NBB published a circular that specifies rules for implementation of the ECB Regulation 2020/605 on reporting of supervisory financial information in Belgium. With a view to the implementation of FINREP on an individual basis, a mapping has been established to make the link between Belgian banking accounting law applicable at individual level (BGAAPs) and the European framework for reporting supervisory financial information (FINREP). This circular replaces the former circular NBB_2017_30 for reporting with June 30, 2020 as first reference date.
Under the Capital Requirements Regulation (CRR) and the EU Regulation No 680/2014, Belgian credit institutions are already subject to (IFRS) FINREP reporting on a consolidated basis. Thus, in Belgium, the impact of the new ECB Regulation is essentially that FINREP reporting is now also imposed on a solo basis for Belgian credit institutions. The new ECB Regulation does not repeal national reporting on a solo basis (Schema A), which therefore continues to apply in addition to FINREP reporting on an individual basis as required by ECB. The ECB Regulation does not allow entities to choose between IFRS and national accounting standards (NGAAP). For instance, for FINREP reporting on an individual basis, Articles 6, 7, 13, and 14 of ECB Regulation provide different rules according to whether the institution is subject to IFRS or to national accounting standards. As institutions under the Belgian law are subject to BGAAP for preparing their solo annual accounts, such institutions must report FINREP information on an individual basis according to BGAAP.
To facilitate and standardize FINREP reporting on an individual basis in BGAAP, a mapping has been established to make the link between BGAAP data from Schema A and FINREP tables on an individual basis, as imposed by the ECB Regulation. The mapping is presented in annex to the circular as an Excel table showing the FINREP items and the corresponding accounting data under BGAAP as well as a summary justification of the link between the two. Data shall be reported through OneGate application in euro units, in accordance with the frequencies and formats prescribed by the ECB Regulation. The reporting remittance dates are as provided for in Article 3 of the EU Regulation No 680/2014, which lays down implementing technical standards with regard to supervisory reporting of institutions, as per CRR. With a view to facilitating reporting, only those tables and cells to be reported will be available in the OneGate application.
Related Link: Circular and Annex
Keywords: Europe, Belgium, Banking, Reporting, IFRS, FINREP, GAAP, BGAAP, Accounting, Financial Reporting, Regulation 680/2014, CRR, OneGate, ECB, NBB
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