GENERAL MEETING DRAFT - Bankier.pl

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>> Financial Statements
Part A – Accounting Policies
If there is objective evidence that a held-to-maturity investment is impaired, the impairment loss is
measured as the difference between the asset’s carrying amount and the present value of the estimated
future cash flows discounted using the original effective interest rate of the financial asset. The carrying
amount of the asset is reduced accordingly and the loss is recognised in profit or loss under item 130(c)
“Impairment losses (c) held-to-maturity investments”.
If, in a subsequent period, the amount of an impairment loss decreases and the decrease can be related
objectively to an event occurring after the impairment loss was recognised (such as an improvement in
the debtor’s credit rating), the previously recognised impairment loss is reversed. The reversal cannot
result in a carrying amount of the financial asset in excess of what the amortised cost would have been
had the impairment not been recognised. The amount of the reversal is recognised in the same profit or
loss item.
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Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market. Loans and receivables are recognised on the date of contract signing,
which normally coincides with the date of disbursement to the borrower.
These items include debt instruments with the same characteristics or that are subject to portfolio
reclassification in accordance with the rules of IAS 39 (see Part A.3.1 below - Transfers between
portfolios) and the net value of finance leases of assets under construction or awaiting lease, provided the
leases have the characteristics of contracts entailing the transfer of risk.
After initial recognition at fair value, which usually is the price paid including transaction costs and income
which are directly attributable to the acquisition or issuance of the financial asset (even if not paid), a loan
or receivable is measured at amortised cost using the effective interest method, allowances or reversals
of allowances being made where necessary on remeasuring.
A gain or loss on loans and receivables that are not part of a hedging relationship is recognised in profit or
loss:
or:
� when a loan or receivable is derecognised: in item 100 (a) “Gains (losses) on disposal”;
� when a loan or receivable is impaired: in item 130 (a) “Impairment losses (a) loans and
receivables”.
Interest on loans and receivables is recognised in profit or loss on an accrual basis under item 10
“Interest income and similar revenue”.
Delay interest is taken to the income statement on collection or receipt.
A loan or receivable is deemed impaired when it is considered that it will probably not be possible to
recover all the amounts due according to the contractual terms, or equivalent value.
Allowances for impairment of loans and receivables are based on the present value of expected net cash
flows of principal and interest; in determining the present value of future cash flows, the basic requirement
is the identification of estimated collections, the timing of payments and the rate used.