Are you prepared to report and submit the asset encumbrance templates due to be filed on Gabriel by 12 February 2015 for the period to 31 December 2014?
The COR005 is a set of eight new CRDIV templates in order to disclose an entity’s Asset Encumbrance and is required to be filed by all entities which fall under the COREP regime and therefore is reported in an XBRL format. The templates analyse an entity’s debtors and some liabilities into several categories and then divide those which are encumbered and those which are not encumbered. The definition of encumbrance for this purpose is: '‘an asset shall be treated as encumbered if it has been pledged or if it is subject to any form of arrangement to secure, collateralise or credit enhance any transaction from which it cannot be freely withdrawn.’'
Further detail is also then required for entities who have greater than 15% or €30 billion assets which are encumbered.
If you need any assistance with this reporting, please contact us.