Agenda. 5. Looking ahead. 1. NPLs in IFRS terms. 2. Practical considerations. 3. Harmonisation of IFRS with Banking regulations
|
|
- Scarlett Heath
- 6 years ago
- Views:
Transcription
1 0
2 Agenda 1. NPLs in IFRS terms 2. Practical considerations 3. Harmonisation of IFRS with Banking regulations 4. Important disclosures 5. Looking ahead 6. Conclusion
3 NPLs in IFRS terms
4 Financial instruments IAS 32 Financial Instruments: Presentation. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instruments of another entity A financial asset is any asset that is: cash; an equity instrument of another entity; a contractual right: 1. to receive cash of another financial asset from another entity; or 2. to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity.
5 Financial instruments (cont d) Common examples of financial assets representing a contractual right to receive cash in future are: trade accounts receivable and payable; notes receivable payable; loans receivable and payable; bonds receivable and payable. Common instruments used by banks for lending loans and advances : Bankers Acceptances; Term loans; Overdrafts Bonds Agrobills, AMA bills
6 NPLs and IFRS Non performance suggests is an indicators of an impaired loan. Impairment loss events (IAS 39, para 59) include: significant financial difficulty of the issuer or obligor breach of contract (default in interest or principal payments) probable bankruptcy or financial reorganization of the borrower decline in expected future cash flows since inception adverse changes in payment status of borrower national or local economic conditions that correlate with default on the asset
7 Objective evidence of impairment Impairment requires a loss event (objective evidence of impairment) that occurred after the initial recognition of the asset Provisions for future losses are not allowed The loss event (or events) has an impact on the estimated future cash flows of the (group of) financial asset(s) No impairment provision may be recognised at initial recognition
8 Impairment loss calculation Difference between: Carrying amount (amortised cost) & Present value of the estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate Impairment loss to be recognised in profit or loss
9 Critical impairment loss considerations Expected future cash flows Expected realization period Discounting rate: Original effective interest rate
10 Expected future cash flows Expected future cash flows How are the cash flows expected to be realized (recovery mode) OR Normal operations Obtain borrower s cash flow projections from ordinary course of business Payment plan BOTH!! Realisation of security Consider valuation and transaction costs
11 Original Effective Interest Rate Effective interest method calculates amortised cost and allocates interest income or expense over relevant period Effective interest rate exactly discounts estimated future cash flows, without taking account of future credit losses, to the net carrying amount Effective interest rate is calculated on initial recognition Difference between effective interest for a given period and the instrument s coupon and any other cash received is the amortisation
12 Practical considerations
13 Practical considerations Significant estimation uncertainty expected future cash flows timing of receipt of cash flows valuation of security (fair value vs forced sale value) time to realization of security Difference between rescheduled and renewed facilities Original effective interest method complexity of calculation (inclusion of other fees) variations in the interest rate may cause significant variances when discounting the expected cash flows e.g. interest rates of up to 40% p.a in 2009/2010 vs interest rates of 13-18% p.a in 2014.
14 Harmonisation of IFRS and banking regulations
15 Banking regulations vs IFRS Banking regulations The Bank should ensure that loans are correctly graded and classified in terms of section 22, subsection (c) part (ii) of the Third Schedule of the Banking Regulations, General provision calculated based on various percentages for each loan classification, as per the Banking Regulations, IFRS There should be objective evidence that a financial asset measured at amortised cost has been impaired guidance as per para 59 of IAS 39: Financial Instruments Recognition and measurement If any such evidence of impairment exists, the entity shall apply paragraph 63 of IAS 39 to determine the amount of impairment loss based on estimated future cash flows, appropriately discounted.
16 Banking regulations vs IFRS (cont d) Banking regulations classification of loans can be used to identify impaired loans for IFRS purposes Banking regulations considers recoverable amount from prescribed forms of security only whereas IFRS is based on expected future cash flows Accounting for differences between IFRS provision and regulatory provision IFRS provision > regulatory provision; no further action IFRS provision = regulatory provision; no further action IFRS provision < regulatory provision; full IFRS provision through income statement, difference through general reserve in SCE Similarities in the regulatory risk management disclosures with IFRS
17 Important disclosures
18 Disclosures IFRS 7 Financial Instruments: Disclosures applies to all entities for all types of financial instruments as defined by IAS 32, IAS 39 and IFRS 9 Accounting policy on the measurement basis of the financial instruments Reconciliation of changes in credit losses account for each fin. Instrument Fair value of collateral held, including terms and conditions Credit risk, maximum exposure to credit risk, any collateral in place, including age analysis of financial assets Liquidity risk liquidity risk management policies, maturity analysis showing remaining contractual maturities 2011 KPMG, a Zimbabwe partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG Printed in Zimbabwe.
