GENERAL MEETING DRAFT - Bankier.pl

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>> Financial Statements
Part A – Accounting Policies
These Accounts were compiled on the assumption that they should present a continuing business. At
present there is no uncertainty as to the Company’s ability to continue its business operations as
envisaged by IAS 1. Measurement criteria are therefore in accordance with this assumption and with the
principles of competence, relevance and materiality in financial statements and the priority of economic
substance over juridical form. These principles are unchanged from 2008.
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Following the above-mentioned first amendment to Banca d’Italia Circular 262/2005 the following changes
were applied to the financial statements and the tables included in the notes to the accounts:
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Under the new version of IAS 1, the Statement of Comprehensive Income, starting from profit (loss) for
the period, presents items of income and expense which were not recognized in the net profit or loss, in
compliance with international financial reporting standards. These items are changes in evaluation for the
period contra valuation reserves (after tax) and relate to: available-for-sale financial assets; property,
plant and equipment; intangible assets; hedges of foreign investments; cash-flow hedges; exchange
differences; actuarial gains (losses) on employee defined-benefit plans.
They also include reclassification adjustments, i.e. amounts reclassified in profit or loss for the period,
which were recognised in other comprehensive income in the current or previous periods.
The above mentioned changes in evaluation are indicated separately if they refer to non-current assets
classified as held for sale and to associates valued at equity.
In addition, Part D of the Notes to the Consolidated Accounts, which was previously dedicated to
"Segment Reporting" is now called "Consolidated Statement of Comprehensive Income," and in fact,
contains a table showing the income components.
Segment Reporting is now covered in the new Part L of the Notes to Accounts.
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The newly introduced Part A.3) Information on fair value presents a disclosure of reclassified financial
instruments according to IAS 39 and information on fair value hierarchy as required by IFRS 7.
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The presentation of a breakdown of consolidated data into operational segments (banking group,
insurance company and other businesses) was eliminated, except when a detailed disclosure was
deemed significant.
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The disclosure of financial assets does not include the sub-items previously presented in respect of
“impaired assets” and “assets sold but not derecognized”.
Balances as at 31 December 2008 for these two asset types were reclassified according to a breakdown
based on the type of product.
Similarly, the items “Deposits from banks” and “Deposits from customers” do not include the sub-items
concerning “liabilities for assets sold but not derecognized”, whose balances as at 31 December 2008
were included in “Other liabilities”, except for liabilities associated with reverse repos, which are still
disclosed separately.