On Feb. 21, RUS CB proposed updating accounting procedure rules.
RUS CB proposed amending reg 605-P on the procedure for reflecting on the accounting of accounts of credit institution transactions for the placement of funds under credit agreements, transactions related to the implementation of transactions to acquire the right of claim from third parties to fulfill obligations in cash, transactions on obligations under issued bank guarantees and the provision of funds.
Consultation documents are only available on RUS CB website until comment deadline.
Summary
The ord was developed to add references to regulation 730-P on procedure for bank reserves formation for possible loss via risk management/quantitative risk assessment.
The ord clarifies procedure for reflecting advances on interest on financial assets and operations with external participants of agreements on financing participation in credit.
Effectiveness
Comments and feedback are expected by Mar. 5, 2024.
Jan. 2024 Ordinance Issued
On Jul. 9, 2024, RUS CB issued ordinance 6734-U amending regulation 605-P in force from Jan. 1, 2025.
Regulators
RUS CB
Entity Types
Auditor; Bank
Reference
PR 7/9/2024; Ord 6734-U, 5/29/2024; CP, 2/21/2024; Reg 605-P, 10/2/2017;
