What is FINREP?
Financial Reporting (FINREP) intends to step up the harmonisation in supervisory reporting. It applies to all credit institutions and investment firms (IFPRU Firms) across the EU that consolidate their financial reports based on IFRS. The reporting covered under FINREP includes:
- Primary Statements (Balance Sheet and Income Statement)
- Primary Statements (Comprehensive Income and Equity)
- Disclosure of financial assets and liabilities
- Financial asset disclosures and off-balance sheet activities and non-financial instrument disclosures
Reports are required to be submitted in XBRL format,uploaded in the FCA’s GABRIEL system.
How do you submit the returns?
The reports have to be prepared in XBRL (eXtensible Business Reporting Language) using the EBA taxonomy. Such XBRL formats are available from specialist software providers at quite substantial licence fees.
How can CCL support you with your FINREP obligations?
CCL has invested in the dedicated software required and can assist in preparing XBRL returns for your Firm. But this is only part of the process. CCLs real value-add comes from our ability to truly understand your business and interpret the impact of the financial regulations on it.
For assistance with your FINREP Returns, contact our Prudential Returns Specialists