UAE Central Bank issues circular to banks on financial statements
The Central Bank of UAE has asked all banks, finance companies, investment firms and external auditors that their financial statements should reflect the current financial position of the banks and financial institutions.
In a circular issued to them, the UAECB asked them to make sure that the financial statements reflect Central Bank Regulations, particularly Circular 28/2010 on the Regulation for classification of loans and Determining their provisions.
"It should be noted that this regulation and the accompanying guidance manual both clarify that the Central Bank is the arbiter of any mature judgment issues made by the banks; therefore you are urged not to make any allowances for the ownership of the obligor, including GREs", the circular read.
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