•  The fair value option may only be used for instruments for which fair values can be reliably estimated; and  •  Financial institutions should provide BSP with supplemental information as may be necessary, to enable BSP to assess the impact of the financial institution’s utilization of the fair value option.
BIS Review 80/2005  1  The adoption of the standards does not only call for alignment of existing regulations with the provisions but also necessitates the establishment of the infrastructure for prudential financial reporting. In this respect, we have revised the manual of accounts and developed a new reportorial requirement for banks.