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:
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.
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.
This Decision shall come into effect upon its issuance.
This Decision shall be published in the Official Gazette.
Beirut, September 6, 2017
The Governor of Banque du Liban
Riad Toufic Salamé