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August 28, 2017

ECB published amendments to the regulation on reporting of supervisory financial information (Regulation ECB/2015/13) after reviewing comments received through a public consultation. The amendments adjust the regulation in line with changes in accounting standards. The ECB regulation lays down the rules and procedures for financial reporting by banks on an individual basis (solo reporting) and for consolidated financial reporting by banking groups under national accounting frameworks to national competent authorities and ECB. The amended regulation will come into effect on January 01, 2018.

For less significant supervised entities who report under their national accounting frameworks and are established in two particular member states, the date of application will be January 01, 2019. In line with the provision set out in the amended regulation, this extension has been granted by ECB based on specific requests from France and Germany, whose national accounting frameworks are not compatible with IFRS. 


The amendments mainly reflect the changes introduced in the EC Implementing Regulation (EU) No 680/2014 on supervisory reporting to align reporting on financial information (FINREP) with the requirements of International Financial Reporting Standard (IFRS) 9. IFRS 9 brings fundamental changes to financial instruments accounting and introduces in particular a new expected loss impairment model, which requires banks to reflect the credit losses expected in the future in their accounting. Consequently, the templates used by banks to report their financial information had to be adjusted to reflect these changes. 


Related Links

Regulation of ECB Amending Regulation (EU) 2015/534 (PDF)

Regulation of ECB Laying Down Date of Application of Regulation ECB/2017/25 (PDF)

Consultation on Draft Amendment

Effective Date: January 01, 2018

Keywords: Europe, EU, Banking, IFRS 9, ECB/2015/13, ECB/2017/25, ECB/2017/26, Accounting, Reporting, ECB

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