BSP Okays Guidelines on Financial Reporting

Manila Bulletin, January 4, 2011 | Go to article overview

BSP Okays Guidelines on Financial Reporting


MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) yesterday announced that it was implementing ahead of original schedule the guidelines for the Philippine Financial Reporting Standards 9 (PFRS 9) for banks and other supervised financial institutions.BSP said it would be mandatory beginning January 1, 2013 to adopt PFRS 9 but entities were permitted to early adopt beginning on or after January 1, 2010, as was in the casewith the Philippine central bank, which opted to implement the accounting standards early.The Securities and Exchange Commission has already approved its adoption last May, and it was now part of its rules and regulations.In addition to the required compliance with the provisions of PFRS 9 by banks and other BSP-supervised entities, the BSP said in a statement that the newly approved guidelinesalso provide for certain prudential requirements.These include approval by the entities' board of directors or equivalent governing body of the early adoption and submission by early adopters of the prescribed additional reportorial requirements.PFRS 9, as explained by the BSP press release, was the local adoption of International Financial Reporting Standards 9 (IFRS 9) Financial Instruments the first phase of the three-phased improvement project by the International Accounting Standards Board (IASB) to ultimately replace International Accounting Standards 39 (IAS 39) FinancialInstruments: Recognition and Measurement.Phases two and three of the project deal with amortized cost and impairment of financial assets and hedge accounting, respectively. In the meantime phase one or IFRS 9,which deals with the classification and measurement of financial assets, was adopted in the Philippines by the Financial Reporting Standards Council (FRSC) as PFRS 9.PFRS 9 aims to improve and simplify the classification and measurement of financial instruments, said the BSP.

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