19 Disclosures (cont d) Disclosure of fair values for each of class of financial assets, including those carried at amortised cost. Where available, the fair value of loans and advances is based on observable market transactions. Where observable market transactions are not available, fair value is estimated using valuation models, such as discounted cash flow techniques. Input into the valuation techniques includes expected lifetime credit losses, interest rates, prepayment rates and primary origination or secondary market spreads. For collateral-dependent impaired loans, the fair value is measured based on the value of the underlying collateral KPMG, a Zimbabwe partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG Printed in Zimbabwe. 79
20 Looking ahead
21 Moving to IFRS 9 Financial assets to be classified as subsequently measured at either amortised cost or fair value on the basis of; Entity s business model for managing financial assets and Contractual cash flow characteristics of the financial asset. Amortised cost is applied if both of the following conditions are met: The asset is held within a business model whose objective is to holder assets in order to collect contractual cash flows The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding
22 Moving to IFRS 9 Under the incurred loss model, investments are recognized as impaired when there is no longer reasonable assurance that the future cash flows associated with them will be either collected in their entirety or when due. Entities look for evidence of situations that would indicate impairment, such triggering events include when the entity Under an expected loss impairment model, estimates of future cash flows used to determine the present value of the investment are made on a continuous basis and do not rely on a triggering event to occur. Even though there may be no objective evidence that an impairment loss has been incurred, revised cash flow projections may indicate changes in credit risk. Effective for periods beginning on or after 1 January 2018
23 Conclusion
24 NPLs accounted for through application of IAS 32, IAS 39, IFRS 7 and IFRS 9 NPL (regulatory purposes) is equivalent to impaired asset (IFRS) Impairment determination Amortised cost carrying amount PV of expected future cash flows Based on incurred loss model Harmonisation of IFRS and regulatory provision Important disclosures to enable understanding of the fin instruments
25
26 Thank you Presentation by : Themba Mudidi Partner, Audit (04) / tmudidi@kpmg.com
IFRS vs Prudential Guidelines. Interest revenue recognition on non-performing loans in IFRS financial statements
IFRS vs Prudential Guidelines Interest revenue recognition on non-performing loans in IFRS financial statements Preamble There is currently a divergence between IFRS requirements and the Prudential Guidelines
More informationAccounting policies. 1. Introduction. 2. Basis of presentation. 3. Consolidation
2 202 FirstRand Group annual financial statements Accounting policies 1. Introduction FirstRand Limited ( the Group ) is an integrated financial services company consisting of banking, insurance and asset
More informationIAS 32, IAS 39 & IFRS 7 AA
GLOBAL AUDIT LEARNING AND DEVELOPMENT IAS 32, IAS 39 & IFRS 7 AA 2012-2013 Università degli Studi di Bergamo Anael Francillon Ivan Lucci Bergamo, 22 febbraio 2013. The information contained herein is of
More informationSTAFF PAPER 15-19 October 2012 REG IASB Meeting Project Paper topic CONTACT(S) Impairment Summary of decisions to date (information only) Manuel Kapsis mkapsis@ifrs.org +44 (0)20 7246 6459 Jana Streckenbach
More informationThe St. Vincent Co-operative Bank Limited Financial Statements Year Ended January 31, 2014
The St. Vincent Co-operative Bank Limited Financial Statements Year Ended January 31, 2014 Contents Page 1 Pages 2-3 Page 4 Page 5 Page 6 Page 7 Pages 8-35 Corporate Information Independent Auditors Report
More informationIFRS 9 FINANCIAL INSTRUMENTS FOR NON FINANCIAL INSTITUTIONS. New member firm training 2010 Page 1
IFRS 9 FINANCIAL INSTRUMENTS FOR NON FINANCIAL INSTITUTIONS New member firm training 2010 Page 1 AGENDA / OUTLINE IFRS 9 Financial Instruments Objective & Scope Key definitions Background & introduction
