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ESBG responds to EBA consultation on FINREP using IFRS 9

Savings and retail banking association compiles detailed, in-depth responses.​



>> See the ESBG response

>> Learn more about ESBG position on financial reporting rules







BRUSSELS, 10 March 2016  ESBG submitted this week its response to the EBA Consultation on the Guidelines for the implementation of the framework for consolidated financial reporting (FINREP) using IFRS 9. Made up of 21 specific questions regarding amendments to the FINREP templates, ESBG members compiled detailed, in-depth responses to these questions highlighting the practical issues that IFRS 9 would cause for reporters.

The consultation comes after the International Accounting Standards Board (IASB) 'IFRS 9 - Financial Instruments' were issued in July 2014. As a result of the IFRS 9 issuance, significant changes are required to the existing FINREP reporting templates and instructions for IFRS reporters. The EBA has proposed amendments to FINREP and the aim of this consultation was to collect industry views on the changes triggered by IFRS 9.

'IFRS 9 - Financial Instruments' will come into effect on 1 January 2018 and, providing it is endorsed by the EU. It will supersede the reporting standard for financial instruments in force in the EU since 2005 (IAS 39). IFRS 9 fundamentally changes the way financial instruments are accounted for and therefore necessitates a thorough update of the financial reporting framework for IFRS reporters. While FINREP reporting remains aligned as much as possible with the relevant accounting standards, in accordance with Article 99(4) of the Capital Requirements Regulation, the Implementing Technical Standard also needs to require the necessary information to obtain a comprehensive view of the risk profile of institutions' activities and a view of systemic risks posed by institutions to the financial sector or the real economy.

 

>> See the ESBG response

>> Learn more about ESBG position on financial reporting rules

Accounting Standards; Capital Requirements Directive and Regulation; European Institutions; European Supervisory Authorities (EBA-ESMA)