The European Banking Authority (EBA) has launched a consultation on the reporting of financial information through the financial reporting (FINREP) framework and on the basis of national generally accepted accounting principles (GAAP).
The EBA is seeking feedback from EU institutions that report financial information to their competent authorities through the FINREP framework and on the basis of national GAAP practices. The consultation will take place through national competent authorities rather than the EBA itself, to allow for a better informed discussion on questions that may be specific to individual jurisdictions.
The EBA will subsequently release a comprehensive and updated version of FINREP, covering both Annex III and Annex IV (IFRS and GAAP templates), with an accordingly amended Annex V (instructions).
The deadline for comments is 15 April 2016.