The PRA has published Consultation Paper 46/16: IFRS 9: changes to reporting requirements (CP46/16).
In CP46/16 the PRA sets out proposed changes to regulatory reporting requirements arising from the introduction of International Financial Reporting Standard 9 (IFRS 9) from 1 January 2018. The proposals affect UK banks’ and building societies’ existing reporting requirements for credit quality, including arrears and impairments. CP46/16 should be read alongside the Regulatory Reporting Part of the PRA Rulebook and Supervisory Statement 34/15.1.
Changes include UK banks and building societies applying IFRS in its endorsed form, and those that apply IFRS 9 as part of UK generally accepted accounting practice. Such firms would be required to report certain European Banking Authority Financial Reporting templates instead of the current FSA015 (Sectoral information, including arrears and impairment) return, on both an individual and consolidated basis.
The deadline for comments on CP46/16 is 13 March 2017.
View Consultation Paper 46/16: IFRS 9: changes to reporting requirements, 12 December 2016