More informationSummary of IFRS Exposure Draft - Financial Instruments: Expected Credit Losses. Who Will be Impacted by These Proposals? Objectives of the Proposals
Summary of IFRS Exposure Draft Financial Instruments: Expected Credit Losses April 2014 In March 2013, the International Accounting Standards Board (IASB) issued an Exposure Draft (ED) relating to the
More informationThe St. Vincent Co-operative Bank Limited. Financial Statements Year Ended January 31, 2015
The St. Vincent Co-operative Bank Limited Financial Statements Year Ended January 31, 2015 Contents Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Pages 7-26 Corporate Information Independent Auditors Report
More informationINSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA Asset Impairment Workshop 16 th July to 17 th July Session Five: Financial Assets
INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA Asset Impairment Workshop 16 th July to 17 th July Session Five: Financial Assets Credibility. Professionalism. AccountAbility Content 1. Recognition
More informationFRTAP Poland Financial Reporting Technical Assistance Program
Michael Wells 15-16 February 2016, Warsaw Introduction and update: more complex issues under IFRS FRTAP Poland Financial Reporting Technical Assistance Program FRTAP Poland is financed by a grant from
More informationRisk and Accounting. IFRS 9 Financial Instruments. Marco Venuti 2018
Risk and Accounting IFRS 9 Financial Instruments Marco Venuti 2018 Agenda Reasons for issuing IFRS 9 Classification approach by IFRS 9 Classification and Measurement of financial assets Contractual cash
More informationAsset Finance Limited
Asset Finance Limited Financial Statements & Annual Report For the ended 31 March 2012 Asset Finance Limited CONTENTS COMPANY DIRECTORY... 3 DIRECTORS' CERTIFICATE... 4 FINANCIAL OVERVIEW... 5 STATEMENT
More informationInvestments in Associates and Joint Ventures
Indian Accounting Standard (Ind AS) 28 Investments in Associates and Joint Ventures (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs
More informationFRS 109 Financial Instruments
FRS 109 Financial Instruments Shirley Ang Partner, Assurance 17 August 2017 Foo Kon Tan LLP. All rights reserved. -1- FRS 109 Financial Instruments FRS 109 Financial Instruments to replace IAS / FRS 39
More informationContents. Financial instruments the complete standard. Fundamental changes call for careful planning. 1. Overview Complete IFRS 9
Financial instruments the complete standard Contents Fundamental changes call for careful planning 1. Overview Complete IFRS 9 2. Classification and measurement Facts 3. Classification and measurement
More informationIFRS 9 Financial Instruments Thai Life Assurance Association
IFRS 9 Financial Instruments Thai Life Assurance Association 13 December 2016 What impact will IFRS 9 have on your business? More data required IFRS 9 More judgment involved Detailed guidance which may
More informationEMIRATES NBD BANK PJSC
GROUP CONSOLIDATED FINANCIAL STATEMENTS These Audited Preliminary Financial Statements are subject to Central Bank of UAE Approval and adoption by Shareholders at the Annual General Meeting GROUP CONSOLIDATED
More informationIAS 39 Impairment principles applied in less-developed markets/economies: case of Macedonia
IAS 39 Impairment principles applied in less-developed markets/economies: case of Macedonia Marija Efremova Advisor to the Governor for IFRS National Bank of the Republic of Macedonia Vienna, 6-7 September
More informationIFRS 9 Financial Instruments Thai General Assurance Association
IFRS 9 Financial Instruments Thai General Assurance Association 9 March 2017 What impact will IFRS 9 have on your business? More data required IFRS 9 More judgment involved Detailed guidance which may
More information1 st National Bank St. Lucia Limited (formerly St. Lucia Co-operative Bank Limited)
1 st National Bank St. Lucia Limited (formerly St. Lucia Co-operative Bank Limited) Financial Statements March 29, 2005 Auditors Report To the Shareholders of We have audited the accompanying balance sheet
