REPUBLIC BANK LIMITED
48
Contents
49
Independent Auditors’ Report
50
Consolidated Statement of Financial Position
51
Consolidated Statement of Income
52
Consolidated Statement of Comprehensive Income
53
Consolidated Statement of Changes in Equity
54
Consolidated Statement of Cash Flows
56
Notes to the Consolidated
Financial Statements
56
1 Corporate Information
56
2 Significant accounting policies
56
2.1 Basis of preparation
56
2.2 Basis of consolidation
57
2.3 Changes in accounting policies
61
2.4 Standards in issue not yet effective
63
2.5 Improvements to International Financial
Reporting Standards
63
2.6 Summary of significant accounting
policies
63
a) Cash and cash equivalents
63
b) Statutory deposits with Central Banks
63
c) Financial instruments
64
d) Impairment of financial assets
65
e) Leases
65
f) Premises and equipment
66
g) Goodwill
66
h) Employee benefits
67
i) Taxation
67
j) Statutory reserves
68
k) Fiduciary assets
68
l) Earnings per share
68
m) Foreign currency translation
68
n) Interest income and expense
68
o) Fee and commission income
69
p) Dividends
69
q) Segment reporting
69
r) Customers’ liabilities under
acceptances, guarantees,
indemnities and letters of credit
69
s) Share-based payments
69
3 Significant accounting judgements and
estimates in applying the Group’s
accounting policies
70
4 Advances
73
5 Investment securities
74
6 Investment in associated companies
75
7 Premises and equipment
76
8 Goodwill
77
9 Employee benefits
82
10 Deferred tax assets and liabilities
83
11 Other assets
83
12 Customers’ current, savings and deposit
accounts
83
13 Other fund raising instruments
84
14 Debt securities in issue
84
15 Other liabilities
85
16 Stated capital
85
17 Other reserves
87
18 Operating profit
88
19 Taxation expense
88
20 Related parties
90
21 Risk management
102
22 Capital management
102
23 Fair value
105
24 Segmental information
109
25 Maturity analysis of assets and liabilities
110
26 Equity compensation benefits
112
27 Dividends paid and proposed
112
28 Contingent liabilities
114
29 Subsidiary companies
115
30 Structured entities
