CEBS adapts the timeline for the revision of the Guidelines on Financial Reporting

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22 Dec, 2010

The Committee of European Banking Supervisors (CEBS) published its revised guidelines on financial reporting (FINREP rev2) on 15 December 2009, with an implementation date of 1 January 2012.

FINREP rev2 incorporated changes to IFRS, which were agreed in October 2009, and CEBS had envisaged that further changes to IAS/IFRSs would be taken into account, in due course, before starting implementing the revised FINREP framework. In particular, the IASB project on IAS 39 replacement and the proposal on IAS 1 that were scheduled to be agreed in 2010 were envisaged to be incorporated into the framework.

However, the IASB has, so far, only finalised those aspects of the project to replace IAS 39 Financial Instruments dealing with classification and measurement of financial instruments in IFRS 9. Final decisions on impairment and hedge accounting are currently expected in the first half of 2011. The final IFRS 9 will also be subject to an endorsement process at EU level.

Given these changes, CEBS suggests that countries that intend to implement the FINREP package for the first time before 1 January 2013 use the FINREP rev2 guidelines on an interim basis.

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