More information16/01/2015. FRS 102 & financial instruments basic and other debt instruments. FRS 102 & financial instruments basic and other debt instruments
FRS 102 & financial instruments basic and other debt instruments 20 January 2015 Download the slides to accompany the webinar /FRFwebinarresources FRS 102 & financial instruments basic and other debt instruments
More informationIAS 32 & IFRS 9 Financial Instruments
Baker Tilly in South East Europe Cyprus, Greece, Romania, Bulgaria, Moldova IAS 32 & IFRS 9 Financial Instruments Baker Tilly in South East Europe Cyprus, Greece, Romania, Bulgaria, Moldova IAS 32 Financial
More informationBortex Group Finance plc. Unaudited Financial Statements 31 October 2017
Unaudited Financial Statements 31 October Unaudited Financial Statements 31 October Statement of Finance Position 2 Income Statement 3 Statement of changes in equity 4 Statement of cash flows 5 Notes to
More informationLENDINVEST SECURED INCOME PLC. Interim unaudited report for the 6 month period ended 30 September Company registration number:
Interim unaudited report for the 6 month period ended 30 September 2017 Company registration number: 10408072 Contents Officers and professional advisors 3 Directors report 4 Responsibility statement of
More informationSD Finance pie. Unaudited Financial Statements 31 March 2017
Unaudited Financial Statements 31 March Statement of financial position Income statement Statement of changes in equity Notes to the financial statements 2 3 4-8 Statement of financial position As at 31
More informationWelcome to the participants of ICAI- Dubai Chapter on IFRS 9 Presentation
Welcome to the participants of ICAI- Dubai Chapter on IFRS 9 Presentation By Dr. Mohammad Belgami Director Corporate Finance International Dubai, Date: 15/10/2016 A word About. CFI A Grade 3 Licensee by
More informationFinancial Instruments (Basic)
Financial Instruments (Basic) Suggested Solutions Initial recognition Test your knowledge Which one should be recognised? Purchase order to purchase goods when placing an order Unconditional trade or loan
More informationNotes on the Financial Statements
Notes on the Financial Statements 1 Basis of preparation (a) Compliance with International Financial Reporting Standards The consolidated financial statements of the group and the separate financial statements
More informationThe IFRS for SMEs Topic 2.1 Section 11 Basic Financial Instruments Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity
The IFRS for SMEs 1 Topic 2.1 Section 11 Basic Financial Instruments Section 12 Other Fin. Inst. Issues Section 22 Liabilities and Equity This PowerPoint presentation was prepared by IFRS Foundation education
More informationANZ Bank New Zealand Limited Annual Report and Registered Bank Disclosure Statement
ANZ Bank New Zealand Limited Annual Report and Registered Bank Disclosure Statement FOR THE YEAR ENDED 30 SEPTEMBER 2015 NUMBER 79 ISSUED NOVEMBER 2015 ANZ Bank New Zealand Limited Annual Report and Registered
More informationNotes to the Consolidated Financial Statements (Amount in millions of Renminbi, unless otherwise stated)
(Amount in millions of Renminbi, unless otherwise stated) I GENERAL INFORMATION AND PRINCIPAL ACTIVITIES Bank of China Limited (the Bank ), formerly known as Bank of China, a State-owned joint stock commercial
More informationLIVESTOCK FEEDS PLC UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2018
LIVESTOCK FEEDS PLC UNAUDITED FINANCIAL STATEMENTS 31 MARCH 2018 2 LIVESTOCK FEEDS PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2018 Notes 2018 2017 N'000
More information4.5 Financial instruments
Stock code: OCDO www.ocadogroup.com 95 4.5 instruments Accounting policies assets and financial liabilities are recognised on the balance sheet when the Group becomes a party to the contractual provisions
More informationAn Overview of the Impairment Requirements of IFRS 9 Financial Instruments
An Overview of the Impairment Requirements of IFRS 9 Financial Instruments February 2017 Introduction... 2 Key Differences Between IAS 39 and IFRS 9 Impairment Models... 2 General Impairment Approach...
