GENERAL MEETING DRAFT - Bankier.pl

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Financial liabilities, as well as financial assets, could also be designated on initial recognition as
measured at fair value, provided that:
or
� this designation eliminates or considerably reduces a lack of uniformity as between different
methods of measurement of assets and liabilities and related gains or losses;
� a group of financial assets, financial liabilities or both are managed and measured at fair value
under risk management or investment strategy which is internally documented with the entity’s
Board of Directors or equivalent body.
These transactions are recognised as per HfT financial liabilities, gains and losses, whether realised or
not, being recognised in item 110 “Gains (losses) on financial assets and liabilities at fair value through
profit and loss”.
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A foreign currency transaction is recognised at the spot exchange rate of the transaction date.
Foreign currency monetary assets and liabilities are translated at the closing rate of the period.
Exchange differences arising from settlement of monetary items at rates different from those of the
transaction date and unrealised exchange rate differences on foreign currency assets and liabilities not
yet settled, other than assets and liabilities designated as measured at fair value and hedging
instruments, are recognised in profit and loss item 80 “Gains and losses on financial assets and liabilities
held for trading”.
Exchange rate differences arising on a monetary item that forms part of an entity’s net investment in a
foreign operation whose assets are located or managed in a country or currency other than the euro are
initially recognised in the entity’s equity, and recognised in profit or loss on disposal of the net investment.
Non-monetary assets and liabilities recognised at historical cost in a foreign currency are translated using
the exchange rate at the date of the transaction. Non-monetary items that are measured at fair value in a
foreign currency are translated at the closing rate. The exchange differences are recognised:
� in profit and loss if the asset is HfT; or
� in revaluation reserves if the asset is AfS.
Hedges of a net investment in a foreign operation are recognised similarly to cash flow hedges:
� the portion of the gain or loss on the hedging instrument that is determined to be an effective
hedge is recognised directly in revaluation reserves;
� the ineffective portion is however recognised in profit and loss item 90 “Fair value adjustments in
hedge accounting”.
The assets and liabilities of fully consolidated foreign entities are translated at the closing exchange rate
of each period. Gains and losses are translated at the average exchange rate for the period. Differences
arising from the use of spot and weighted average exchange rates and from the remeasurement of a
foreign operation’s assets at the closing rate of the period are recognised in the revaluation reserves.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
214