CEBS starts a formal consultation on amendments to the guidelines on financial reporting

20 April 2007

The Committee of European Banking Supervisors (CEBS) has decided today to start a formal consultation with the banking industry, market participants and end-users to amend its Guidelines on Financial Reporting.

The proposed amendments to the Guidelines on Financial Reporting incorporate the option included in International Accounting Standard 19 Employee Benefits, paragraphs 93A-D. In the current version, this possibility was not included in the Guidelines. Therefore, a limited amendment is proposed to make this option available.

Additionally, a number of changes have been introduced in the consultative paper. These changes aim to introduce further consistency in the Guidelines, either aligning the terminology used for the same items in different templates, or providing additional references. In some cases, it also involves deleting or adding some cells to the existing templates, depending on whether an omission or an inconsistency was found during the implementation of the Guidelines at national level.

Given the characteristics of the proposal, CEBS considers it introduces limited amendments and, in accordance with the procedure envisaged in the Consultation Paper on Amendments to Consultation Practices, the consultation period will last one month.

Comments should be submitted by 20 May 2007 to Unless respondents request otherwise, comments received will be published on the CEBS website.

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Franca Rosa Congiu

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