The European Banking Authority has published a report setting out its final draft implementing technical standards (ITS) amending Commission Implementing Regulation (EU) 680/2014 on supervisory reporting of institutions with regard to financial reporting (FINREP), following the changes in the International Accounting Standards (IFRS 9).
Given the scope of the changes introduced by the draft ITS in the instructions and templates, the following annexes of Commission Implementing Regulation (EU) 680/2014 are replaced in whole:
- Annex III of Commission Implementing Regulation (EU) 680/2014 ‘Templates for reporting FINREP IFRS’ is replaced by Annex I of the final draft ITS;
- Annex IV of Commission Implementing Regulation (EU) 680/2014 ‘Templates for reporting FINREP GAAP’ is replaced by Annex II of the final draft ITS; and
- Annex V of Commission Implementing Regulation (EU) 680/2014 ‘Instructions for reporting FINREP’ is replace by Annex III of the final draft RTS.
In terms of next steps, the draft ITS will be submitted to the European Commission for endorsement before being published in the Official Journal of the EU. The technical standards will apply, depending on the accounting year of each institution. For an institution with a January-December accounting year, the first application date will be 1 January 2018, with a first reference date of 31 March 2018.
View EBA report on final draft ITS on supervisory reporting to reflect IFRS 9 changes to FINREP, 30 November 2016