IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions

This Standard is effective for financial statementscovering periods beginning on or after 1 January 1991.
In 1998, paragraphs 24 and 25 of IAS 30 were amended. Theamendments replace references to IAS 25, Accounting for Investments, byreferences to IAS 39, Financial Instruments: Recognition and Measurement.
In 1999, paragraphs 26, 27, 50 and 51 of IAS 30 wereamended. These amendments replace references to IAS 10, Contingencies andEvents Occurring After the Balance Sheet Date, by references to IAS 37,Provisions, Contingent Liabilities and Contingent Assets, and conform theterminology used to that in IAS 37.
International Accounting Standard 30 Disclosures in theFinancial Statements of Banks and Similar Financial Institutions (IAS 30) isset out in paragraphs 1-59. All the paragraphs have equal authority but retainthe IASC format of the Standard when it was adopted by the IASB. IAS 30 shouldbe read in the context of the Preface to International Financial ReportingStandards and the Framework for the Preparation and Presentation of FinancialStatements. These provide a basis for selecting and applying accountingpolicies in the absence of explicit guidance.


Scope


1. This Standard should beapplied in the financial statements of banks and similar financial institutions(subsequently referred to as banks).
2. For the purposes of this Standard, theterm "bank" includes all financial institutions, one of whoseprincipal activities is to take deposits and borrow with the objective oflending and investing and which are within the scope of banking or similarlegislation. The Standard is relevant to such enterprises whether or not theyhave the word "bank" in their name.
3. Banks represent a significant andinfluential sector of business worldwide. Most individuals and organisationsmake use of banks, either as depositors or borrowers. Banks play a major rolein maintaining confidence in the monetary system through their closerelationship with regulatory authorities and governments and the regulationsimposed on them by those governments. Hence there is considerable andwidespread interest in the well-being of banks, and in particular theirsolvency and liquidity and the relative degree of risk that attaches to thedifferent types of their business. The operations, and thus the accounting andreporting requirements, of banks are different from those of other commercialenterprises. This Standard recognises their special needs. It also encouragesthe presentation of a commentary on the financial statements which deals withsuch matters as the management and control of liquidity and risk.
4. This Standard supplements otherInternational Accounting Standards which also apply to banks unless they arespecifically exempted in a Standard.
5. This Standard applies to the separatefinancial statements and the consolidated financial statements of a bank. Wherea group undertakes banking operations, this Standard is applicable in respectof those operations on a consolidated basis.

IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial In

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Effective Date
59. This International Accounting Standard becomes operative for the financial statements of banks covering periods beginning on or after 1 January 1991.

58. When a bank has entered into transactions with related parties, it is appropriate to disclose the nature of the related party relationship, the types of transactions, and the elements of transactions necessary for an understanding of the financial statements of the bank. The elements that would normally be disclosed to conform with IAS 24 include a bank's lending policy to related parties and, in respect of related party transactions, the amount included in or the proportion of:
(a) each of loans and advances, deposits and acceptances and promissory notes; disclosures may include the aggregate amounts outstanding at the beginning and end of the period, as well as advances, deposits, repayments and other changes during the period;
(b) each of the principal types of income, interest expense and commissions paid;
(c) the amount of the expense recognised in the period for losses on loans and advances and the amount of the provision at the balance sheet date; and
(d) irrevocable commitments and contingencies and commitments arising from off balance sheet items.
Editorial note: First paragraph substituted by improvements project standard IAS 39 with effect for annual periods beginning on or after 1 January 2005. If an entity applies this Standard for an earlier period, these amendments shall be applied for that earlier period. Previously "When a bank has entered into transactions with related parties, it is appropriate to disclose the nature of the related party relationship, the types of transactions, and the elements of transactions necessary for an understanding of the financial statements of the bank. The elements that would normally be disclosed to conform with IAS 24 include a bank's lending policy to related parties and, in respect of related party transactions, the amount included in or the proportion of:"

57. Certain transactions between related parties may be effected on different terms from those with unrelated parties. For example, a bank may advance a larger sum or charge lower interest rates to a related party than it would in otherwise identical circumstances to an unrelated party; advances or deposits may be moved between related parties more quickly and with less formality than is possible when unrelated parties are involved. Even when related party transactions arise in the ordinary course of a bank's business, information about such transactions is relevant to the needs of users and its disclosure is required by IAS 24.

