Annual Report: - Gorenjska banka

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2.1.1. Existing standards and interpretations amended in 2011 In 2011, the following amendments to the existing standards and interpretations issued by the International Accounting Standards Board (the IASB) and adopted by the EU were in force: • Amendments to IAS 24 ‘Related Party Disclosures’ – Simplification of Disclosure Requirements for Companies Related to the Government and Interpretation of the Definition of Related Party as adopted by the EU on 19 July 2010 (effective for annual periods beginning on or after 1 January 2011); • Amendments to IAS 32 ‘Financial Instruments: Presentation’ – Accounting for Rights Issues as adopted by the EU on 23 December 2009 (effective for annual periods beginning on or after 1 February 2010); • Amendments to IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’ - IFRS 7 Disclosure Exemption for First-time Adopters as adopted by the EU on 30 June 2010 (effective for annual periods beginning on or after 1 July 2010); • Amendments to various standards and interpretations ‘Improvements to IFRSs (2010)’, which arise from the annual IFRS improvements project published on 6 May 2010 (IFRS 1, IFRS 3, IFRS 7, IAS 1, IAS 27, IAS 34, IFRIC 13), mainly with the purpose of eliminating inconsistencies and text interpretations as adopted by the EU on 18 February 2011 (amendments are effective for annual periods beginning on or after 1 July 2010 or on or after 1 January 2011, depending on the standard/ interpretation); • Amendments to IFRIC 14 ‘IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction’ – Advance Payment Requirements in Regard to the Minimum Funding as adopted by the EU on 19 July 2010 (effective for annual periods beginning on or after 1 January 2011); and • IFRIC 19 ‘Extinguishing Financial Liabilities with Equity Instruments’ as adopted by the EU on 23 July 2010 (effective for annual periods beginning on or after 1 July 2010). Adoption of the above amendments to the existing standards did not cause any changes in the Bank’s accounting policies. 2.1.2. Standards and interpretations issued by the IASB and adopted by the EU, but not yet in force The following amendment was issued and adopted by the EU, but was not yet in force as at 31 December 2011: • Amendments to IFRS 7 ‘Financial Instruments: Disclosures’ – Transfer Transactions of Financial Assets as adopted by the EU on 22 November 2011 (effective for annual periods beginning on or after 1 July 2011). The objective of these amendments is to improve the quality of information on financial assets transferred, which an entity still, at least partially, recognizes as they do not meet the criteria for derecognition; and financial assets an entity no longer recognises as they meet the derecognition criteria but is still involved with them in a way. The Bank decided not to apply these amendments to the standard before entering into force. The Bank expects that the adoption of the standard will not have a significant impact on the Bank’s financial statements in the period of initial application. 2.1.3. Standards and interpretations issued by the IASB, but not yet adopted by the European Union At present, the IFRS as adopted by the EU do not significantly differ from regulations that were adopted by the IASB, with the exception of the following standards, amendments to the existing standards and interpretations, which as at 31 December 2011 have not been validated for use: • IFRS 9 ‘Financial Instruments’ (effective for annual periods beginning on or after 1 January 2015); • IFRS 10 ‘Consolidated Financial Statements’ (effective for annual periods beginning on or after 1 January 2013); 58 Gorenjska banka, d. d., Kranj Annual Report 2011 Financial Report
• IFRS 11 ‘Joint Arrangements’ (effective for annual periods beginning on or after 1 January 2013); • IFRS 12 ‘Disclosure of Interests in Other Entities’ (effective for annual periods beginning on or after 1 January 2013); • IFRS 13 ‘Fair Value Measurement’ (effective for annual periods beginning on or after 1 January 2013); • IAS 27 (amended in 2011) ‘Separate Financial Statements’ (effective for annual periods beginning on or after 1 January 2013); • IAS 28 (amended in 2011) ‘Investments in Associates and Joint Ventures’ (effective for annual periods beginning on or after 1 January 2013); • Amendments to IFRS 1 ‘First-time Adoption of IFRS’- Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (effective for annual periods beginning on or after 1 January 2011); • Amendments to IFRS 7 ‘Financial Instruments: Disclosures’ – Offsetting Financial Assets and Financial Liabilities (effective for annual periods beginning on or after 1 January 2013); • Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’ – Mandatory Effective Date and Transition Disclosures; • Amendments to IAS 1 ‘Presentation of Financial Statements’ – Presentation of Items of Other Comprehensive Income (effective for annual periods beginning on or after 1 July 2012); • Amendments to IAS 12 ‘Income Taxes’ – Deferred Tax: