LIABI LITIES

Accounting item

Accounting item LIABILITIES

SWIFT Standards committee

Financial Reporting Policy

ACCOUNTING INFORMATION ( Please only fill in those fields which apply )

Normalize Colors Correction Preview

The statistical category should equal the accounting category .

The Eurosystem invites the EPC along with the European Committee of Banking Standards ( ECBS ) to respond to the seven High Level Recommendations for Standards made in this report .

PAN EUROPEAN STANDARDS

To secure this objective , work on standardisation is of the utmost importance .

This evolution displays aspects of a normalisation of risk pricing .

Standard setting is also evolving rapidly .

Standardisation of technical and legal requirements of payments will allow banks to offer faster and more economic end to end automatable payments and facilitate invoicing for businesses .

Standardisation of payment services and processing is critical .

ANNEX 5 SEVEN HIGH LEVEL RECOMMENDATIONS FOR STANDARDS The Eurosystem has been following the standardisation work of the banking industry and , as result of this monitoring , has defined a set of high level recommendations .

In the second standardisation domain , namely that of terminals and their connection to acquirers , several market driven standardisation initiatives are at hand

The normalisation of portfolio allocation behaviour seen in 2004 proceeded only slowly .

however , where they involve only an accounting change , they would be included here .

however , where they involve only an accounting change , they would be included here . 3 .

Care must be taken that the accounting unit used in individual transactions is always recognisable .

Recommendation 4 ( roles ) Different parties respective roles and responsibilities need to be clarified , including those of a ) European banking standards bodies , b ) other standard bodies , and c ) other stakeholders .

CEN is officially recognised as a European standards body by the European Union the other official European standards bodies are the European Committee for Electrotechnical Standardization (CENELEC) and the European Telecommunications Standards Institute (ETSI).

To overcome these problems, some Creole advocates propose the development of two standards a North (Barlavento) standard, centered on the São Vicente variant, and a South (Sotavento) standard, centered on that of Santiago.

The SEPA should provide concrete benefits and not be an enforced standardisation exercise .

The IBM Freescale alliance was replaced by an open standards body called Power.org.

This effort will be undertaken within existing standardization ( including card schemes ) organizations .

This change was needed in order to streamline the work of the banking industry in the standardisation field .

Moreover , there is a need for the standardisation activities to address the specific needs of the SEPA .

Accounting and Procurement Administrative Services Financial Reporting and Policy Premises Security

Office Services Premises Security Directorate Internal Finance Ian Ingram Divisions Accounting Financial Reporting and Policy Divisions

Second , it identified principles for the underlying processing infrastructures and addressed standardisation issues .

T h e s t a n d a r d s s e l e c t e d a re U N I F I ( ISO 20022 ) XML message standards developed by the International Organization for Standardization .

Finally , particular emphasis is placed on the need to accelerate standardisation work .

the right hand side of the bridging tables gives , for each accounting item , the item number , description and breakdown requested .

Work on standards should benefit in particular from an enhanced and accepted structure .

Components of SEPA SEPA payment instruments SEPA infrastructures Standardisation Legal framework 4 .

Consequently , the comparative figures for 2004 have been reclassified to bring them into line with the revised accounting policy .

This Guideline 's scope of application shall be limited to the Eurosystem accounting and financial reporting regime laid down by the Statute .

The Eurosystem supports the banking industry , card schemes and standard setting bodies in their work .

Standardisation was the preferred option of a majority of payment industry and user associations .

Where necessary , standardisation and qualification processes will be undertaken in concert with the Eurosystem .

Language Services Secretariat Office Services Premises Security Directorate Internal Finance Ian Ingram Divisions Accounting and Procurement Financial Reporting and Policy

Depending on the use made of the conversion facilities , the latter may lead to a payment conversion or an accounting conversion .

Although market conditions underwent some normalisation , they still have not fully returned to smooth functioning .