Trust Activities
55. Banks commonly act as trustees and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. Provided the trustee or similar relationship is legally supported, these assets are not assets of the bank and, therefore, are not included in its balance sheet. If the bank is engaged in significant trust activities, disclosure of that fact and an indication of the extent of those activities is made in its financial statements because of the potential liability if it fails in its fiduciary duties. For this purpose, trust activities do not encompass safe custody functions.
Related Party Transactions
56. IAS 24, Related Party Disclosures, deals generally with the disclosures of related party relationships and transactions between a reporting enterprise and its related parties. In some countries, the law or regulatory authorities prevent or restrict banks entering into transactions with related parties whereas in others such transactions are permitted. IAS 24, is of particular relevance in the presentation of the financial statements of a bank in a country that permits such transactions.

52. The income statement cannot present relevant and reliable information about the performance of a bank if net profit or loss for the period includes the effects of undisclosed amounts set aside for general banking risks or additional contingencies, or undisclosed credits resulting from the reversal of such amounts. Similarly, the balance sheet cannot provide relevant and reliable information about the financial position of a bank if the balance sheet includes overstated liabilities, understated assets or undisclosed accruals and provisions.
Assets Pledged as Security
53. A bank should disclose the aggregate amount of secured liabilities and the nature and carrying amount of the assets pledged as security.
54. In some countries, banks are required, either by law or national custom, to pledge assets as security to support certain deposits and other liabilities. The amounts involved are often substantial and so may have a significant impact on the assessment of the financial position of a bank.

General Banking Risks
50. Any amounts set aside for general banking risks, including future losses and other unforeseeable risks or contingencies should be separately disclosed as appropriations of retained earnings. Any credits resulting from the reduction of such amounts result in an increase in retained earnings and should not be included in the determination of net profit or loss for the period.
51. Local circumstances or legislation may require or allow a bank to set aside amounts for general banking risks, including future losses or other unforeseeable risks, in addition to the charges for losses on loans and advances determined in accordance with paragraph 45. A bank may also be required or allowed to set aside amounts for contingencies. Such amounts for general banking risks and contingencies do not qualify for recognition as provisions under IAS 37, Provisions, Contingent Liabilities and Contingent Assets. Therefore, a bank recognises such amounts as appropriations of retained earnings. This is necessary to avoid the overstatement of liabilities, understatement of assets, undisclosed accruals and provisions and the opportunity to distort net income and equity.

49. When loans and advances cannot be recovered, they are written off and charged against any allowance account for impairment losses. In some cases, they are not written off until all the necessary legal procedures have been completed and the amount of the impairment loss is finally determined. In other cases, they are written off earlier, for example when the borrower has not paid any interest or repaid any principal that was due in a specified period. As the time at which uncollectible loans and advances are written off differs, the gross amount of loans and advances and of the allowance account for impairment losses may vary considerably in similar circumstances. As a result, a bank discloses its policy for writing off uncollectible loans and advances.
Editorial note: Substituted by improvements project standard IAS 39 with effect for annual periods beginning on or after 1 January 2005. If an entity applies this Standard for an earlier period, these amendments shall be applied for that earlier period. Previously "When loans and advances cannot be recovered, they are written off and charged against the provision for losses. In some cases, they are not written off until all the necessary legal procedures have been completed and the amount of the loss is finally determined. In other cases, they are written off earlier, for example when the borrower has not paid any interest or repaid any principal that was due in a specified period. As the time at which uncollectable loans and advances are written off differs, the gross amount of loans and advances and of the provisions for losses may vary considerably in similar circumstances. As a result, a bank discloses its policy for writing off uncollectable loans and advances."

48. […]
Editorial note: Substituted by improvements project standard IAS 39 with effect for annual periods beginning on or after 1 January 2005. If an entity applies this Standard for an earlier period, these amendments shall be applied for that earlier period. Previously "A bank may decide not to accrue interest on a loan or advance, for example when the borrower is more than a particular period in arrears with respect to the payment of interest or principal. A bank discloses the aggregate amount of loans and advances at the balance sheet date on which interest is not being accrued and the basis used to determine the carrying amount of such loans and advances. It is also desirable that a bank discloses whether it recognises interest income on such loans and advances and the impact which the non-accrual of interest has on its income statement."