PRA is consulting on future reporting of balance sheet, statement of profit or loss (P&L) and forecast capital data (currently known as Capital+) for banks, building societies and investment firms which it regulates. PRA proposes:
- from 1 January 2018, to replace existing returns FSA001 (Balance Sheet) and FSA002 (Income Statement) with relevant EBA Financial Reporting (FINREP) templates, but to continue the collection of the Memorandum items section of the current FSA001 return on a new return (PRA108); and replace the existing return FSA014 (Forecast data from firms) with four new returns collecting forecast balance sheet (PRA104-PRA106) and P&L data (PRA107); and
- from 1 July 2017, to formalise the collection of the existing Capital+ (Forecast capital resources and requirements) return through the introduction of three new returns (PRA101-PRA103).
PRA also seeks views on:
- proposals for reporting of P&L data by non-EEA banks authorised to accept deposits through a UK branch; and
- the potential impact of the new reporting standard IFRS 9, the new accounting rules for financial instruments and will consult on formal proposals for necessary changes later this year.
PRA asks for comments by 29 July. (Source: PRA consults on financial statement reporting)