measurement - Equity at Risk".
• Replace Annex No. 8-A "Positions in financial derivative instruments" and its methodological notes.
• In Annex No. 13 "Deposits by amount scale", modify the Term item.
• Replace Annex No. 15-A "Treasury Report and Daily Liquidity Position", as well as its methodological notes.
• Replace Annex No. 15-B "Liquidity Coverage Ratio", as well as its methodological notes.
• Replace Annex No. 15-C "Monthly Liquidity Position", as well as its methodological notes.
• Replace Annex No. 16-C "Net Stable Funding Ratio", as well as its methodological notes.
• Replace section A of Annex No. 17-A "Control of Deposits Covered by the Deposit Insurance Fund".
• Replace Report No. 3 "Effective Equity".
• Replace Report No. 4-E "Information to calculate the market concentration risk indicator".
• Modify reference 6 of Report No. 6-B "Passive interest rates on balances".
• Replace the denomination of Report No. 6-C to "Daily interest rate report for Financial Derivative Instruments".
• Modify references 6, 8 and 9 of Report No. 6-E "Passive interest rates for daily operations".
• Modify the general considerations of Notes to Report 23 "Exposure to Country Risk".
• Modify Report No. 37 "Leverage Ratio" to replace the term derivative financial 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 Decree Supreme No. 009-2024-JUS.

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Second Article.- The reclassifications resulting from the first application of the new financial asset classification criteria shall be accounted for 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 should be recorded in income and expense items must be recognized under the "Accumulated results" item. The effect of the first application of the new impairment model and other accounting provisions shall be recorded in the corresponding equity account under the "Accumulated results" item. Third Article.- For matters not covered in 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. Fourth Article.- Financial system companies must prepare and present their financial information in accordance with the following guidelines:

1. The opening balances for the 2027 period must be adjusted to the new accounting policies, recording such effect in accordance with the guidelines established in Article Two of this Resolution, in January 2027.
2. The new financial instrument impairment criteria will be applied to the opening balances of the 2027 period.
3. In quarterly financial statements for the 2027 period (March, June and September), companies must disclose in notes:
   a) A complete set of significant accounting policies; and, b) A description of the change in accounting policy.
4. For annual financial information corresponding to the close of the 2027 period, note disclosures will be presented comparatively with the previous year. Furthermore, as one of the notes to the annual financial statements, the effect on each line item in the financial statements resulting from the application of the new requirements must be disclosed; that is, compare the final balances as of 12/31/2026 determined based on previous accounting principles with the adjusted financial statements indicated in paragraphs 1 and 2 of this Article.
   Fifth Article.- For the purpose of distribution, capitalization or any other form of application of profits resulting from the adjustments indicated in paragraphs 1 and 2 of Article Four of this Resolution, it is required that the annual financial statements for the 2027 period have been audited and approved by the General Meeting of Shareholders. Sixth Article.- Repeal paragraph II of Annex I of SBS Resolution No. 2110-2024. Seventh Article.- Modify the Accounting Manual for Financial System Companies, approved by SBS Resolution No. 895-98 and its amendments, as indicated below:
5. Modify the first paragraph of paragraph 3.2 "Indirect loans or contingent credits" of section E. "General accounting standards" of Chapter I "General Provisions", as follows:

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 “3.2 Indirect loans or contingent credits Represent guarantees, surety bonds, bank acceptances, letters of credit and unused commitments granted by financial system companies. These loans are accounted for in class 7 accounts and are presented as off-balance sheet operations, together with other contingent operations.”
2. Replace the denomination of sub-account 5201.05 "Unused credit lines and granted but undrawn credits" to "Unused commitments" in Chapters III and IV.
3. Modify Chapter V "Complementary Information" of the Accounting Manual for Financial System Companies, Annex No. 5 "Report on debtor classification and provisions" as follows:
3.1 Replace in section V.- BALANCE FIGURES, the formula for the TOTAL row and SALDO column, as follows:
V.- BALANCE FIGURES
Saldo
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 Eighth Article.- This Resolution shall enter into force starting from the information corresponding to January 2027, except as follows:

1. Article Six enters into force the day following its publication.
2. Article Seven enters into force for March 2026 information.1

Regístrese, comuníquese y publíquese.
SERGIO JAVIER ESPINOSA CHIROQUE
Superintendent of Banks, Insurance and AFP

1 By SBS Resolution No. 00493-2026, published on 20.02.26, the effective date of Article Seven of Resolution 04347-2027 was modified, establishing that it enters into force starting from January 2027 information.