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

    FSB Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    BoE Publishes Reporting Schedule for Statistical Returns

    In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.

    October 15, 2020 WebPage Regulatory News
    News

    EC Welcomes Declaration by Member States on EU Cloud Federation

    EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.

    October 15, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Issuance of Covered Bonds by Banks in Singapore

    MAS published amendments to Notice 648 on the issuance of covered bonds by banks incorporated in Singapore.

    October 15, 2020 WebPage Regulatory News
    News

    FDIC Selects Technology Companies for Rapid Prototyping Competition

    FDIC has selected 14 technology companies—including Accenture Federal Services, LLC, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the next phase of the rapid prototyping competition.

    October 15, 2020 WebPage Regulatory News
    News

    GLEIF Defines New Validation Agent Role for Financial Institutions

    GLEIF announced that financial institutions worldwide can realize a variety of cost, efficiency, and customer experience benefits by assuming a new “validation agent” role within the Global Legal Entity Identifier (LEI) System.

    October 15, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5979