The CRR mandates the EBA to develop uniform reporting requirements on financial information (FINREP). These reporting requirements are included in Regulation (EU) No 680/2014 (ITS on supervisory reporting’). Reporting of financial information (FINREP) was originally based on accounting standards to achieve efficient regulation by aligning supervisory reporting with accounting standards. Therefore FINREP needs to be updated whenever the underlying international accounting standards are updated.
The consultation paper proposes the amendment of the ITS on supervisory reporting with regard to FINREP for IFRS reporters following the issuance of the new IFRS 9 standard.
It was also deemed necessary to review some parts of the FINREP framework based on experience using the data transmitted and feedback received from compiling institutions. Given the scope of the changes introduced by these draft ITS in the instructions and templates, the relevant Annexes are replaced in whole with those in the consultation paper, in order to have a consolidated version of the updated draft ITS package.
Responses should be provided by 8 March 2016.