New CEBS guidelines on financial reporting

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25 Jul 2007

The Committee of European Banking Supervisors (CEBS) has published final amendments to its Guidelines for the Implementation of the Framework for Consolidated Financial Reporting (FINREP).

The guidelines had been released for public consultation on 20 April 2007 (see our News Story of 22 April 2007). The Guidelines are intended to be used by banking groups when preparing their financial reports based on IASs/IFRSs as required by the Supervisory Authorities within the European Union. The Guidelines were originally approved in December 2005 and revised in December 2006. In announcing the revised Guidelines, CEBS noted:

CEBS would like to reaffirm again the linkages between the Guidelines and the disclosure requirements established in the International Financial Reporting Standards. This principle is a basic underpinning for CEBS to set up a framework that reduces the reporting burden on supervised institutions but nevertheless allows supervisors to fulfill their prudential responsibilities. In this context, CEBS will monitor future developments in the standards to check whether they have an impact on the current version of the Guidelines.

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