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Banking Taxonomy for Review

Posted on February 10, 2017 by Editor

The Union Jack flag with a cup of tea served with a shortbread biscuit in a bone china cup and saucer

The team at Threadneedle street are busy. Hot on the heels of the Capital+ taxonomy, arrives a new draft taxonomy for comment. This is a set of PRA requirements for bank Financial Statements.

Once again, the Bank of England has chosen to align its reporting requirements – and taxonomy – ¬†with the EBA framework, taking into account the requirements of IFRS 9 as well as the needs of non-EEA bank branches authorised to take deposits in the UK, including those that don’t use the IFRS accounting standards. Read the policy paper here. Check the taxonomy over here. But be quick! Version 2.0 of the taxonomy will be published on 28 February. And the new data requirements come into effect on 1 January 2018.

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