Clarification on Undivided Profits Transfer

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BSP CIRCULAR LETTER: Clarification on Undivided Profits Transfer

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Title Supreme Court: Clarification on Undivided Profits Transfer

Law: Bsp Circular Letter

Decision Date: Sep 17, 1992

The September 17, 1992 BSP Circular Letter clarifies the mandatory transfer of "Undivided Profits" to the "Surplus-Free" account for commercial banks, detailing the corresponding transfer of Foreign Currency Deposit Unit (FCDU) assets to ensure compliance with accounting regulations.

transfer of

profits

surplus account

END