More informationAccounting for Reinsurance Contracts under International Financial Reporting Standards
Educational Note Accounting for Reinsurance Contracts under International Financial Reporting Standards Practice Council December 2009 Document 209125 Ce document est disponible en français 2009 Canadian
More informationNotes to the Consolidated Financial Statements
(Amount in millions of Renminbi, unless otherwise stated) I GENERAL INFORMATION AND PRINCIPAL ACTIVITIES Bank of China Limited (the Bank ), formerly known as Bank of China, a State-owned joint stock commercial
More informationFINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
EMPORIKI BANK ROMANIA SA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2009 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS CONTENTS PAGE Independent auditor s report to
More informationDefinition of non-performing, impaired (IAS 39), past-due and forbearance exposures
Qualitative disclosure pursuant to Art. 442 CRR (Credit risk adjustments) Definition of non-performing, impaired (IAS 39), past-due and forbearance exposures Non-performing exposures are divided into the
More informationNotes to the Consolidated Financial Statements
(Amount in millions of Renminbi, unless otherwise stated) I GENERAL INFORMATION AND PRINCIPAL ACTIVITIES Bank of China Limited (the Bank ), formerly known as Bank of China, a State-owned joint stock commercial
More informationIndependent Auditors Report - to the members 1. Consolidated Balance Sheet 2. Consolidated Profit and Loss Account 3
CONTENTS Independent Auditors Report - to the members 1 Page FINANCIAL STATEMENTS Consolidated Balance Sheet 2 Consolidated Profit and Loss Account 3 Consolidated Statement of Changes in Equity 4 Consolidated
More informationIFRS 9 for Financial Services Presentation and Disclosure. Ulana Oswald Senior Manager. December 9, 2015
IFRS 9 for Financial Services Presentation and Disclosure Ulana Oswald Senior Manager December 9, 2015 Presentation and Disclosure: Classification and Measurement Page 1 Classification and measurement
More informationCHELLARAMS PLC RC 639
CHELLARAMS PLC RC 639 QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDING 31 DECEMBER, 2018 FRC/2013/IODN/00000005336 FRC/2013/IODN/00000005335 Page 1 CONTENTS COMPLIANCE CERTIFICATE 3-4 CONSOLIDATED
More informationIndependent Auditors Report - to the members 1. Balance Sheet 2. Income Statement 3. Statement of Changes in Equity 4. Statement of Cash Flows 5
CONTENTS Page Independent Auditors Report - to the members 1 FINANCIAL STATEMENTS Balance Sheet 2 Income Statement 3 Statement of Changes in Equity 4 Statement of Cash Flows 5 Notes to the Financial Statements
More informationEMIRATES NBD BANK PJSC
GROUP CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2018 GROUP CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Contents Page Independent auditor s report
More informationMay & Baker Nig Plc RC. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2017
` May & Baker Nig Plc RC. 558 UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2017 UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Note Continuing operations Revenue
More informationUniversal Investment Bank AD Skopje. Financial Statements for the year ended 31 December 2010
for the year ended 31 December 2010 Contents Independent Auditors' report Statement of financial position 1 Statement of comprehensive income 2 Statement of changes in equity 3 Statement of cash flows
More informationIFRS 9 Financial Instruments
A C C O U N T I N G S U M M A R Y IFRS 9 Financial Instruments Objective The objective of this Standard is to establish principles for the financial reporting of financial assets and financial liabilities
More informationThe IFRS for SMEs Topic 2.1 Section 11 Basic Financial Instruments Michael Wells
The IFRS for SMEs 1 Topic 2.1 Section 11 Basic Financial Instruments Michael Wells Sections 11-12 Introduction 2 Financial instruments split into two sections: Sec. 11 Basic Financial Instruments Sec.
More informationExposure Draft. Expected Credit Losses. International Financial Reporting Standards
International Financial Reporting Standards Exposure Draft Expected Credit Losses The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation
More informationIndependent Auditors Report - to the members 1. Consolidated Statement of Financial Position 2. Consolidated Statement of Comprehensive Income 3
AND ITS SUBSIDIARIES CONTENTS Independent Auditors Report - to the members 1 Page FINANCIAL STATEMENTS Consolidated Statement of Financial Position 2 Consolidated Statement of Comprehensive Income 3 Consolidated
More informationAccounting treatment of loans and borrowings Issue paper presented at the EPSAS Working Group meeting Luxembourg, 7-8 May 2018
www.pwc.com Accounting treatment of loans and borrowings Issue paper presented at the EPSAS Working Group meeting Luxembourg, Status report and preliminary matters for discussion Contents Introduction
More informationTHE POWER OF BEING UNDERSTOOD AUDIT TAX CONSULTING
THE POWER OF BEING UNDERSTOOD AUDIT TAX CONSULTING This slide presentation has been prepared for general guidance only, and does not constitute professional advice. You should not act upon the information
More informationEUROSTANDARD Banka AD Skopje. Consolidated Financial Statements for the year ended 31 December 2007
Consolidated Financial Statements for the year ended 31 December 2007 Contents Auditors' report Financial Statements Consolidated balance sheet 2 Consolidated income statement 3 Consolidated statement
More informationOMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES. Review report and interim financial information for the nine months period ended 30 September 2014
OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Review report and interim financial information for the nine months period ended 30 September 2014 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Contents
More informationABC HOLDINGS LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015
ABC HOLDINGS LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 Contents Pages Directors report 1 2 Key ratios 3 Directors responsibility statement 4 Independent auditor
More informationEMIRATES NBD BANK PJSC
GROUP CONSOLIDATED FINANCIAL STATEMENTS These Audited Preliminary Financial Statements are subject to Central Bank of UAE Approval and adoption by Shareholders at the Annual General Meeting GROUP CONSOLIDATED
More informationFINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2017 (WITH INDEPENDENT AUDITORS REPORT THEREON)
years Bank of Albania FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2017 (WITH INDEPENDENT AUDITORS REPORT THEREON) 143 Bank of Albania Bank of Albania 144 years Bank of Albania 145 Bank
More informationBANK DHOFAR SAOG FINANCIAL STATEMENTS 31 DECEMBER Registered and principal place of business:
BANK DHOFAR SAOG FINANCIAL STATEMENTS 31 DECEMBER 2015 Registered and principal place of business: Bank Dhofar SAOG Central Business District P.O. Box 1507 Ruwi 112 Sultanate of Oman STATEMENT OF FINANCIAL
More informationFINANCIAL REPORTING WORKSHOP **IFRS 9: FINANCIAL INSTRUMENTS** Presentation by: CPA Boniface L Souza, ACIM, CFIP Wednesday, 15 th November 2017
FINANCIAL REPORTING WORKSHOP **IFRS 9: FINANCIAL INSTRUMENTS** Presentation by: CPA Boniface L Souza, ACIM, CFIP Wednesday, 15 th November 2017 Uphold public interest Agenda Why the transition to IFRS
More informationEMIRATES NBD BANK PJSC
GROUP CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS PERIOD ENDED 30 SEPTEMBER GROUP CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Contents Page Independent auditor s report
More informationANGLO AMERICAN SA FINANCE LIMITED (Incorporated in the Republic of South Africa)
ANGLO AMERICAN SA FINANCE LIMITED (Incorporated in the Republic of South Africa) Company Registration number 2003/015144/06 Audited Annual Financial Statements For the year ended A member of the Anglo
More informationNotes to the Consolidated Financial Statements (Amount in millions of Renminbi, unless otherwise stated)
Notes to the Consolidated Financial Statements (Amount in millions of Renminbi, unless otherwise stated) I GENERAL INFORMATION AND PRINCIPAL ACTIVITIES Bank of China Limited (the Bank ), formerly known
More information(A Saudi Joint Stock Company) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Un-audited) FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2018
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Un-audited) FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2018 0 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL Alawwal
More informationConsolidated and Separate Financial Statements of the Nordea Bank Polska S.A. Group The third quarter of 2006
Consolidated and Separate Financial Statements of the Nordea Bank Polska S.A. Group The third quarter of 2006 SELECTED FINANCIAL FIGURES keur 3 quarter(s) 3 quarter(s) 3 quarter(s) 3 quarter(s) incrementally
More informationCREDIT AGRICOLE - EGYPT Egyptian Joint Stock Company Separate Financial Statements And Auditors Limited Report For The Period Ended 30 September 2017
CREDIT AGRICOLE - EGYPT Egyptian Joint Stock Company Separate Financial Statements And Auditors Limited Report For The Period Ended Allied for Accounting & Auditing EY KPMG Hazem Hassan Public Accountants
More informationLIVESTOCK FEEDS PLC FINANCIAL STATEMENTS 31 DECEMBER 2015
LIVESTOCK FEEDS PLC FINANCIAL STATEMENTS 31 DECEMBER 2015 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF LIVESTOCK FEEDS PLC We have audited the accompanying financial statements of Livestock Feeds
More informationNATURE AND EXTENT OF RISKS ARISING FROM FINANCIAL INSTRUMENTS Quantitative disclosures. Collateral and other credit enhancements pledged
Appendix D GUIDANCE ON IMPLEMENTING AS 32, FINANCIAL INSTRUMENTS: DISCLOSURES INTRODUCTION Materiality CLASSES OF FINANCIAL INSTRUMENTS AND LEVEL OF DISCLOSURE SIGNIFICANCE OF FINANCIAL INSTRUMENTS FOR
More informationOMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES. Review report and interim financial information for the three months period ended 31 March 2013
OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Review report and interim financial information for the three months period ended 31 March 2013 OMAN INSURANCE COMPANY P.S.C. AND SUBSIDIARIES Contents Pages
More informationCREDIT AGRICOLE - EGYPT
CREDIT AGRICOLE - EGYPT Egyptian Joint Stock Company Consolidated Financial Statements And Auditors Limited Report For The Period Ended Allied for Accounting & Auditing EY KPMG Hazem Hassan Public Accountants
More informationCaribbean Finance Company Limited
Financial Statements (Expressed in Trinidad and Tobago Dollars) Contents Page Directors' Report 1 Corporate Information 2-3 Financial Highlights 4-5 Audited Financial Statements - Independent Auditor s
More informationAbbreviated financial statement of Bank Zachodni WBK SA
Abbreviated financial statement of Bank Zachodni WBK SA 1. Income statement of Bank Zachodni WBK S.A... 3 2. Balance sheet of Bank Zachodni WBK S.A.... 4 3. Movements on equity of Bank Zachodni WBK S.A...
