Featured Product

    PRA Publishes PS18/17 on Changes to IFRS 9 Reporting Requirements

    July 06, 2017

    The PRA published a policy statement PS18/17 that provides feedback to responses to consultation paper CP46/16 titled “IFRS 9: changes to reporting requirements.” PS18/17 sets out the final rules intended to update regulatory reporting requirements and expectations, in light of the introduction of International Financial Reporting Standard 9 (IFRS 9) from January 01, 2018. The PRA also updated the supervisory statement SS34/15, following PS18/17, with the effective date for the updates being January 01, 2018.

    PS18/17 contains the final amendments to the Regulatory Reporting Part of the PRA Rulebook (Appendix 1) and final amendments to Supervisory Statement SS34/15 titled “Guidelines for completing regulatory reports” (Appendix 2), which implements the proposals in the consultation paper. The PRA had received seven responses to CP46/16. Respondents were generally supportive of the proposals but did raise a number of issues and questions regarding the details of the templates. The responses are discussed in PS18/17 by the following topics: granularity of reporting templates; implementation timeline; and reporting on an individual or consolidated basis. Following consideration of respondents’ comments, the PRA has made one material change to the rules as consulted. The PRA has also made a minor change to take account of firms that are implementing IFRS 9 in advance of January 01, 2018. Responses are set out in Chapter 2.

     

    PS18/17 should be read along with the Regulatory Reporting Part of the PRA Rulebook. The amendments to the Regulatory Reporting Part of the PRA Rulebook and updates to SS34/15 set out in this PS18/17 will take effect from January 01, 2018. Chapter 2 and Appendices 1 to 4 of SS34/15 took effect from January 01, 2016, except PRA101-103, which takes effect from October 01, 2017 and PRA104-108, which takes effect from January 01, 2018. Appendix 2 took effect from July 01, 2017; Appendices 5 to 7 took effect from March 07, 2016; Appendix 8 takes effect from January 01, 2018; Appendix 9 takes effect from January 01, 2019; and Appendix 10 takes effect from January 01, 2019. PS18/17 is relevant to the UK banks and building societies. As set out in CP46/16, firms are required to submit their templates 30 business days after the end of their first reporting period. Firms should use the EBA taxonomy (initially version 2.7) to report their templates and adhere to the EBA filing and validation rules, which apply to the subset of templates required. Further details on the implementation timeline are available in Chapter 2, including details on rule modifications and notifications available for firms that do not have an accounting year end of December 31 and UK banks that plan to implement IFRS 9 in advance of January 01, 2018.

     

    Related Links

    IFRS 9: Changes to Reporting Requirements: PS18/17 (PDF)

    PRA Rulebook: CRR Firms: IFRS 9 Regulatory Reporting Instrument 2017 (PDF) 

    Guidelines for Completing Regulatory Reports: SS34/15 Update (PDF)

    IFRS 9: changes to reporting requirements: CP46/16 (PDF)

    Keywords: Europe, United Kingdom, PRA, IFRS 9, Reporting, PS18/17, SS34/15, Banking, Accounting

    Featured Experts
    Related Articles
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958