The Committee of European Banking Supervisors (CEBS) has published its revised guidelines on financial reporting (FINREPrev2). The revised guidelines provide for a maximum data model that will ensure a greater degree of harmonisation of regulatory requirements in Europe.
Agreed changes in International Financial Reporting Standards (IFRS) have been incorporated into the revised FINREP. In 2010, further major changes to the accounting standards are expected which will impact FINREP. CEBS will review the revised FINREP in due course to take account of the changes that may arise in International Accounting Standard (IAS) 39, as well as IAS 1.
The application date for the revised FINREP will be 1 January 2012.
View CEBS revised guidelines on financial reporting, 15 December 2009