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
Previous ArticleOSFI Issues Advisory on Cyber Security Incident Reporting
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).