Implementing Technical Standards on amendments to FINREP due to IFRS 9

Status: Adopted and published in the Official Journal

These final draft ITS include changes for reporting of financial information (FINREP) following endorsement of IFRS 9 in the EU. The main changes relate to IFRS 9 but also include changes for national GAAP reporters to ensure consistent information. The amendments will be applicable for reporting from beginning of 2018.

Consultation on reporting financial information using GAAP


The European Banking Authority (EBA) launched today a public consultation on reporting financial information using Generally Accepted Accounting Practices (GAAP) across EU jurisdictions. This is a decentralised public consultation, which takes place through National Competent Authorities across the EU and not through the EBA, so as to allow for a better informed discussion on questions that may be specific to the individual jurisdictions across the EU. All interested stakeholders can provide feedback directly to their National Competent Authorities (NCAs) by 15 April 2016.
The update process of the FINREP GAAP templates currently in use by institutions across the European Union (EU) has identified specific issues linked to national accounting frameworks across the EU. The EBA is now seeking the input from all those EU institutions that report financial information to their competent authorities through the FINREP framework and on the basis of national GAAP practices. As this is a decentralised public consultation, all concerned stakeholders will be able to provide feedback to their NCAs on the changes proposed by the EBA for the reporting templates (Annex IV).
National GAAP practices are closely linked to individual EU jurisdictions and the EBA believes that a decentralised consultation will benefit from the expertise of the authorities competent for each jurisdiction or Member State. Comments received by the EU banking industry will ensure that the regulatory package on financial reporting is appropriately tailored and will be included by the EBA in the updated version of the templates it is proposing.
All concerned parties are invited to contact directly their National Competent Authorities (NCAs) by 15 April 2016 in order to provide their feedback. The EBA will subsequently release a comprehensive and updated version of FINREP, covering both Annex III and Annex IV (IFRS and GAAP templates), and it will also amended Annex V (instructions) accordingly.

Legal basis

This public consultation follows on from a previous consultation in December 2015 on suggested changes to financial supervisory reporting (FINREP) which is based on the new IFRS 9 requirements. In order to allow some further analysis by the EBA on the interaction between GAAP practices and the FINREP framework, the templates and instructions related to the GAAP reporting were not included in December and are being consulted upon now.
Consultation on Implementing Technical Standards on proposed amendments to FINREP IFRS due to IFRS 9 (EBACP 2015 23)


The European Banking Authority (EBA) launched today a consultation on the reporting of financial information for institutions using IFRS (FINREP IFRS). The proposed amendments follow the finalisation of IFRS 9 by the IASB in July 2014 and aim at collecting early industry views on changes that IFRS 9 would trigger to FINREP. This consultation is distinct from the on-going IFRS 9 endorsement process and does not relate to financial information reported by institutions using national generally accepted accounting practices (GAAP). The consultation will run until 8 March 2016. 

Proposed amendments to FINREP IFRS

The proposed amendments accommodate the changes in IFRS 9 compared to the current IAS 39 and include the following:
  • changes for the measurement of financial instruments depending on the characteristics of cash flows and the business model within which the instrument is held;
  • the new impairment model based on expected losses determined in accordance with the credit quality stage of a financial instrument; 
  • changes in the accounting for hedging operations closer to risk management. 
This has entailed the deletion and addition of some rows and templates. The proposed amendments to FINREP templates and instructions are addressed to IFRS reporters and the EBA will consider at a later stage whether any adjustments are needed for non-IFRS reporters.

Implementation timeline

The proposed revisions are based on IFRS 9 as issued by the IASB and will be finalised once IFRS 9 is endorsed by the EU in accordance with the due process in Regulation (EU) No 1606/2002 (the IFRS Regulation). This consultation has no link to this endorsement process. FINREP IFRS will apply for the first reference date following the date at which IFRS 9 becomes mandatory in the EU. Assuming the implementation date is not modified compared to the IASB version, the first application date would be 1 January 2018 and the first reporting reference date 31 March 2018. 

Consultation process

Comments to this consultation can be sent to the EBA by clicking on the "send your comments" button on the consultation page. Please note that the deadline for the submission of comments is 8 March 2016.
The public hearing for the ITS will take place at the EBA premises on 5 February 2016 from 13.00 to 14.30 UK time. All contributions received will be published following the close of the consultation, unless requested otherwise.

Legal basis 

These draft ITS have been developed in accordance with Article 99(2) of Regulation (EU) No 575/2013