November 30, 2016
The European Banking Authority (EBA) has published its amended final draft implementing technical standards (ITS) on the reporting of financial information. The amended ITS follow the finalisation of IFRS 9 in July 2014 by the International Accounting Standards Board (IASB) and its endorsement into EU law on 22 November 2016. It aims at aligning the reporting framework with the new IFRS 9 requirements while ensuring reporting institutions have adequate implementation time.
Most of the amendments to these final draft ITS reflect the changes brought about by the new IFRS 9 requirements, although the EBA also believed it was necessary to review some parts of the FINREP framework based on the feedback and submitted data received from compiling banks.
The first reporting reference date will follow the first application date of the EU-endorsed IFRS 9 for each institution. If an institution has an accounting year lasting from January to December, the first application date will be 1 January 2018, with a first reference date of 31 March 2018.
Further details of the refinements can be found in the full press release.