December 6, 2017
The Governing Council of the Banco de España has approved a new accounting circular for credit institutions to replace Circular 4/2004. The basic purpose of this circular is to adapt the accounting regime for Spanish credit institutions to the accounting framework derived from the new International Financial Reporting Standards (IFRSs) on financial instruments (IFRS 9) and on revenue from contracts with customers (IFRS 15). The new circular includes the amendments made to European regulations on supervisory financial reporting (known as FINREP) to adapt them to IFRS 9. For full article please click here.