This section will gather information regarding supervisory reporting frameworks of financial reporting (FINREP) and common reporting (COREP) as well as XBRL reporting language. These pages are intended to present an overview of supervisory reporting frameworks and XBRL language and to provide easy access to guidelines and templates of these frameworks.
The Guidelines on Common Reporting (COREP) cover consolidated sub-consolidated and solo reporting of the capital requirements and own funds based on Directives 2006/48/EC and 2006/49/EC. The Guidelines on Financial Reporting (FINREP) cover consolidated and sub-consolidated financial reporting for supervisory purposes based on IAS/IFRS as endorsed by the European Union.
Improving the convergence of the supervisory reporting frameworks in the financial sector is one of the main challenges set by the Financial Services Committee’s report on Financial Supervision and by the Commission White Paper on Financial Services Policy for 2005–2010. We have been continuously working to enhance the level of harmonisation of the supervisory reporting and promoting convergence in supervisory practices.
The original Guidelines on FINREP and COREP were issued by the Committee of European Banking Supervisors in December 2005 and January 2006 respectively, with the goal of increasing the comparability of financial information reported to different supervisors within the EU, increasing the cost-effectiveness of supervision across the EU, reducing reporting burden on cross-border credit institutions, and removing a potential obstacle to financial market integration. Both frameworks have been revised to reflect changes in the accounting standards and capital requirements directive and to increase harmonisation.