Back Custom print Link Text Only Rich Text Print

  • BR-1.1 BR-1.1 Annual Requirements

    • BR-1.1.1

      All licensees are required to submit to the CBB their annual audited financial statements within 3 months of the financial year end.

      January 2014

    • BR-1.1.2

      In accordance with the provisions of Section AA-4.1, the audited financial statements and the annual reports of the licensees must be in full compliance with:

      (a) The International Financial Reporting Standards (IFRS); or
      (b) AAOIFI Financial Accounting Standards for Sharia Compliant licensees and for products and activities not covered by AAOIFI, International Financial Reporting Standards (IFRS)/International Accounting Standards (IAS) must be followed; and
      (c) The disclosure requirements set out under Section PD-1.3.
      January 2014

    • BR-1.1.3

      In addition to the statements required in Paragraph BR-1.1.1, licensees are required to submit to the CBB the following information within 4 months of the financial year end:

      (a) The external auditor's management letter;
      (b) Audited financial statements of all subsidiaries along with their management letters;
      (c) The licensee's group structure and the internal organisation chart;
      (d) A list of non-performing and rescheduled credit facilities (including name of customer, country, amount outstanding, net interest income for the year attributed to profit & loss and the reasons for attributing interest/profit to income);
      (e) A reconciliation statement between the audited financial statements and the relevant prudential returns;
      (f) The report on controllers as required under Paragraph GR-4.1.10;
      (g) A report on the licensee's close links as required under Paragraph GR-5.1.3; and
      (h) Any supplementary information as required by the CBB.
      Amended: July 2017
      January 2014

    • BR-1.1.4

      In accordance with Paragraph HC-1.3.8, licensees must submit annually a report recording the board meetings held during the year. Such report must be submitted to the CBB, within 30 calendar days of the end of the reporting date, as an attachment to the year-end quarterly PIRMF. Reference should be made to Appendix BR-5, Board and Committee Meetings, under part B/Reporting Forms of Volume 5 for a sample of such report.

      Amended: January 2022
      Added: January 2014