Featured Product

    SBIF Proposes Updates to Compendium of Accounting Standards for Banks

    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

     

    Featured Experts
    Related Articles
    News

    APRA Sets LAC for D-SIBs, Proposes to Enhance Crisis Preparedness

    APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).

    December 02, 2021 WebPage Regulatory News
    News

    EC to Review Macro-Prudential Rules while ESRB Assesses Policy Stance

    The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).

    December 01, 2021 WebPage Regulatory News
    News

    FSB Sets Out Good Practices for Crisis Management Groups

    The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.

    November 30, 2021 WebPage Regulatory News
    News

    APRA Penalizes Heritage Bank for Incorrect Reporting of Capital

    The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.

    November 29, 2021 WebPage Regulatory News
    News

    OSFI Releases Annual Report 2021-2022

    The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.

    November 29, 2021 WebPage Regulatory News
    News

    OSFI Updates Timeline for Implementation of Certain Basel Rules

    Through a letter addressed to the banking sector entities, the Office of the Superintendent of Financial Institutions (OSFI) announced deferral of the domestic implementation of the final Basel III reforms from the first to the second quarter of 2023.

    November 29, 2021 WebPage Regulatory News
    News

    EC Defers Adoption of Regulatory Standards for Disclosures Under SFDR

    EIOPA recently published a letter in which EC is informing the European Parliament and Council that it could not adopt the set of draft regulatory technical standards for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) within the stipulated three-month period, given their length and technical detail.

    November 29, 2021 WebPage Regulatory News
    News

    FCA Releases MIFIDPRU Application Forms and Third Set of Rules on IFPR

    The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022.

    November 29, 2021 WebPage Regulatory News
    News

    APRA Finalizes Capital Adequacy Standards for Banks

    The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.

    November 29, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Seek Comments on Access to Central Clearing and Portability

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.

    November 29, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7751