CEBS proposes amendments to the existing FINREP guidelines and recommends, among others, the use of XBRL since the adoption of XBRL taxonomies will lead to greater harmonisation of IT formats.
The consultation paper proposes amendments to the existing FINREP Guidelines which will streamline financial reporting and achieve a greater degree of harmonisation. CEBS recommends the use of XBRL, since the adoption of XBRL taxonomies will lead to greater harmonisation of IT formats.
CEBS has decided to adopt explicit minimum and maximum reporting requirements, both of which are based on the same set of data definitions.
No change is being proposed in the scope of application of the framework. However, FINREP will set explicit minimum and maximum data requirements which set only a minimum requirement. FINREP will also represent the only source of consolidated periodic supervisory financial reporting based on IAS/IFRS. The new FINREP will be implemented in 2010 and 2011, and will apply from 2012 onwards. The reporting frequency for FINREP will be quarterly, semi-annual, or annual, at national discretion.
The proposed new Guidelines use a ‘Maximum Data Model’ which limits reporting requirements to the core and non-core information specified in the framework.
FINREP does not apply to financial reporting requirements at the solo level, nor does it apply to Pillar II templates, reporting of qualitative information, or statistical reporting to the ECB, IMF, or BIS
National authorities are free to choose whether the reporting frequency for each template will be quarterly, semi-annual, or annual.
A public hearing will be held on 27 May 2009 at CEBS’s premises in London.
Deadline for responses is 10 June 2009.
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