DECISION On Minimum Standards for Risks Management in Micro-Credit Financial Institutions. 1. General Provision. Subject matter

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "DECISION On Minimum Standards for Risks Management in Micro-Credit Financial Institutions. 1. General Provision. Subject matter"

Transcription

1 Pursuant to Article 17, paragraph 1, point 2 of the Central Bank of Montenegro Law (OGRM 52/00, 47/01) and Article 157, paragraph 2 of the Banking Law (OGRM 17/08), the Council of the Central Bank of Montenegro, at its meeting held on 23 and 24 February 2009, passed the following DECISION On Minimum Standards for Risks Management in Micro-Credit Financial Institutions 1. General Provision Subject matter Article 1 This Decision shall regulate in more details minimum standards for risks management in micro-credit financial institutions. 2. Risks management Type of risks Article 2 Micro-credit financial institution (hereinafter: MFI) shall properly identify, measure, monitor and control all risks in their operations, and particularly: 1) Credit risk; 2) Liquidity risk; 3) Market risks, and 4) Operational risk. Risks management system Article 3 A MFI shall establish system for management of all risks to which it is exposed during its operations. The system comprises: 1) risks management strategy; 2) policies, rules and procedures for: Identifying sources of risks, measuring risks, by their accurate and timely assessment, monitoring risks by analysing condition, changes and trends of the exposure to risks, Controlling the risk, by maintaining it the level acceptable to the MFI s risk profile, or by reducing and/or eliminating it; 3) Defined powers and responsibilities in the process of risk taking and risk management; 4) System of reporting and informing on risks management.

2 2.1. Credit risk Rules and procedures for risk management Article 4 Rules and procedures for the credit risk management shall, as a minimum, include: 1) Detailed rules for granting loans, which shall, as a minimum, define the obligation of MFI to obtain, when granting loan, information on: the financial condition of the loan applicant, the purpose of the loan, sources of loan repayment, value of the collateral; 2) Procedures for monitoring the structure and quality of loan portfolio managed by MFI; 3) Procedures for timely taking of activities aimed at improving loan portfolio position, especially of non-performing assets, including procedures for recontracting, and in particular the situation of non-performing assets, including also re-negotiating procedures and/or loan restructuring, or implementation of other measures aimed at reducing MFI losses to a minimum; 4) Procedures for the collection of principal, interests and fees on loans, which ensure timely collection under contracted terms and conditions, and which in case of default, provide fast examination of reasons for default, monitoring of default status and real valuation of the MFI s exposure to credit risk against nonperforming debtors. Analysis of loan application Article 5 When analysing the application for granting a loan, MFI shall, as a minimum: 1) Determine the purpose of the loan; 2) Assess creditworthiness of the loan applicant, collateral quality and influence of other factors relevant for the measurement of exposure to the credit risk. Before granting a loan or other exposure, MFI shall obtain written statement from the borrower, containing information about all of the borrower s related interests to other parties, and a commitment from the borrower to keep the MFI informed on any changes that may affect the amount of the MFI s exposure to that borrower. Loan file Article 6 MFI shall ensure that each loan is properly and accurately documented and that regular and full loan file is established and maintained, which chronologically follows-up granting and the quality of the loan granted, up to its final repayment or other form of debt regulation. Loan file must, as a minimum, contain documents, data and information on: 1) Identity of loan beneficiary and its related parties as his guarantors; 2) For legal entities and entrepreneurs legal capacity of these entities to borrow (evidence on entry into court or other corresponding register); 3) Financial condition of the loan beneficiary and its capacity for loan repayment, and the dynamics and sources of loan repayment; 4) Purpose of the loan granted and earmarked use of the funds used.

3 Exposure to a single party Article 7 Total MFI s receivables towards a single party may be up to 10% of the MFI s capital, whereby: 1) Total receivables to a single company, entrepreneur or natural person may not exceed EUR ; 2) Receivables to natural person based on the first loan or lease granted may not exceed EUR 5.000; 3) Receivables to a company or entrepreneur based on the first loan or lease granted may not exceed EUR Total receivables to a single party, within the meaning of paragraph 1 above, shall be total MFI s receivable based on loan and/or financial leasing: 1) To such natural person, and/or entrepreneur and members of his family (spouse and children who live in economic community with him); To such company and other parties which make a group of related parties with that company. Asset classification Article 8 By implementing criteria past due, MFI shall, at least once in a month, classify assets, according to which it is exposed to the credit risk, into the corresponding classification category or sub-category and create adequate provisions for potential losses, in minimum percentages as described in the table below: Days past due Classification category or subcategory Minimum provision requirement Up to 30 days A 0 % From 31 to 45 days B1 3 % From 46 to 60 days B2 8% From 61 to 80 days C1 20% From 81 to 100 days C2 30% From 101 to 120 days C3 40% From 121 to 150 days C4 50% From 151 to 180 days D 75% Over 180 days E 100% Suspension of Interest Atricle 9 As of the moment of classification, MFI shall register as off-balance accrued interest on asset item classified in classification group C or lower (hereinafter (non-performing assets).

