On March 23, 2016, the EBA launched a consultation on reporting financial information across EU jurisdictions using national Financial Supervisory Reporting Generally Accepted Accounting Practices (GAAP). The EBA reported that institutions across the EU have identified issues with current templates. The consultation has been decentralized so that all questions and feedback on the draft template are provided to jurisdiction-specific Regulators and not through the EBA. The EBA believes it will benefit from the expertise of authorities from different jurisdictions given their knowledge of the local GAAP. The consultation follows a previous consultation in December, 2015, on proposed changes to the FINREP, based on the IFRS 9 requirements. Responses to the consultation are due by April 15, 2016. The EBA stated that it will release a subsequent updated version of the FINREP.
The EBA press release is available at: http://www.eba.europa.eu/news-press/calendar?p_p_id=8&_8_struts_action=%2Fcalendar%2Fview_event&_8_eventId=1413655 and the draft FINREP GAAP template is available at: http://www.eba.europa.eu/documents/10180/1413658/Draft+templates++FINREP+GAAP+for+decentralised+feedback.xls.
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