SFAS-GAAP guidelines on the revaluation of past due FX loans
CIRCULAR LETTER Series of 1999
TO : All Concerned
Consistent with SFAS-GAAP guidelines on the revaluation of past due FX loans, Item 3 of Appendix A of Circular 108 dated May 9, 1996 (Guidelines on Revaluation) is hereby amended to read as follows:
3. Past due accounts should be revalued if their translation at currency exchange rates will result in realizing foreign exchange losses (in case of a devaluing foreign currency). On the other hand, these accounts need not be revalued if the prevailing exchange rate becomes higher and translation thereof will result in realizing a profit.
Above amendment shall take effect immediately.
GABRIEL C. SINGSON Governor
More in BSP Circular Letters
- MB Resolution No. 1704.C dated 07 November 2019 Prohibition of the Maximum Savings Bank, Inc. From Doing Business in the Philippines(BSP Circular Letter No. CL-2019-081)
- Appropriate P/$ conversion rate to be used for customs valuation purposes(BSP Circular Letter No. CL07301992)
- Updated List of Accredited Rural Financial Institutions for the Purpose of Implementing the Agri-Agra Reform Act of 2009 (RA 1000)(BSP Circular Letter No. CL-2017-074)
- Credit Consciousness Week(BSP Circular Letter No. CL-2019-027)
- Bankers Institute of the Philippines, Inc. (BAIPHIL) Training and Development Week(BSP Circular Letter No. CL-2026-008)
- Savings Consciousness Year(BSP Circular Letter)
- Lost Bangko Sentral Registration Document (BSRD)(BSP Circular Letter No. CL-2018-072)
- Conversion of the First Provincial Development Bank from a thrift bank into a rural bank(BSP Circular Letter)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.