CMF Extends Application Period for Accounting Standard Provisions
In context of the measures being adopted to mitigate the effects of COVID-19 pandemic, CMF decided to extend the first application period, by one year, of the new provisions of the Compendium of Accounting Standards. In accordance with the decision, the text of Chapter E of the Compendium of Accounting Standards has been replaced. The first application of this updated version of the Compendium of Accounting Standards for banks will be as of January 01, 2022, with a transition date of January 01, 2021 for the purpose of comparative financial statements to be published from March 2022. In this regard, any impact due to the transition to the new generally accepted principles and the criteria set forth by CMF, as of the date of transition, must be registered against the item of equity “non-profit reserves," January 01, 2022.
Related Links (in Spanish)
- Circular (PDF)
- Resolution on Extending First Application Period (PDF)
- Compendium of Accounting Standards (PDF)
Keywords: Americas, Chile, Banking, Accounting, Implementation Timeline, Compendium of Accounting Standards, COVID-19, CMF
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