{"id":17759,"date":"2022-09-17T20:05:34","date_gmt":"2022-09-17T20:05:34","guid":{"rendered":"http:\/\/legalblog.ie\/?p=17759"},"modified":"2022-09-25T14:06:06","modified_gmt":"2022-09-25T14:06:06","slug":"bank-reporting","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/bank-reporting\/","title":{"rendered":"Accounts of Banks [EU]"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/bank-reporting\/#Financial_Institutions_Accounts\" title=\"Financial Institutions Accounts\">Financial Institutions Accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/bank-reporting\/#Regulation_on_Accounts\" title=\"Regulation on Accounts\">Regulation on Accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/bank-reporting\/#Key_Points\" title=\"Key Points\">Key Points<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Financial_Institutions_Accounts\"><\/span>Financial Institutions Accounts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>European Union directives lay down accounting provisions for banks and other financial institutions. They prescribe the form of balance sheet layout, assets and liabilities presentation.\u00a0 Certain balance sheet entries must be shown in particular ways.\u00a0 There are two standard profit and loss account layout.\u00a0 There are special provisions in relation to on certain types of item in the profit and loss account.<\/p>\n<p>There are valuation rules for assets, securities, loans, advances, and liabilities.\u00a0 There is detailed prescription in relation to the notes which must be appended to the balance sheet.<\/p>\n<p>There are special provisions for consolidated accounts.\u00a0 Where the domestic law does not require accounts to be published, the copies must be available at a price which does not exceed their administrative cost.<\/p>\n<p>There are provisions for publication of accounts by branches of a foreign credit institution.\u00a0 Annual accounts reports and consolidated accounts must be published and audited in accordance with the law of the head office.\u00a0 The former requirements for branch accounts have been phased out.<\/p>\n<p>There are requirements for documents to be published by branches of institutions whose head office is outside the EU.\u00a0 If their rules do not conform, with EU accounting rules, states may require the branches to publish annual accounts of their own activity.<\/p>\n<p>From 2005 all EU companies including banks and insurance companies must prepare a consolidated statement in accordance with international accounting standards.\u00a0 States may permit or require companies to apply the system to their annual accounts as well as consolidated financial statements.\u00a0 They may require the application of the rules to non-publicly traded companies. The legislation supplements the requirements of accounting directive.<\/p>\n<p>The IAS standards should reflect an accurate image of the company\\&#8217;s financial situation and performance.\u00a0 It must correspond with EU public interest requirements and meet the required level of information quality.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Regulation_on_Accounts\"><\/span>Regulation on Accounts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Regulation (EC) No 1126\/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606\/2002<\/p>\n<p>It sets out the international accounting standards (IAS) which the EU has adopted. Under a parallel regulation (Regulation (EC) No 1606\/2002 \u2014 International accounting standards), all EU listed companies*, including banks and insurance companies, must prepare their consolidated accounts according to these requirements.<\/p>\n<p>It replaces and repeals Regulation (EC) No 1725\/2003 which had previously adopted certain international accounting standards. It has applied since 2 December 2008.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Key_Points\"><\/span>Key Points<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The regulation and successive amendments include:<\/p>\n<p>27 IAS ranging from presentation of financial statements to borrowing costs and intangible assets;<br \/>\n16 international financial reporting standards on subjects such as business combinations and insurance contracts;<br \/>\n19 interpretations from the International Financial Reporting Interpretations Committee covering, among others, rights to interests from decommissioning, restoration and environmental rehabilitation funds;<br \/>\n8 interpretations by the Standard Interpretations Committee, including the introduction of the euro and government assistance.<\/p>\n<p>The European Commission:<\/p>\n<p>decides on the applicability of international accounting standards within the European Union after consulting the Accounting Regulatory Committee;<br \/>\npublishes an amending regulation whenever the EU endorses a new standard issued by the International Accounting Standards Board.<br \/>\nFROM WHEN DOES THE REGULATION APPLY?<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-17759\" data-postid=\"17759\" class=\"themify_builder_content themify_builder_content-17759 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>Financial Institutions Accounts European Union directives lay down accounting provisions for banks and other financial institutions. They prescribe the form of balance sheet layout, assets and liabilities presentation.\u00a0 Certain balance sheet entries must be shown in particular ways.\u00a0 There are two standard profit and loss account layout.\u00a0 There are special provisions in relation to on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[128,166],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/17759"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=17759"}],"version-history":[{"count":7,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/17759\/revisions"}],"predecessor-version":[{"id":18367,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/17759\/revisions\/18367"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=17759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=17759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=17759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}