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EBA launches consultation on FINREP using IFRS 9

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09 Dec 2015

The European Banking Authority (EBA) has launched a consultation on using IFRS 9 'Financial instruments' for the reporting of financial information by institutions using IFRS.

The EBA is responsible for a standardised reporting framework for financial institutions in the European Union and has developed the FINREP package based on the accounting standards banks have to apply to achieve efficient regulation by aligning supervisory reporting of financial information with accounting standards. With IFRS 9 fundamental changes were introduced regarding the way financial instruments are accounted for and therefore the EBA proposes comprehensive changes to the FINREP package. While the EBA intends to keep FINREP reporting as much aligned as possible with the relevant accounting standards the changes proposed also related to 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.

The EBA stresses that the consultation is distinct from the on-going IFRS 9 endorsement process in the European Union.

The consultation will run until 8 March 2016. More information is available through the press release on the EBA website.

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