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    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

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