To achieve a high level of harmonization and strong convergence in regular supervisory reporting requirements, we have been developing guidelines on supervisory reporting with the aim of setting up a supervisory reporting model with common data definitions. The Guidelines on Financial Reporting cover consolidated and sub-consolidated financial reporting for supervisory purposes based on IAS/IFRS as endorsed by the European Union.

The original Guidelines on FINREP were issued by the Committee of European Banking Supervisors in December 2005. Agreed changes in IFRS were incorporated into the latest FINREP published in December 2009.

Further major changes to the accounting standards which will impact FINREP are expected. The revised FINREP will be reviewed in due course to take account of the changes in accounting standards.