FRSGlobal

The requirements of the FRSGlobal CoREP application are driven by four supranational regulatory bodies, they are:

• The Bank for International Settlements (BIS)
• The European Union
• Committee of European Banking Supervisors (CEBS)
• International Accounting Standards Board (IASB)

The FRSGlobal CoREP application is integrated into the appropriate country solutions - finely tuned to meet the local discretions. The CoREP application comprises:

• Report templates and
• Data processes or calculations

The implementation of the Capital Requirements Directive (CRD) and the adoption of International Financial Reporting Standards (IFRS) in Europe have made it necessary for supervisors to introduce updated reporting requirements to the industry. CEBS felt that the transition to these new standards created a unique opportunity to develop a common reporting framework: CoREP.

The key features of the new common reporting framework are homogeneity and flexibility. At the centre of the common framework is a core set of data that is used almost uniformly throughout the EU. Surrounding this core are standardised supplemental information details which provide sufficient flexibility to meet the needs of different supervisory authorities. Thus, the application of CoREP is not entirely uniform: the degree of granularity may differ among supervisory authorities. Nevertheless, CoREP represents a significant step towards convergence. For the first time, key prudential information will be reported in the same manner, using formats and variables with clear common definitions directly linked to the relevant solvency Directives. This makes CoREP important not only for European supervisors but also for the European banking industry and investment firms and, particularly, for those entities with cross border activities.

The goal of CoREP is to develop a common language for communication in the context of a common European regulation.