Guidance Note: Validation and verification of the '2.5 Profit and Loss' Sheet (September 2019)

Summary

This is a technical guidance note from the JFSC explaining the automated validation and verification checks applied to the '2.5 Profit and Loss' sheet within the prudential reporting template for Objects of Interest Businesses (OIBs). It describes how data entry cells and calculated cells are checked when the template is submitted, and what error or warning messages an OIB will see if a check fails.

• Data entry validation: Monetary amount cells (e.g. items A.1.1.1 through D.2) must contain a whole number between -1,000,000,000 and +1,000,000,000, as the reporting unit is 1,000 pounds sterling.
• Excel limitations: Excel-level validation only checks direct manual input and is not a failsafe; OIBs must independently check their data, and the JFSC also checks data on submission.
• Submission process: Submitting the template to the JFSC triggers the validation and verification checks; if all checks pass the submission is accepted and the OIB is notified along with any warnings.
• Calculation checks: Certain cells (e.g. A.1.1, A.1, A.2, A.3, A.0, B.0, C.0, D.0) are calculated fields derived from formulas summing or subtracting other cells, and are checked for consistency rather than direct input.

The note is purely explanatory: it does not itself impose new reporting obligations but clarifies the mechanics of an existing prudential reporting requirement so that OIBs can understand and resolve validation error messages referenced by unique check numbers.

Key obligations

• OIBs must ensure monetary amount entries in the '2.5 Profit and Loss' sheet are whole numbers within the range -1,000,000,000 to +1,000,000,000 (representing units of £1,000).
• OIBs should independently verify their submitted data rather than relying solely on Excel's built-in validation, since Excel checks are not a failsafe.

Applies to

Objects of Interest Businesses (OIBs)