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Regulations

Compliance with IAS

NEWS RELEASES

Accounting Standards/Guidelines

Guidleines on the Early Adoption of PFRS 9

  • 18 July 2012 – MB defers the mandatory effectivity date of PFRS9 financial instruments
  • 22 July 2011 – MB approves additional guidelines on the early adoption of PFRS 9
  • 3 January 2011 – MB approves guidelines on the early adoption of PFRS 9

Adoption of PFRS/PAS

Prudential Accounting Guidelines

  • 15 August 2012 - MB approves revised guidelines on deposit for stock subscription
  • 31 October 2008 - BSP issues guidelines on reclassification of financial assets
  • 24 October 2008 - BSP allows reclassification of financial assets
  • 15 March 2006 - BSP amends accounting guidelines for appraisal Increment and ROPA
  • 23 December 2005 - Amendments to the accounting guidelines on the sale of NPAs to SPVs and qualified individuals for housing
  • 23 December 2004 - BSP amends rules on accounting for investments in securities

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Regulatory Relief on the Adoption of PFRS/PAS for Prudential Reporting Purposes

  • 13 October 2011 – MB approves exemption of securities offered and accepted in tender offers pursuant to liability management transactions of the RP from the tainting rule
  • 12 November 2009 - Guidelines on the accounting treatment of securities offered and accepted in debt exchange offerings of GOCCs
  • 31 October 2008 - BSP issues guidelines on reclassification of financial assets
  • 24 October 2008 - BSP allows reclassification of financial assets
  • 22 February 2008 – BSP relaxes rules on bank holdings of ROP paired warrants
  • 16 January 2007 - BSP exempts reclassification of foreign currency denominated Philippine National Government (NG) / BSP bonds from “Tainting” Rule
  • 27 January 2006 - Guidelines on banks' participation in the Domestic Debt Exchange Offer of the Republic of the Philippines

External Audit/Use of Audited Financial Statements

  • 27 December 2011 - MB approves extension of the exemption of micro- and small-enterprises from the submission of ITR and AFS
  • 12 August 2009 - BSP, SEC, IC and BOA simplify accreditation process for external auditors
  • 2 September 2008 – MB approves easing of loan documentary requirements for MSEs
  • 5 October 2006 - Micro and small enterprises exempted from required submission of ITR and AFS

Financial Reports

  • 30 April 2009 - BSP extends deadline for submission of audited financial statements for trust institutions
  • 27 January 2009 - BSP issues simplified FRP report format for rural and cooperative banks
  • 8 January 2009 - BSP extends parallel run of FRP for trust institutions
  • 11 June 2008 - BSP amends regulations on the loans-to-deposits ratio and strealines branch reportorial requirements
  • 9 May 2008 - BSP Approves Financial Reporting Package for Trust Institutions
  • 20 January 2006 - BSP to Issue New Financial Reporting Package for Banks

 

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