CEBS plans for maintaining guidelines based on IFRSs
20 Jun 2007
In our News Story of 22 April 2007, we reported that the Committee of European Banking Supervisors (CEBS) invited comments on proposed amendments to its Financial Reporting Guidelines (FINREP).
Those Guidelines are used by European banks in preparing their supervisory reports based on IFRSs. The CEBS has recently published an Updated Report to the EU Financial Services Committee (FSC) (PDF 1,107k) indicating that CEBS does not plan to add any major new reporting guides "in the next several years". However CEBS plans to update the guidelines annually, as necessary, to reflect changes to IFRSs.
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In response to the industry's request, no major new requirements are planned in the next few years, in order to avoid undue repetitive implementation costs (although CEBS will keep the FINREP framework up to date with changes on IFRS/IAS, so that institutions do not have to use two frameworks: one that is IFRS compliant, and the other that is not. As a rule of thumb, these types of changes will be made on an annual basis). |
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