ING Bank Śląski | Annual Report 2014

ING BANK ŚLĄSKI

ING BANK ŚLĄSKIAnnual Report 2014

Statement of compliance with International Financial Reporting Standards

These annual consolidated financial statements for the period from 1 January 2014 to 31 December 2014  were prepared in compliance with the International Financial Reporting Standards (“IFRS”) approved by the European Union. In view of the ongoing process of IFRS introduction in the EU and the business run by the Group, as at the approval date of this report, there were no differences between the already effective IFRSs and the IFRSs approved by the EU in terms of the accounting principles applied by the Group.  IFRS include standards and interpretations accepted by the International Accounting Standards Board (“IASB”) and International Financial Reporting Interpretation Committee (“IFRIC”). 

Consolidated income statement, consolidated statement of comprehensive income,  consolidated statement of changes in equity, and consolidated cash flow statement for the period from 1 January 2014 to 31 December 2014, and consolidated statement of financial position as at 31 December 2014 together with comparable data were prepared according to the same principles of accounting for each period.

1. Going-concern

These annual consolidated financial statements were prepared on a going-concern basis as regards the foreseeable future, namely as regards the period of minimum 12 months from the balance sheet date. As of the date of approving these statements, the Bank Management Board has not identified any events that could indicate that the continuation of the operations by the Capital Group is endangered.

2. Discontinued operations

No operations were discontinued during 2014 and 2013.

3.  Financial statements scope and currency

These annual consolidated financial statements of the Capital Group of ING Bank Śląski S.A. for the year 2014 comprises the data of the Bank, its subsidiaries (jointly referred to as the “Group”) and shares in the affiliated entity. 

These annual consolidated financial statements have been developed in Polish zloties (“PLN”). Unless provided for otherwise, all values were given rounded up to PLN million. Therefore, some totals and individual notes can be inconsistent in mathematical terms.

4. Term of the statements and comparable data 

These annual consolidated financial statements of the Capital Group of ING Bank Śląski S.A. cover the period from 1 January 2014 to 31 December 2014 and include the comparative data: 

  • items from the consolidated statement of financial position as at 31 December 2013,
  • items in the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the period from 1 January 2013 to 31 December 2013.

5. Changes to accounting standards

In these annual consolidated financial statements the Group took account of the following binding standards and interpretations approved by the European Union for annual periods starting on or after 1 January 2014:

Change
(effective date provided for in the parentheses)
Influence on the Group statements
IAS 27
Standalone Financial Statements.
(the accounting year starting on 1 January 2014 or later)
Implementation of the change had no material impact on the financial statements of the Group.
IAS 28
Investments in Associates and Joint Ventures.
(the accounting year starting on 1 January 2014 or later)
Implementation of the change had no impact on the financial statements of the Group.
IAS 36
Recoverable Amount Disclosures for Non-Financial Assets.
(the accounting year starting on 1 January 2014 or later)
Implementation of the change had no material impact on the financial statements of the Group.
IAS 39
Novation of Derivatives and Continuation of Hedge Accounting.
(the accounting year starting on 1 January 2014 or later)
Implementation of the change had no material impact on the financial statements of the Group. The above follows both the adopted principles whereunder the individual strategies function and the legal obligation to transfer transactions to be cleared through the central counterparty.
IFRS 10
Consolidated Financial Statements.
(the accounting year starting on 1 January 2014 or later)
The new standard had no impact the consolidated financial statements of the Group because after
assessing the supervision over the entities wherein funds were invested in line with the new standard the conclusions as regards the extent whereto the Group supervises the said entities remained unchanged while the Parent Company of the Group does not meet the requirements to be treated as an investment unit.
IFRS 11
Joint Arrangements.
(the accounting year starting on 1 January 2014 or later)
Standard implementation  had no impact the financial statements of the Group because the Group is not a party to any mutual arrangements.
IFRS 12
Disclosure of Interest in Other Entities.
(the accounting year starting on 1 January 2014 or later)
Implementation of the change had no material impact on the financial statements of the Group (the number of required disclosures will go up).

