PRA publishes IFRS 9: changes to reporting requirements – CP46/16

December 12, 2016

The Prudential Regulation Authority (PRA) has today published a consultation paper (CP) proposing changes to regulatory reporting requirements arising from the introduction of International Financial Reporting Standard 9 (IFRS 9) from 1 January 2018.

This CP is relevant to UK banks and building societies (not including UK branches of firms in other European Economic Area (EEA) countries and non-EEA countries). It should be read alongside the Regulatory Reporting Part of the PRA Rulebook and Supervisory Statement (SS) 34/15.

In this CP the PRA proposes changes to reporting requirements for banks and building societies applying IFRS 9 that would be required to report certain European Banking Authority (EBA) Financial Reporting (FINREP) templates instead of the current FSA015 (‘Sectoral information, including arrears and impairment’) return, on both an individual and consolidated basis.

The PRA also proposes that certain firms that do not apply IFRS 9 should also report a small number of FINREP templates, to ensure that there is sufficient data available for peer analysis after the implementation of IFRS 9.

The proposed implementation date for this CP is the start of a firm’s accounting year beginning on or after 1 January 2018, to coincide with the implementation date of IFRS 9. Firms may be able to apply to delay or even change the dates of their reporting cycle to coincide with their accounting year.

The PRA is considering various collection mechanisms at this time. The PRA will publish details of the submission method which will be used by firms to report these returns on the PRA webpages in early 2017.

This consultation closes on Monday 13 March 2017. The PRA invites feedback on the proposals set out in this consultation to CP46_16@bankofengland.co.uk.

The original press release can be found on the BoE website here.

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