GENERAL MEETING DRAFT - Bankier.pl

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>> Financial Statements
Part A – Accounting Policies
This valuation includes the "executability" of the transaction at the price observed, the number of
contributors, the degree of similarity of the financial instruments, the consistency of prices from different
sources, and the process followed by the infoprovider to obtain the information.
Independent price verification is supplemented by the calculation of further regulatory fair-value
adjustments, which are also recognized for accounting purposes, to take into account risks associated
with both the limited liquidity of the positions and the valuation models used.
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In Regulation No. 1004 of October 15, 2008, the European Commission transposed the changes to IAS
39 and IFRS 7 "Reclassification of financial assets" approved by the IASB. These changes, which apply
retroactively starting July 1, 2008, make it possible to reclassify certain financial assets, after their initial
recognition, out of the HfT and AfS portfolios.
In particular, the following may be reclassified:
� those HfT or AfS financial assets that would have satisfied the definition specified by international
accounting standards for the loan portfolio (if such assets were not classified as HfT or AfS
respectively on initial recognition) if the entity intends, and is able, to hold them for the foreseeable
future or until maturity;
� "only in rare circumstances" those HfT financial assets, which, at the time of their recording, did
not satisfy the definition of loans.
The following tables (which are broken down by type of underlying asset and portfolio) provide the book
value and fair value as at December 31, 2009 of assets which had been reclassified in H2 2008 and H1
2009.
The income/expenses that would have been recognized if such reclassifications had not occurred, as well
as those effectively recognized through profit or loss or at equity are also provided.
These income/expenses before taxes are broken down into two categories: those arising “from
measurement” (including any write-downs) and “other” (including interest and gains/losses on the
disposal of the transferred assets.
As a result the overall impact before taxes that would have been recognized in the income statement as
of December 31, 2009, if these assets had not been reclassified, would have been a gain of �1,574,604
thousand, while the impact actually recognized was a gain of �580,550 thousand.