4 MFI shall suspend accrued outstanding interest on non-performing asstes, unless that asset item is secured by a good collateral, and is in the prosess of enforcement, with expectation that enforcement of claims will be performed in due time, not longer than three months. In the process of asset item classification, MFi shall classify the interest from paragraph 1 of this Article in the classification group E loss. Capital to borrowed assets ratio Article 10 MFI shall maintain capital to borrowed assets ratio at the money market which is adequate to the MFI s risk profile, whereby the amount of assets which MFI obtains at the money market may not exceed 500% of MFI s capital. The Central Bank of Montenegro (hereinafter: the Central Bank) may, in case it is determined that MFI does not adequately manage credit and other risks, order MFI to provide in due time stricter capital to borrowed assets ratio than the one prescribed in paragraph 1 above Liquidity risk Risk management system Article 11 MFI shall establish a system for liquidity risk management, which provides: 1) Identification of the existing sources of liquidity risk and the liquidity risk which may arise from new business products and activities; 2) monitoring of maturity structure of placement and sources of funds; 3) monitoring of contingent liabilities recorded off-balance; 4) the projection of cash inflows and outflows; 5) the use of financial instruments for establishing adequate structure of funds and sources of funds; 6) creation of liquidity indicators and their use in the process of monitoring of liquidity; 7) Adequate treatment in case of temporary and long-term liquidity distortions. Maturity match of receivables and liabilities Article 12 MFI shall maintain maturity match of receivables and liabilities, including contingent offbalance sheet liabilities.

5 Informing the Central Bank Article 13 MFI shall, in case of illiquidity, immediately inform the Central Bank on the amount of missing liquidity funds, reasons for illiquidity and planned activities for illiquidity overcoming Market risk Types of risk Article 14 MFI shall manage market risks to which it is exposed in its operations, including: 1) Position risks arising from investments in short-term securities, and 2) Foreign exchange risk. Limiting exposure to position risks Article 15 MFI, which is involved in the purchase of short-term securities, shall determine limits for total investments in short-term securities, with regard to: 1) Stability and level of income; 2) Real plans of income and expenses; 3) The level of liquidity; 4) The level of capital; 5) Risk management quality. Foreign exchange risk Article 16 In the process of management of foreign exchange risk, MFI, which is exposed to such risk, shall: 1) Measure FX risk for all items from which that risk arises; 2) Measure and limit FX risk at the aggregate level and individually by currencies; 3) Measure the risk on the basis of assumptions on normally expected and large changes in exchange rates, for the purpose of assessing their impact on income and capital of MFI. Limits of exposure to FX risk Article 17 MFI shall establish limits for: 1) Net open FX position, individually by currencies and aggregately for all currencies; 2) Long FX position, individually by currencies and aggregately for all currencies; 3) Short FX position, individually by currencies and aggregately for all currencies.

6 2.4. Operational Risk Risk identification Article 18 In the process of identification of operational risk sources, MFI shall identify all sources of operational risk, bearing in mind, in particular, risks arising from: inadequate information and other systems, distortions in operations and failure of information and other systems, illegal and inadequate actions taken by employees, actions which may cause court and other disputes against MFI, external illegal actions and natural and other events that may not be predicted. Risk measurement and control Article 19 After the identification of the specific source of operational risk, MFI shall assess the level of that risk by applying the adequate measurement methods. Depending on the nature and level of the specific operational risk, MFI shall apply corresponding methods for its reduction and/or elimination, or for its monitoring and control. Data protection Article 20 MFI shall establish the process of management of data backup, which includes the process of creation, placement and testing of data backup and restoration of data from data backup, in order to provide availability of data in case of need and enable recovery and/or reestablishment of vital business processes within the time required. Data backup must be updated and stored in an adequate manner, at one or more backup locations, of which at least one must be in accordance with the risk assessment, sufficiently distant from the location where the original data are kept. Informing the Central Bank Article 21 MFI shall create database on all losses arising from the operational risk and determine methodology for the internal recording of such losses, by categories determined according to the sources of losses. MFI shall inform the Central Bank on all losses arising from the operational risk, as well as on the amount and reasons of the loss occurrence, within eight days from the day the loss occured.

