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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


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