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CEBS introduces new reporting rules

Thursday 23 December 2010 - by Andrew Hickley

The Committee of European Banking Supervisors has advised countries intending to use a new financial reporting package to instead use a revised alternative.

The committee announced yesterday that a second revision to its FINREP (financial reporting) package, which was launched last week because expected changes to the original framework changes have yet to be introduced, should be adopted by jurisdictions who were aiming to implement the original FINREP.

The revised financial reporting framework applies a maximum data model setting out two core templates which must be implemented by all national jurisdictions that adopt it, alongside 23 non-core templates which can be applied at the discretion of national supervisors.

It also includes changes in IFRS 9 relating to classification and measurement of financial instruments alongside agreed changes to IAS 1. In a statement CEBS admits that it had envisaged a full replacement of IAS 39 alongside a proposal on IAS 1 to be part of its planned revised framework.

The committee, which will be upgraded into the European Banking Authority on January 1, also said that a third revision of the framework will be published by the end of 2011, with an application date of January 1 2013. This will be conducted in order to keep pace with any accountancy developments that are approved over the coming year.


"This revision will, to the greatest extent possible, take into account all relevant IFRS amendments with the same application date, provided they are endorsed at EU level," the statement said.

Countries wishing to adopt the revised financial reporting framework must do so by 1 January 2012.


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