More informationPublic Joint Stock Company ING Bank Ukraine IFRS Financial statements
Public Joint Stock Company ING Bank Ukraine IFRS Financial statements Year ended 31 December 2015 together with independent auditors' report 2015 IFRS Financial statements Contents Independent auditors'
More informationPreliminary Exposure Draft of
Preliminary Exposure Draft of International Actuarial Standard of Practice A Practice Guideline* Accounting for Reinsurance Contracts under International Financial Reporting Standards IFRS [2005] A Preliminary
More informationInstruments-Classification. Measurement and Impairment. Credibility. Professionalism. AccountAbility
IFRS IFRS 139 Fair Financial Value Instruments-Classification Measurement and Impairment Credibility. Professionalism. AccountAbility Agenda Adoption permutations Scope of the standard Definitions Classification
More informationFINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS
EMPORIKI BANK ROMANIA SA FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER
More informationThe Bank of Nevis Limited
Non-consolidated Financial Statements The Bank of Nevis Limited June 30, June 30, Contents Page Independent Auditors Report 1-3 Non-consolidated Statement of Financial Position 4 Non-consolidated Statement
More informationANZ BANK NEW ZEALAND LIMITED ANNUAL REPORT AND REGISTERED BANK DISCLOSURE STATEMENT
ANZ BANK NEW ZEALAND LIMITED ANNUAL REPORT AND REGISTERED BANK DISCLOSURE STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2017 NUMBER 87 ISSUED NOVEMBER 2017 ANZ Bank New Zealand Limited ANNUAL REPORT AND REGISTERED
More informationJSC Microfinance Organization Crystal Financial Statements for the year ended 31 December 2016
JSC Microfinance Organization Crystal Financial Statements for the year ended 31 December 2016 Contents Auditors Report... 3 Statement of profit or loss and other comprehensive income... 5 Statement of
More informationOverview of results. 31 March Sept Sept 2016 % change
Investec Bank plc FINANCIAL INFORMATION (a subsidiary of Investec plc) Unaudited consolidated financial information for the six months ended 30 September IFRS Pounds Sterling Overview of results 30 Sept
More informationCommercial Bank International P.S.C. Reports and the consolidated financial statements for the year ended 31 December 2017
Commercial Bank International P.S.C. Reports and the consolidated financial statements for the year ended 31 December 2017 These audited consolidated financial statements are subject to approval of the
More informationInternational Accounting Standard 10 Events after the Reporting Period
International Accounting Standard 10 Events after the Reporting Period Objective 1 The objective of this Standard is to prescribe: when an entity should adjust its financial statements for events after
More informationLIVESTOCK FEEDS PLC UNAUDITED FINANCIAL STATEMENTS 30 SEPTEMBER 2017
LIVESTOCK FEEDS PLC UNAUDITED FINANCIAL STATEMENTS 30 SEPTEMBER 2017 3 LIVESTOCK FEEDS PLC STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2017 2017 2017 2016
More informationIFRS 9 Financial Instruments. IICPAK: The Financial Reporting Workshop 4 th and 5 th December 2014 Hilton Hotel, Nairobi
IFRS 9 Financial Instruments IICPAK: The Financial Reporting Workshop 4 th and 5 th December 2014 Hilton Hotel, Nairobi Why are we discussing this topic? Why are we discussing this topic? Area that is
More informationCREDIT AGRICOLE - EGYPT Egyptian Joint Stock Company Consolidated Financial Statements And Auditors Limited Report For The Year Ended 30 June 2013
CREDIT AGRICOLE - EGYPT Egyptian Joint Stock Company Consolidated Financial Statements And Auditors Limited Report For The Year Ended 30 June Mansour & Co. PricewaterhouseCoopers Public Accountants KPMG
More informationEUROPEAN UNION ACCOUNTING RULE 11 FINANCIAL INSTRUMENTS
EUROPEAN UNION ACCOUNTING RULE 11 FINANCIAL INSTRUMENTS Page 2 of 35 I N D E X 1. Objective... 3 2. Scope... 3 3. Definitions... 3 4. Presentation... 7 5. Recognition... 9 6. Measurement... 10 6.1 Initial
More informationFRS 104 Insurance Contracts
