GENERAL MEETING DRAFT - Bankier.pl

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>> Financial Statements
Part A – Accounting Policies
An entity shall derecognise a financial asset when the contractual rights to the cash flows from the
financial asset expire or it transfers the contractual rights to receive the cash flows of the financial asset
to a non-Group counterparty.
Rights to cash flow are considered to be transferred even if contractual rights to receive the asset’s cash
flow are retained but there is an obligation to pay this cash flow to one or more entities and all the
following conditions are fulfilled (pass-through agreement):
� there is no obligation on the Group to pay amounts not received from the original asset;
� sale or pledge of the original asset is not allowed, unless it secures the obligation to pay cash flow;
� the Group is obliged to transfer forthwith all cash flows received and may not invest them, except
for liquidity invested for the short period between the date of receipt and that of payment, provided
that the interest accrued in that period is paid on.
Recognition is also subject to verification of effective transfer of all the risks and rewards of ownership of
the financial asset (true sale). If the entity transfers substantially all the risks and rewards of ownership of
the financial asset, the entity shall derecognise the asset (or group of assets) and recognise separately as
assets or liabilities any rights and obligations created or retained in the transfer.
Conversely, if the entity substantially retains all the risks and rewards of ownership of the asset (or group
of assets), the entity shall continue to recognise the transferred asset(s). In this case it is necessary to
recognise a liability corresponding to the amount received under the transfer and subsequently recognise
all income accruing on the asset or expense accruing on the liability.
The main transactions that do not allow, under the above rules, total derecognition of a financial asset are
securitisations, repurchase transactions (buy-ins) and stock lending.
In the case of securitisations the Group does not derecognise the financial asset on purchase of the
equity tranche or provision of other forms of support of the structure which result in the Group retaining
the credit risk of the securitised portfolio.
In the case of repurchase transactions and stock lending, the assets transacted are not derecognised
since the terms of the transaction entail the retention of all their risks and rewards.
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Changes in treasury shares are reported as a direct contra item to shareholders' equity, i.e. as a reduction
to the latter in the amount of any purchases, and as an increase in the amount of any sales.
If, that is, treasury shares are subsequently sold, the difference between the sale price of treasury shares
and the related post-tax repurchase cost is also recognized directly as a contra item to shareholders'
equity.
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Finance leases effectively transfer all the risks and benefits of ownership of an asset to the lessee.
Ownership of the asset is transferred to the lessee, however not necessarily at contract maturity.