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报告摘要

Summary of the Framework for Consolidated Financial Reporting (FINREP)

1. Core Content

The Framework for Consolidated Financial Reporting (FINREP) is a set of guidelines developed by the Committee of European Banking Supervisors (CEBS) to standardise prudential financial reporting in the European Union (EU). It is based on International Accounting Standards (IAS/IFRS) and aims to create a harmonised reporting environment for credit institutions that use these standards for their published financial statements.

2. Main Objectives and Benefits

Convergence and Harmonisation: FINREP seeks to align prudential reporting across the EU by using IAS/IFRS as a common basis, reducing the burden on credit institutions operating cross-border.
Standardisation: It introduces a standardised consolidated financial reporting framework, ensuring harmonised reporting formats and information items.
Comparability: By aligning with IAS/IFRS, FINREP enhances the comparability of financial information across different supervisory authorities in the EU.
Efficiency: It is expected to improve the cost-effectiveness of supervision and support financial market integration.

3. Structure of FINREP

Basis: FINREP is based on the 2005 edition of IAS/IFRS and includes elements from IFRS 7 Financial Instruments: Disclosures.
Focus: It focuses on information relevant for prudential purposes, rather than covering all aspects of IAS/IFRS.
Core vs. Non-Core Information:
- Core Information: Includes the consolidated balance sheet and consolidated income statement, representing the minimum information required for prudential reporting.
- Non-Core Information: Provides common data definitions and supports greater reporting commonality among EU supervisors.
Presentation Choice: CEBS opted for the portfolio approach instead of the product approach to ensure greater standardisation and comparability.

4. Application of FINREP

Voluntary Use: FINREP is not mandatory. National supervisory authorities may choose to apply it to credit institutions within their jurisdiction.
Flexibility: Authorities can apply the framework to sub-consolidated or solo reporting if necessary, and may adapt it.
Accounting Basis: The consolidation scope can be defined based on either IAS/IFRS or the Capital Requirements Directive (CRD).
Reporting Frequency: Determined by national supervisory authorities, as different types of information may have different reporting needs.

5. Cross-Border Implications

Standardised Formats: FINREP allows credit institutions to use the same data formats and definitions across all EU countries where it is applied.
Reduced Burden: This standardisation significantly reduces the reporting burden for cross-border institutions.
Future Alignment: Further reduction in burden may come from the alignment of supervisory practices and reduced reliance on periodic prudential returns.

6. Relation with COREP

Alignment with COREP: FINREP is designed to be compatible with the Common Reporting Framework for the Solvency Ratio (COREP) under the Capital Requirements Directive (CRD).
Integration: It includes an approach to link exposure classes from different credit risk methodologies in the CRD with counterparties in the financial reporting framework, enabling the use of the same systems for both frameworks.

7. XBRL Implementation

XBRL Taxonomy: CEBS will develop an XBRL taxonomy to support the implementation of the framework.
Accessibility: The taxonomy will be made available free of charge to national authorities and supervised credit institutions.
Tool for Standardisation: XBRL is considered a helpful tool in building a standardised European reporting system.

8. Follow-Up and Evolution

Ongoing Efforts: CEBS aims to achieve full harmonisation of prudential reporting in the medium to long term.
Adaptability: The framework will be monitored and adapted as needed to address implementation issues and new developments in IAS/IFRS or prudential supervision.
Progressive Convergence: FINREP is viewed as an initial but important step towards a more unified prudential reporting environment in the EU.

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