According to the resolution of the committee of institutions supervising European banks, from the 1st of January, 2008 the FINREP (Finance Reporting) package of unified finance reporting forms will be mandatory for all the EU-member countries. FINREP is an integral package, which is approved by each countryâs institution supervising banks, and slightly adapted for a specific country.
In the beginning of November, the Forbis Company presented the first FINREP package of reporting forms to Lithuanian banks â âBalance Sheetâ. In the nearest future, the specialists of the Forbis Company will present the second FINREP package â âProfit and Loss Accountâ. It will enable Lithuanian commercial banks to duly prepare and provide annual reports to the Bank of Lithuania. Till the end of this year it is planned to complete some other FINREP reports.