Question & AnswerQ&A (BSP CIRCULAR NO. 512, S. OF 2006)
The main purpose is to amend the Manual of Accounts and the Bangko Sentral ng Pilipinas (BSP) reportorial requirements for banks to align with the Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS).
The circular took effect 15 days after its publication either in the Official Gazette or in a newspaper of general circulation.
The FRP consists of five parts: (1) General Instructions; (2) Structure of the FRP; (3) Revised Manual of Accounts; (4) Line Item Instructions for the Balance Sheet, Income Statement, and Supporting Schedules; and (5) Report Formats for solo and consolidated reports.
The amended manual and reporting requirements apply to Universal Banks (UBs), Commercial Banks (KBs), Thrift Banks (TBs), Rural Banks (RBs), and Cooperative Banks supervised by the BSP.
The solo balance sheet is to be submitted monthly within 15 banking days after the end of the reference month. The solo income statement and consolidated balance sheet and income statement are to be submitted quarterly within 15 banking days for solo reports and within 30 banking days for consolidated reports after the end of the reference quarter.
Only banks with financial allied subsidiaries, excluding insurance subsidiaries, are required to submit consolidated reports.
Solo reports refer to reports covering the head office plus branches of the bank only, excluding subsidiaries.
They are classified as Category A-1 report.
Pilot runs were conducted on a quarterly basis starting with the December 31, 2005 quarter-end reports, requiring submission within 45 banking days for solo reports and 60 banking days for consolidated reports after the reference quarter.
Circular No. 108 dated May 9, 1996, Circular No. 270 dated December 19, 2000, and Circular No. 249 dated June 26, 2000, all as amended, were superseded by Circular No. 512.