EBA has issued a consultation on draft ITS amending the implementing regulation on supervisory reporting with regard to financial reporting (FINREP) following changes in the International Financial Reporting Standards (IFRS 9). The implementing regulation contains ITS on supervisory reporting by firms subject to the Capital Requirements Regulation (CRR). The FINREP requirements are based on the IFRS and require updating whenever the relevant accounting standards are updated. This consultation sets out proposals for amendments to reporting templates and instructions for reporting FINREP to reflect IFRS 9 (Financial Instruments). EBA proposes that the implementing regulation making the amendments should apply from 1 January 2018, with a first reference date of 31 March 2018. Consultation closes on 8 March 2016. (Source: EBA Consults on ITS on Proposed FINREP IFRS Amendments)