As a financial institution in the Philippines regulated by the Bangko Sentral ng Pilipinas (BSP), you are responsible for adopting the BSP standards for financial reporting. These standards are designed to promote fairness, transparency and accuracy in the financial reporting process.
While financial reporting is important for the BSP, it can be an administrative burden for your accounting departments. Preparing your prudential and audited financial statements correctly requires time, training, attention to detail and an understanding of the BSP’s requirements.
What you need to know about the BSP’s reporting requirements
To summarise, it’s important to know the following:
- You need to follow the Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS). These are the set of Generally Accepted Accounting Principles (GAAP).
- Your audited financial statements and your prudential reports should follow PFRS/PAS.
- You need detailed, accurate information about your portfolio.
- You need to be able to filter your data to show the specific information the BSP asks for, such as your portfolio’s loan classification or an aging analysis of your non-performing loans by economic activity.
In general, you will meet the BSP’s requirements if you have access to real-time data from all branches of your financial institution, you have a flexible reporting module in your core banking system and you follow GAAP or IFRS. You can find the latest reporting requirements and stay up-to-date with any change on the BSP website here.
How Oradian enables you to submit your reports correctly and on-time
Because we serve a growing community of financial institutions in the Philippines, our platform includes features to make reporting easier for BSP-regulated institutions.
Our reporting feature enables you to quickly create reports for the BSP in the following ways:
- Standard reports: Oradian’s reporting module offers more than 50 standard reports. In just one click, Oradian’s reporting module creates a standard report for you using accurate, real-time data.
- Customised reports: You can create customised reports with more specific information. All reports can be exported to Excel as a spreadsheet, where you can analyse and filter your according to the BSP’s requirements. This spreadsheet can be uploaded as a template to Oradian’s core banking platform.
- Accounting standards: All Oradian’s accounting reports are built with standard accounting principles. You have ready-made reports that follow GAAP and IFRS. This ensures that the reports you create and submit to the BSP follow GAAP and IFRS.
Growing financial institutions around the world are moving to Oradian to make their regulatory reporting operations more efficient, more compliant and more affordable. Ready to join them?
Contact Oradian today.