Featured Product

    BDE Publishes Circular on Accounting Regime of Credit Institutions

    November 26, 2019

    BDE issued Circular 4/2019 to credit institutions on rules of public and reserved financial information and on models of financial statements. This new circular, which constitutes the development of the Commercial Code for these establishments, maintains the convergence of the national accounting regulations with the International Financial Reporting Standards adopted by EU (IFRS-EU), in accordance with the provisions of the Regulation (EC) No 1606/2002 on the application of international accounting standards (IAS Regulation). In this way, BDE continues the strategy of compatibility of the accounting regime of the supervised entities with the most advanced accounting criteria of the IFRS-EU, respecting the principles of the Commercial Code. In particular, the criteria of IFRS-EU 9, on financial instruments, are incorporated into the accounting regulations of the establishments. This circular entered into force on January 01, 2020.

    This circular, which constitutes the accounting regime of financial credit establishments, determines the documents that these establishments and their groups have to publish. This circular consists of fifteen standards, an additional provision, three transitional provisions, and a final provision. The key topics covered in the circular are related to public financial information, reserved financial information, internal accounting development and management control, and presentation of financial information at BDE. In accordance with Title II of Law 5/2015 on the promotion of business financing, this circular takes as reference the accounting regulations of credit institutions, either by setting similar criteria, or by referring directly to the rules of Circular 4/2017 on standards of public and reserved financial information and models of financial statements. The differences in the nature, scale, and complexity of the activities of the establishments with respect to credit institutions translate into a simplified regime of financial statement requirements, consisting of a subset of the public and reserved financial statements of credit institutions, with, in some cases, a lower shipping frequency or a longer maximum period of remission.

     

    Related Link (in Spanish): Circular 4/2019

    Effective Date: January 01, 2020

    Keywords: Europe, EU, Spain, Banking, Accounting, IFRS-EU, Circular 4/2019, Financial Instruments, IFRS 9, BDE

    Featured Experts
    Related Articles
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    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.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    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).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS and FSB Set Out Recommendations for Benchmark Transition

    BCBS and FSB published a report on supervisory issues associated with benchmark transition.

    July 09, 2020 WebPage Regulatory News
    News

    IAIS Sets Out Recommendations for Benchmark Transition for Insurers

    IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.

    July 09, 2020 WebPage Regulatory News
    News

    ESMA Updates Reporting Manual on European Single Electronic Format

    ESMA updated the reporting manual on the European Single Electronic Format (ESEF).

    July 09, 2020 WebPage Regulatory News
    News

    EBA Calls on Resolution Authorities to Consider Impact of COVID Crisis

    EBA published a statement on resolution planning in light of the COVID-19 pandemic.

    July 09, 2020 WebPage Regulatory News
    News

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework

    July 08, 2020 WebPage Regulatory News
    News

    ECB Guideline on Materiality Threshold for Credit Obligations Past Due

    ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.

    July 08, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-14 With Respect to PPP and CARES Act

    FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.

    July 08, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5458