RegAlert2016-10-12 | NBB_2016_41Added
Use of IFRS for Banking Prudential Reporting
The National Bank of Belgium authorizes Belgian credit institutions, including significant and less important entities, to use International Financial Reporting Standards (IFRS) as the basis for individual-level prudential reporting (COREP and FINREP), subject to case-by-case approval. This decision aligns with a European Central Bank ruling allowing such usage under specific conditions, including an 'all or nothing' group approach and external auditor certification. Institutions retaining this authorization must continue preparing statutory annual accounts using Belgian GAAP.
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NBB_2016_41 – October 12, 2016 Communication – Page 1/4 boulevard de Berlaimont 14 – BE-1000 Brussels tel. +32 2 221 38 12 – fax + 32 2 221 31 04 company number: 0203.201.340 RPM Brussels www.bnb.be Communication Brussels, October 12, 2016 Reference: NBB_2016_41 your correspondent:
Michel Colinet tel. +32 2 221 37 17 – fax +32 2 221 31 04 michel.colinet@nbb.be Use of IFRS for Banking Prudential Reporting Scope Belgian credit institutions.
Financial services groups headed by a regulated Belgian institution (hereinafter financial holdings) and financial services groups headed by a Belgian mixed financial holding company (hereinafter mixed holdings).
Branches established in Belgium of credit institutions established in a third country or another Member State participating or not participating in the Single Supervisory Mechanism (SSM).
Summary/Objectives
This communication addresses the possibility of using the IFRS framework as a basis for establishing harmonized prudential reporting on an individual basis (statutory/solo). The communication is addressed to the aforementioned institutions and their approved auditors.
Structure
This communication comprises two parts:
(a) The communication, for information, of the decision of August 10, 2016 by the ECB to authorize, pursuant to Article 24.2 of the CRR, on a case-by-case basis and under certain conditions, the use of IFRS for prudential reporting. This decision will concern Significant Institutions (SI).
(b) The communication by the Bank of its intention to extend to Less Significant Institutions (LSI) the same policy of authorization, on a case-by-case basis and under the same conditions, of the use of IFRS for prudential reporting.
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Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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