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(From BusinessWorld (Philippines))
Byline: Iris Cecilia C. Gonzales
Some banks are seeking clarification from the Bangko Sentral ng Pilipinas regarding a major provision in the International Accounting Standards (IAS), a set of new accounting rules that would change the way banks report their financial statements.
Banks are asking monetary authorities which rules they will follow in reporting loan-loss provisions - the percentage of reserves they have to set aside as buffer for their loans - when reporting financial statements.
The president of a foreign bank unit said that while the Bangko Sentral ng Pilipinas (BSP) wants banks to adopt …