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
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.
The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).
The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.
The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).
HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.