Philippines introduces new financial reporting rules

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The Central Bank of the Philippines on Friday approved revised guidelines on financial reporting that focus on improving the stability of financial institutions.

The Monetary Board approved additional guidelines on the early adoption by banks and other central bank-supervised financial institutions of the Philippine Financial Reporting Standards (PFRS) 9, Financial Instruments, under circular 708.

Circular 708 initially dealt with the classification and measurement of financial assets under PFRS

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