​​​​​​​​​​​​​​​​​​​​​​​Compliance with PFRS/PAS​

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News and Releases on Accounting Standards/Guidelines​​​

Accounting Standards/Guidelines​

Guidelines on the Early Adopti​on of PFRS 9

• 11 December 2018 - BSP Approved the Guidelines on the Adoption of Philippine Financial Reporting Standards 9 (PFRS 9) for Trust Entities

• 03 August 2018 - BSP Approved the Guidelines on the Adoption of Philippine Financial Reporting Standards 9 (PFRS 9) - Financial Instruments

• 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

• 2 January 2007 - Adoption of PFRS/PAS has minimal impact on universal/commercial banking industry

• 23 August 2005 - BSP Sets Guidelines in Adopting PFRS/PAS

• 23 Decem​ber 2004 - BSP to Adopt IAS by 2005

Prudential Accounting Guidelines

• 20 January 2017 - BSP Fine Tunes Definition of Past Due and Non-Performing Exposures
  

• 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

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

• 07 February 2019 - BSP Enhances Reports on Interest Rates on Loans and Deposits

• 13 December 2018 - MB Approves Adoption of Countercyclical Capital Buffer

• 04 June 2018 - BSP Adopts Additional Measure to Strengthen Universal and Commercial Banks' Ability to Withstand Liquidity Stress

• 30 January 2018 - BSP Targets the Unbanked with the Basic Deposit Accounts

• 13 July 2017 - BSP Introduces Differentiated Regulatory Approach on Trust and Other Fiduciary Business of Trust Entities

• 07 Jul​​y 2017 - BSP Allows Exclusion of Clearing and Settlement Accounts from SBL Rule

• 28 June 2017 - BSP Issues Guidelines on Reporting Standards to be Observed by Banks

• 16 December 2016 - PERA Launched at the BSP

• 24 November 2016 - BSP Discontinues Access of Trust Entities to the BSP Deposit Facilities

• 18 August 2016 - BSP Allows the Creation of Personal Management Trust

• 16 May 2016 - BSP Implements Interest Rate Corridor (IRC) System in Q2 2016

• 01 March 2016 - BSP Adopts Basel 3 Liquidity Rule

• 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 tru​​st 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