CEMLA – Banco de España Technical Assistance Program for Strengthening the Accounting Regulatory Framework
After the international financial crisis, significant changes were made in the global financial regulatory framework, among which stands out the reformulation of the International Financial Reporting Standards (IFRS), motivated by, among other factors, the need to properly recognize risks derived from valuation of transactions and holdings of financial instruments in the balance sheet of financial and nonfinancial entities, and whose implications for financial stability were important during the crisis.
In light of such changes, it has been evident for the central banking community and for financial systems of Latin America and the Caribbean the need to reformulate, adapt and strengthen their current accounting and financial reporting frameworks, to better reflect risks exposure and subordinated liabilities of said entities, given the presence of such instruments in their books.
For over several years, CEMLA and Banco de España, with support from the Association of Banking Supervisors of the Americas (ASBA), organize annually training activities and discussions for developing and strengthening the accounting regulatory framework in the region's financial systems.
In response to changes in the accounting best practices and international standards, the Bank of Spain and CEMLA launched a Program of Technical Assistance on activities for Strengthening the Accounting Regulatory Framework towards complementing their annual activities with technical assistance for central banks and other financial authorities in the region wich are responsible for accounting regulation.
The Program seeks to provide tailored technical assistance on aspects related to the development, improvement or reform of the accounting regulatory framework applied to central banks and to financial systems.
Implementation and Scope
The Program shall aim to provide technical assistance on various aspects for the development, improvement or reform of the accounting regulatory framework, adapting to the requirements submitted by each requesting institution, taking into account aspects on the nature, scope, viability and impact of each request.
The parties shall perform the technical assistance program under the principle that each of them shall bear the costs they incur. Expenses for each technical assistance arising from any item not related to the staff or resources of Bank of Spain or CEMLA shall be covered by the requesting institution.
Enquiries about the conditions and the application process of the Program can be directed to the Division of Financial Markets and Infrastructures of CEMLA.