GENERAL MEETING DRAFT - Bankier.pl

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>> Financial Statements
Part A – Accounting Policies
The main definitions introduced by IFRS are described below, other than those dealt with in previous
sections.
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The amortised cost of a financial asset or financial liability is the amount at which the financial asset or
financial liability is measured at initial recognition minus principal repayments, plus or minus the
cumulative amortisation using the effective interest method of any difference between that initial amount
and the maturity amount, and minus any reduction (directly or through the use of an allowance account)
for impairment or uncollectibility.
The effective interest method is a method of allocating the interest income or interest expense over the
life of a financial asset or liability. The effective interest rate is the rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument to the net carrying
amount of the financial asset or financial liability. The calculation includes all fees and points paid or
received between parties to the contract that are an integral part of the effective interest rate, transaction
costs, and all other premiums or discounts.
Commissions forming an integral part of the effective interest rate include loan drawdown fees or
underwriting fees relating to a financial asset not designated at fair value, e.g., fees received as
compensation for the assessment of the issuer’s or borrower’s financial situation, for valuation and
registration of security, and generally for the completion of the transaction (management fees).
Transaction costs include fees and commissions paid to agents (including employees acting as selling
agents), advisers, brokers and dealers, levies by regulatory agencies and securities exchanges, and
transfer taxes and duties. Transaction costs do not include debt premiums or discounts, financing costs or
internal administrative or holding costs.
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At each balance sheet date an entity assesses whether there is any objective evidence that a financial
asset or group of financial assets is impaired.
A financial asset or a group of financial assets is impaired and impairment losses are incurred if, and only
if, there is objective evidence of impairment as a result of one or more events that occurred after the initial
recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated
future cash flows of the financial asset or group of financial assets that can be reliably estimated.
It may not be possible to identify a single, discrete event that caused the impairment. Rather the
combined effect of several events may have caused the impairment.
Losses expected as a result of future events, no matter how likely, are not recognised.