Recovery of Underlying Assets (effective for annual periods beginning on or after 1 January 2012); • Amendments to IAS 19 ‘Employee Benefits’ – Improvements to Accounting for Post-employment Benefits (effective for annual periods beginning on or after 1 January 2013); • Amendments to IAS 32 ‘Financial Instruments: Presentation’ – Offsetting Financial Assets and Financial Liabilities (effective for annual periods beginning on or after 1 January 2014); and • IFRIC 20 ‘Stripping Costs in the Production Phase of a Surface Mine’ (effective for annual periods beginning on or after 1 January 2013). The Bank anticipates that the introduction of these standards, amendments to the existing standards, and interpretations will not have a significant impact on the Bank’s financial statements in the period of initial application. At the same time, hedging related to the portfolio of financial assets and liabilities, the principles of which the EU has not yet adopted, is still not regulated. The Bank estimates that the use of hedging related to financial assets and liabilities in compliance with the requirements of IAS 39 ‘Financial Instruments: Recognition and Measurement’ would not have a significant impact on the Bank’s financial statements if they were applied as at the statement of financial position date. 2.1.4. Early adoption of standards In 2011 the Bank did not apply standards, amendments or interpretations that would not yet be effective. The Bank expects that the adoption of such standards, amendments and interpretations will not have a significant impact on the Bank’s financial statements in the period of initial application. 2.2. Associates and subsidiaries As of 31 December 2011 the Bank had two subsidiaries and one associate. Subsidiaries are entities that are directly or indirectly controlled by the Bank. Associates are entities over which the Bank has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for by the equity method of accounting and are initially recognized at cost. 59 Gorenjska banka, d. d., Kranj Annual Report 2011 Financial Report
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Annual Report: All that counts.
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Financial Report 51 Statement of ma
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6 Gorenjska banka, d. d., Kranj Ann
Page 8 and 9: Financial highlights International
Page 10 and 11: Statement of the President of the M
Page 12 and 13: Report of the Supervisory Board of
Page 14 and 15: Information regarding the adoption
Page 16 and 17: Management and Organizational Chart
Page 18 and 19: Business Network Gorenjska banka, d
Page 21 and 22: Knowledge. A veritable wealth of kn
Page 23 and 24: In 2011, the financial crisis again
Page 25 and 26: About the Gorenjska banka group Com
Page 27 and 28: About the associated company Skupna
Page 29 and 30: The Bank’s business policies by k
Page 31 and 32: Activities in the area of human res
Page 33 and 34: Securities portfolio management The
Page 35 and 36: Total comprehensive income, i.e. ne
Page 37 and 38: The Bank’s equity investment in t
Page 39 and 40: The figure below shows the structur
Page 41 and 42: Comprehensive savings products offe
Page 43 and 44: Social responsibility Sponsorships
Page 45 and 46: Data and explanations pursuant to A
Page 47: Other explanations Shareholders in
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Page 52 and 53: Statement of management’s respons
Page 54 and 55: Statement of financial position The
Page 56 and 57: Cash flow statement The notes on pa
Page 60 and 61: Under this method, The Bank’s sha
Page 62 and 63: 2.4.1.4. Available for sale financi
Page 64 and 65: 2.9. Fee and commission income Fees
Page 66 and 67: 2.13. Accounting for leases 2.13.1.
Page 68 and 69: 2.19. Financial guarantee contracts
Page 70 and 71: In 2011, the Bank applied a model f
Page 72 and 73: Back office and risk management sec
Page 74 and 75: 4.1.2. Maximum exposure to credit r
Page 76 and 77: The total impairment provision for
Page 78 and 79: c) Loans and receivables past due a
Page 80 and 81: Loans to individuals are impaired a
Page 82 and 83: 4.1.6. Debt securities The table be
Page 84 and 85: The Bank has a defined absolute lim
Page 86 and 87: (in thousand of EUR) Up to 1-3 3-12
Page 88 and 89: To control liquidity risk, accounti
Page 90 and 91: 4.3.2. Derivative financial liabili
Page 92 and 93: 4.4. Estimated fair value of financ
Page 94 and 95: 4.4.3.1. Assets and liabilities mea
Page 96 and 97: In order to measure the fair value
Page 98 and 99: The table below contains a summary
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108 Gorenjska banka, d. d., Kranj A
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According to Slovenian legislation
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40. - 48. Other notes 40. Off-balan
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Gorenjska banka, d. d., Kranj Bleiw
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Annual Report: - Gorenjska banka

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