Guidelines on the Adoption of Philippine Financial Reporting Standards 9 (PFRS 9) — Financial Instruments under Management of Trust Entities

December 4, 2018BSP CIRCULAR NO. 1023-18SUBJECT:Guidelines on the Adoption of Philippine Financial Reporting Standards 9 (PFRS 9) — Financial Instruments under Management of Trust Entities The Monetary Board, in its Resolution No. 1964 dated 22 November 2018, approved the following amendments to Appendices 33/Q-20, 97/Q-56/N-16, T-1, and Section 4161N of the Manual of Regulations for Banks (MORB)/Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), as amended under Circular No. 1011 dated 14 August 2018, on the guidelines governing the adoption of PFRS 9 — Financial Instruments under management of Trust Entities (TEs).SECTION 1. The provisions of Appendix 33 of the MORB and Appendix Q-20 of the MORNBFI, including their Annexes, are hereby amended as shown in Attachment 1.SECTION 2. The provisions of Appendix 97 of the MORB and Appendix Q-56/N-16 of the MORNBFI are hereby amended as shown in Attachment 2. SECTION 3. The provisions of Section 4161N of the MORNBFI are further revised as follows:"Section 4161N. Philippine Financial Reporting Standards (PFRS). —xxx xxx xxxe. Enforcement Actions. Consistent with Sec. 4009Q of the MORNBFI, the...