Implementation of the International Financial Reporting Standards Banks and financial institutions operating in Lebanon

September 9, 2017

Basic Decision No 12659

International Financial Reporting Standards

The Governor of Banque du Liban,

Pursuant to the Code of Money and Credit, notably Articles 70, 174, and 182 thereof, and

Pursuant to the Decision of the Central Council of Banque du Liban, taken in its meeting of

August 30, 2017,

Decides the following:

Article 1:

Banks and financial institutions operating in Lebanon are requested to implement the

International Financial Reporting Standards relating to separate and consolidated financial

statements, without prejudice to the provisions of laws and regulations in force in Lebanon.

Article 2:

External auditors at banks and financial institutions operating in Lebanon are requested to

express their opinion in the reports required under Decree No 1983 of September 25, 1971, on

whether the financial statements of the concerned banks and financial institutions reflect properly

and justly their financial position, financial performance, and cash flows, in line with

International Financial Reporting Standards.

Article 3:

This Decision shall come into effect upon its issuance.

Article 4:

This Decision shall be published in the Official Gazette.

Beirut, September 6, 2017

The Governor of Banque du Liban

Riad Toufic Salamé