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BSP Approves Financial Reporting Package for Trust Institutions

05.09.2008

The Monetary Board (MB) approved on 30 April 2008 the new Financial Reporting Package for Trust Institutions (FRPTI), which amends the Manual of Accounts (MOA) and reportorial requirements for trust institutions aligning the same with the provisions of the Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS). 
 
The FRPTI was generally patterned after the Financial Reporting Package (FRP) for banks.  It is divided into interrelated sections, as follows: (a) general instructions; (b) contractual relationships of trust institutions; (c) MOA; (d) line item instructions in accomplishing the report; and (d) report formats.

The report shows the levels and types of assets in which trust accounts are invested.  It also captures information on the different products and services offered by trust institutions such as unit investment trust fund and special purpose trust.  These features are deemed to enhance the off-site monitoring of BSP on trust activities.

The new FRPTI shall become effective starting with the quarter ending 31 December 2008, however, parallel runs with the old report shall be conducted for the quarters ending in June and September. 

The FRPTI is part of the continuing efforts of the BSP to rationalize the existing reportorial requirements of its supervised entities and to complete the necessary infrastructure for the full adoption of PFRS/PAS.