Assurance & Advisory Business Services FRS 104 Insurance Contracts Singapore Actuarial Society Forum 4 March 2005 1 May 20, 2005 Agenda Background Product Classification Insurance Contracts and Contracts
More informationQNB ALAHLI S.A.E (Egyptian Joint Stock Company) Consolidated Financial Statements Together With Limited Review Report
(Egyptian Joint Stock Company) Consolidated Financial Statements Together With Limited Review Report For The Period Ended June 30, 2018 KPMG Hazem Hassan Public Accountants & Consultants Allied for Accounting
More informationConsolidated Financial Statements
Interim Condensed Consolidated Financial Statements For the three month period ended The Saudi British Bank Notes To The Interim Condensed Consolidated Financial Statements 1. General The Saudi British
More informationNEWFOUNDLAND AND LABRADOR HYDRO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS June 30, 2018 (Unaudited)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS June 30, 2018 (Unaudited) CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited) June 30 December 31 As at (millions of Canadian dollars) Notes 2018
More informationNordea Bank Polska S.A. Annual Report 2011
Nordea Bank Polska S.A. Annual Report 2011 This document is a free translation of the Polish original. Terminology current in Anglo-Saxon countries has been used where practicable for the purposes of this
More informationVTB Bank (Armenia) cjsc. Financial Statements For the year ended 31 December 2008
Financial Statements For the year ended 31 December Contents Independent Auditors Report...3 Income Statement...4 Balance Sheet...5 Statement of Cash Flows...6 Statement of Changes in Shareholders Equity...7
More informationConsolidated Financial Statements HSBC Bank Bermuda Limited
2011 Consolidated Financial Statements HSBC Bank Bermuda Limited Consolidated Financial Statements and Audit Report for the year ended 31 December 2011 Contents Page Independent Auditors Report... 1 Consolidated
More informationMAY & BAKER NIGERIA PLC CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2013
` MAY & BAKER NIGERIA PLC CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2013 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MAY & BAKER NIGERIA PLC ` We have audited the accompanying consolidated
More informationNOTES TO THE FINANCIAL STATEMENTS
!"# 1 Summary of significant accounting policies (a) Basis of preparation The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRSs, a
More informationFinancial Instruments Standards (Part 1) 18 August 2011
Instruments Standards (Part 1) 18 August 2011 Lam Chi Yuen, Nelson 林智遠 MBA MSc BBA ACA ACS CFA CPA(Aust) CPA(US) CTA FCCA FCPA FHKIoD FTIHK MHKSI MSCA 2006-11 Nelson Consulting Limited 1 HKAS 32, HKAS
More informationDIAMOND BANK PLC CONSOLIDATED FINANCIAL STATEMENT FOR THE QUARTER ENDED 31 MARCH 2013
DIAMOND BANK PLC CONSOLIDATED FINANCIAL STATEMENT FOR THE QUARTER ENDED 31 MARCH 2013 1. General information Diamond Bank Plc (the "Bank") was incorporated in Nigeria as a private limited liability company
More informationFIDELITY BANK PLC CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED
FIDELITY BANK PLC CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED SEPTEMBER 30 2016 FIDELITY BANK PLC Table of contents for the period ended September 30 2016 CONTENTS Page Income Statement
More informationConsolidated Financial Statements Summary and Notes
Consolidated Financial Statements Summary and Notes Contents Consolidated Financial Statements Summary Consolidated Statement of Total Comprehensive Income 57 Consolidated Statement of Financial Position
More informationProfit Recognition: A Banker s Dilemma
Profit Recognition: A Banker s Dilemma Christiaan Nel Antonie Jagga PwC Actuarial & Insurance Management Solutions Agenda Introduction What is profit recognition Accounting Standards IAS 39 and incurred
More informationBANK ALJAZIRA (A Saudi Joint Stock Company)
BANK ALJAZIRA UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTH AND SIX MONTH PERIODS ENDED 30 JUNE 2018 FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2018 1. GENERAL These
More information