 

The published standards and interpretations which were already issued but are still ineffective as they were not approved by the European Union or were approved by the European Union but were not previously applied by the Group:

Change
(effective date provided for in the parentheses)
Influence on the Group statements
IAS 1
Disclosure Initiative.
(the accounting year starting on 1 January 2016 or later)
The implementation of the amendment will not have material impact on the financial statements of the Group.
IAS 16
Clarification of Acceptable Methods of Depreciation and Amortisation.
Bearer Plants.

(the accounting year starting on 1 January 2016 or later)
The published amendments to the standard will not have impact on the financial statements of the Group – the Group does not apply the revenue-based methods of depreciation and amortisation while the amendment concerning recognition of bearer plants does not apply to the Group.
IAS 19
Defined Benefit Plans: Employee Contributions.
(accounting year starting on 1 July 2014 or later)
The standard implementation will not have a material impact on the financial statements of the Group.
IAS 27
Equity Method in Separate Financial Statements.
(the accounting year starting on 1 January 2016 or later)
The analyses show that the application of amendment to the standard will not have material impact on the financial statements of the Group.
IAS 28
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.
Investment Entities: Applying the Consolidation Exception.

(the accounting year starting on 1 January 2016 or later)
The Group is currently analysing the impact of the said changes on the financial statements, but still no material impact is expected.
IAS 38
Clarification of Acceptable Methods of Depreciation and Amortisation.
(the accounting year starting on 1 January 2016 or later)
Standard application will have no impact on the financial statements of the Group.
IAS 41
Agriculture- Bearer Plants.
(the accounting year starting on 1 January 2016 or later)
Not applicable.
IFRS 9
Financial Instruments.
(the accounting year starting on 1 January 2018 or later)
The new standard is expected to have a material impact on the financial statements upon its initial application due to the requirement of its retrospective application. The Group is currently analysing the impact of changes on the consolidated financial statements. The Group has not set the initial application date for this standard yet.
IFRS 10
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture.
Investment Entities: Applying the Consolidation Exception.

(the accounting year starting on 1 January 2016 or later)
The Group is currently analysing the impact of the said changes on the financial statements, but still no material impact is expected.
IFRS 11 
Accounting for Acquisitions of Interests in Joint Operations.
(the accounting year starting on 1 January 2016 or later)
The analyses show that the standard’s application will not have material impact on the financial statements of the Group.
IFRS 12     
Investment Entities: Applying the Consolidation Exception .
(the accounting year starting on 1 January 2016 or later)
The analyses show that the application of amendment to the standard will not have material impact on the financial statements of the Group.
IFRS 14
Regulatory Deferral Accounts.
(the accounting year starting on 1 January 2016 or later)
Not applicable (the new standard applies only to entities that are IFRS first-time adopters).
IFRS 15
Revenue from Contracts with Customers.
(the accounting year starting on 1 January 2017 or later)
The analyses show that the standard’s application will not have material impact on the financial statements of the Group.
IFRIC 21
Levies Imposed by Governments.
(the accounting year starting on 1 January 2015 or later)
The impact of initial application of the interpretation will depend on specific  public fees, effective as at the date of initial application. The analyses conducted by the Group indicate that the interpretation will impact the annual consolidated financial statements of the Group and it will have a material impact on the interim financial statements.
Changes arising from
IFRS reviews executed during the 2010-2012 cycle (published in December 2013)
Apply to IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24, IAS 38.

The deadlines for mandatory changes implementation were indicated in relevant standards.
Implementation does not have a material impact on the financial statements of the Group.
Changes arising from IFRS reviews executed during the 2011-2013 cycle (published in December 2013).
apply to IFRS 1, IFRS 3, IFRS 13, IAS 40.

​The deadlines for mandatory changes implementation were indicated in relevant standards.
Implementation does not have a material impact on the financial statements of the Group.
Changes arising from IFRS reviews made during the 2012-2014 cycle (published in September 2014). Apply to IFRS 5, IFRS 7, IAS 19 and IAS 34.
(the accounting year starting on 1 January 2016 or later)
The implementation will not have a material impact on the financial statements of the Group.

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