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Home > Prudential Regulation Authority > IFRS 9: changes to reporting requirements – CP46/16

IFRS 9: changes to reporting requirements – CP46/16

12 December 2016


This consultation paper (CP) sets out the Prudential Regulation Authority’s (PRA’s) proposed changes to regulatory reporting requirements arising from the introduction of International Financial Reporting Standard 9 (IFRS 9) from 1 January 2018. The proposals affect firms’ existing reporting requirements for credit quality, including arrears and impairments.

This CP is relevant to UK banks and building societies. It is not relevant to PRA-designated UK investment firms, to UK branches of firms in other European Economic Area (EEA) countries and non-EEA countries, or to insurance firms. It should be read alongside the Regulatory Reporting Part of the PRA Rulebook and Supervisory Statement (SS) 34/15 (see Related Links).

Summary of proposals

The PRA proposes changes to reporting requirements for banks and building societies applying IFRS 9. This would include both firms that apply IFRS in its endorsed form, and those that apply IFRS 9 as part of UK generally accepted accounting practice (GAAP). More specifically, such firms would be required to report certain European Banking Authority (EBA) Financial Reporting (FINREP) templates instead of the current FSA015 (‘Sectoral information, including arrears and impairment’) return, on both an individual and consolidated basis.

The PRA also proposes that certain firms that do not apply IFRS 9 should also report a small number of FINREP templates, to ensure that there is sufficient data available for peer analysis after the implementation of IFRS 9.


The proposed implementation date for the proposals in this CP is the start of a firm’s accounting year beginning on or after 1 January 2018, to coincide with the implementation date of IFRS 9. The PRA proposes that firms could apply for a rule modification (via a modification by consent process) which would enable them to delay application of the new rules until the start of their financial year beginning in 2018. The PRA also proposes that firms would be able to apply to report on a schedule linked to their accounting year, rather than report on calendar quarters. This aligns with the approach taken to reporting of financial statements returns set out in Policy Statement (PS) 36/16 ‘Financial statements – responses to Chapter 3 of CP17/16’.

The PRA is considering various collection mechanisms such as an automated submission mechanism, an online portal or reusing existing systems, and is aiming (as far as possible) for the submission mechanism required for these returns to be consistent with the mechanisms that will be used to collect the financial statement returns set out in PS36/16. The PRA will publish details of the submission method which will be used by firms to report these returns on the PRA webpages in early 2017.

Responses and next steps

This consultation closed on Monday 13 March 2017. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to

Consultation paper

IFRS 9: changes to reporting requirements – CP46/16