Brussels, 30/03/2015 (Agence Europe) - As the single banking supervisor of the eurozone, the ECB published a regulation on Thursday 26 March extending the scope of supervisory financial reporting requirements to all European banks.
Banks which apply the International Financial Reporting Standards (IFRS) at the consolidated level are already obliged to submit supervisory financial reports, the ECB notes in a press release. The regulation, which was approved following a public consultation, extends the obligation requirements to: - significant supervised groups applying national accounting rules (nGAAP); - significant supervised entities reporting on an individual basis under both IFRS and nGAAP (including branches of credit institutions not supervised directly by the ECB) but established in a participating member state and subsidiaries of significant supervised groups in non-participating member states or third countries; - less significant groups under nGAAP.
The reporting covers balance sheet items such as financial assets and financial liabilities, income and expenses and other relevant supervisory financial data.
See: https://www.bankingsupervision.europa.eu/ecb/legal/pdf/en_ecb_2015_13_f_sign.pdf (Mathieu Bion)