PRA published UK-specific reporting clarifications for FINREP Financial Statements templates. The clarifications are intended to help firms to comply with the financial statements reporting requirements, as set out in paragraph 2.9 of policy statement, PS36/16 “Financial statements - responses to Chapter 3 of consultation paper, CP17/16.” The clarifications will be applicable to firms submitting from the first quarter of 2018 onward.
CP17/16 is related to regulatory reporting of financial statements, forecast capital data, and International Financial Reporting Standard (IFRS) 9 requirements. PS36/16 provides feedback on responses to the financial statements proposals in Chapter 3 of CP17/16. PS36/16 also included the final rules for the new reporting requirements related to balance sheet and P&L data in the Regulatory Reporting Part of the PRA Rulebook. The FINREP Financial Statements template is intended to supplement EBA's FINREP instructions and EBA’s Q&A process, which provide reporting instructions and clarifications on any issues that apply across the EU. The FINREP template of EBA provides references to IFRS and the Banking Accounting Directive; it provides equivalent references to UK accounting standards in cases where these provide additional clarification.
Keywords: Europe, United Kingdom, Accounting, FINREP, Financial Statements, Reporting Clarifications, PS36/16, CP17/16, PRA
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