The FINREP report under the CRD (IV) directive, was last updated in 2018 to meet the requirements of the revised IFRS 9 standards. The report contains Balance Sheet related as well as Income Statement related tables drilling down at various detail levels, in additional to supplemental tables on other items. The report comprises of multiple tables which are expected to be submitted on a quarterly, semi-annual or annual basis. Tables on non-performing and forborne exposures (comprising tables 18 & 19) as submitted in a distinct template. Furthermore, a number of tables are subject to thresholds that must be met, triggering the obligation for submission or pause of submission. The local regulators mandate the completion of the report in Excel format, even though the report can also be produced in XML format.
The FRCS offers additional benefits of multiple data validation checks, which help enhance the quality of the underlying dataset, and hence the produced reports.
Additionally, the full set of EBA validations are fully supported and maintained, to ensure that all reports produced under the FINREP family are fully reconciled and free of submission related errors.