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
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.