January 24, 2019

SBIF proposed an update to the Compendium of Accounting Standards (CNC) for banks. The modifications correspond to an update of the accounting criteria, due to the various amendments to IFRS in recent years and the need to match them with the particular accounting provisions defined by SBIF. Comments are requested by March 18, 2019.

The key amendments to the CNC for banks are as follows:

  • Modification of Chapter A-2 of CNC, regarding the limitations and precisions for application of IFRS.
  • Updates to the presentation formats of the statements of financial position and results of the period 
  • Incorporation of new presentation formats for the statements of other comprehensive income and statement of changes in equity as well as the definition of financing and investment activities for the statement of cash flow
  • Modification of the accounting system of the standardized financial statements and opening of new concepts in the complementary information, contained in Chapter C-3 of the CNC
  • Modification of the content of certain notes of the financial statements to better comply with IFRS 7, with emphasis on the disclosures about impairment of financial assets of IFRS 9, in relation to the impairment model for placements established in Chapters B -1 to B-3 of the CNC
  • Incorporation of a financial report, which must be accompanied by the interim financial statements, prepared according to the "IFRS Practice Statement - Management Commentary”
  • Modification of the interest accrual suspension criterion for credits subject to group evaluation, contained in Chapter B-2 of the CNC

 

Related Links (in Spanish)

Comment Due Date: March 18, 2019

Keywords: Americas, Chile, Banking, Accounting, IFRS 9, IFRS, Financial Statements, CNC, SBIF

 

Related Articles
News

FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic Banks

FSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.

May 23, 2019 WebPage Regulatory News
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

PRA Consults on Maintenance of TMTP Under Solvency II

PRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

Denis Beau of BDF on Supervisory Priorities for Climate-Change Risks

Denis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.

May 21, 2019 WebPage Regulatory News
News

ISDA CDM to be Deployed for UK Digital Regulatory Reporting Pilot

ISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.

May 21, 2019 WebPage Regulatory News
News

MAS to Consolidate Regulation of Merchant Banks Under Banking Act

MAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3118