The Bank of Spain has issued amendments to its accounting and Central Credit Information Register (CIR) reporting frameworks to simplify financial reporting by supervised entities, keep domestic requirements aligned with EU-adopted International Financial Reporting Standards, and begin replacing certain reserved national financial statements with more granular CIR data. Circular 4/2017 is updated to incorporate the latest EU-adopted IFRS 9 changes on financial instruments, with the aim of avoiding the application of different accounting criteria in individual and consolidated annual accounts. Requirements for credit risk coverage due to country risk in Annex 9 are also revised. The changes initiate a transition in which certain reserved statements will be discontinued once equivalent granular information is collected through the CIR: the last submission of the replaced reserved statements will be for 30 June 2026, and Circular 1/2013 is amended to add the new granular CIR items that will substitute them. The Bank estimates this will cut the information required in the national reserved statements under Circular 4/2017 by one third. The amendments enter into force on 30 December 2025, subject to first-application specifics set out in the final provision. Separately, a draft omnibus circular is in a prior public consultation and is expected to complete its process by mid-2026, with further removals of duplicative information that, together with these changes, would reduce current national reserved reporting required under Circulars 4/2017 and 2/2016 by around 50%.
Bank of Spain 2025-12-29
Bank of Spain simplifies supervised entities’ financial reporting by aligning accounting rules with EU IFRS 9 and reducing reserved returns by one third
The Bank of Spain has amended its accounting and Central Credit Information Register (CIR) reporting frameworks to simplify financial reporting and align with EU-adopted International Financial Reporting Standards. Circular 4/2017 now incorporates IFRS 9 changes, revises credit risk coverage requirements, and initiates a transition to more granular CIR data, reducing national reserved statement requirements by one third. Further reductions are anticipated with a draft omnibus circular, potentially cutting reporting requirements by 50% by 2026.