EU bank regulators develop IFRS reporting framework

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12 Jan 2006

The Committee of European Banking Supervisors (CEBS) has published guidelines establishing a standardised Framework for Consolidated Financial Reporting (FINREP) for credit institutions operating in the EU.

FINREP is designed for credit institutions that use International Financial Reporting Standards (IFRSs) for their published financial statements, and that have to provide similar information in the periodic 'prudential reports' they are required to submit to their supervisory authorities. "The introduction of international accounting and reporting standards provides an opportunity to converge and ultimately harmonise prudential reporting in Europe." The framework is not intended to cover all aspects of IFRSs; rather it focuses on information that is important or relevant for prudential purposes. FINREP is intended to enable credit institutions to use the same standardised data formats and data definitions for prudential reporting in all countries where the framework will be applied. CEBS advises the European Commission on banking policy issues, promotes convergence of supervisory practise across European Union, and fosters consistent application of EC banking legislation. Click to download:

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