The Basel Committee on Banking Supervision on Wednesday published revised disclosure requirements that aim to facilitate market discipline for banks, and set out the committee’s approach to planned changes in accounting rules.

The revised requirements: consolidate all of the existing requirements that; introduce a “dashboard” for displaying banks’ key prudential metrics; and adopt a new disclosure requirement for banks that record prudent valuation adjustments.

The new standards also incorporate other recent reforms, such as the Basel Committee’s revised market risk framework.

The new standard includes feedback received during a public consultation on these requirements that was carried out last year. Changes to existing disclosure requirements are generally to implemented by the end of 2017, whereas implementation dates for various new requirements are set out in the standard.

Changes to banks’ provisioning practices

Separately, the Basel Committee on Wednesday released details on how regulators should treat forthcoming changes to international accounting standards on bank provisioning that are due to take effect over the next few years.

“The Committee supports the use of expected credit loss (ECL) accounting approaches and encourages their application in a manner that will achieve earlier recognition of credit losses than incurred loss models while also providing incentives for banks to follow sound credit risk management practices,” the committee says in a statement.

Yet, the regulators also acknowledge that this will likely have implications for regulatory capital, as the new accounting provisioning models introduce fundamental changes to banks’ provisioning practices.

For now, the Basel Committee says it will retain the current regulatory treatment of provisions, which will give it more time to fully consider the longer-term regulatory treatment of provisions.