7 3. Final provisions Article 22 Decision on Micro-Credit Financial Institutions (OGRM 01/03 and OGRM 09/07) shall be repealed on the day of entry of this Decision into force. Article 23 This Decision shall entry into force on the eighth day following that of its publication in the Official Gazette of the Republic of Montenegro. THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO PREDSIDENT Decision No /2-28 Podgorica, 24 February 2009 Ljubisa Krgovic

DECISION ON THE METHOD OF VALUATION OF ASSETS FOR INSURANCE COMPANIES

DECISION ON THE METHOD OF VALUATION OF ASSETS FOR INSURANCE COMPANIES Pursuant to Articles 89 and 177 item 4 of the Law on Insurance (Official Gazette of the Republic of Montenegro 78/06 and 19/07) and Article 6 of the Rulebook on the Manner of Determining and Monitoring

More information

BOARD OF CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION. April 23, 1999 Number 63

BOARD OF CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION. April 23, 1999 Number 63 BOARD OF CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION April 23, 1999 Number 63 ON APPROVAL OF PROCEDURE ON CLASSIFICATION OF LOANS AND RECEIVABLES AND CREATION OF POSSIBLE LOSS RESERVES FOR BANKS

More information

2. Definitions of Terms

2. Definitions of Terms PUBLIC DEBT LAW I. GENERAL PROVISIONS 1. Subject of the Law Article 1 This Law regulates conditions, manner and procedure under which the Republic of Serbia (hereinafter referred to as: the Republic) may

More information

LAW ON SETTLEMENT OF OBLIGATIONS AND CLAIMS IN RESPECT OF FOREIGN DEBT AND FOREIGN CURRENCY SAVINGS OF CITIZENS (OGRM

LAW ON SETTLEMENT OF OBLIGATIONS AND CLAIMS IN RESPECT OF FOREIGN DEBT AND FOREIGN CURRENCY SAVINGS OF CITIZENS (OGRM LAW ON SETTLEMENT OF OBLIGATIONS AND CLAIMS IN RESPECT OF FOREIGN DEBT AND FOREIGN CURRENCY SAVINGS OF CITIZENS (OGRM 55/03 of October 1, 2003, 11/04 of February 20, 2004) I BASIC PROVISIONS Article 1

More information

Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS

Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS Pursuant to Article 95, item 3 of the Constitution of Montenegro I hereby pass the ENACTMENT PROCLAIMING THE LAW ON BANKS I hereby proclaim the Law on Banks, adopted by the Parliament of Montenegro at

More information

DECISION ON TEMPORARY MEASURES FOR RESCHEDULING LOAN OBLIGATIONS OF PHYSICAL AND LEGAL PERSONS BY BANKS. Article 1

DECISION ON TEMPORARY MEASURES FOR RESCHEDULING LOAN OBLIGATIONS OF PHYSICAL AND LEGAL PERSONS BY BANKS. Article 1 Based on Article 4, 10, and 25 of the Law on Banking Agency of Republika Srpska Revised Text (Official Gazette of Republika Srpska No. 67/07) and Article 86 of the Law on Banks of Republika Srpska ( Official

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

NATIONAL BANK OF THE REPUBLIC OF MACEDONIA

NATIONAL BANK OF THE REPUBLIC OF MACEDONIA NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Pursuant to Article 41-a and Article 64, paragraph 1, item 22 of the Law on the National Bank of the Republic of Macedonia ("Official Gazette of the Republic

More information

REGULATIONS. on assets classification and loan loss provisioning. and 29 December 2015)

REGULATIONS. on assets classification and loan loss provisioning. and 29 December 2015) Approved by the Central Bank of the Republic of Azerbaijan Order # 25/1 18 December 2013 REGULATIONS on assets classification and loan loss provisioning (with amendments of 10 December 2014, 26 February

More information

Law on Deposit Insurance. ( Official Gazette of the RoS, Nos. 61/2005, 116/2008 and 91/2010) I BASIC PROVISIONS. Article 1

Law on Deposit Insurance. ( Official Gazette of the RoS, Nos. 61/2005, 116/2008 and 91/2010) I BASIC PROVISIONS. Article 1 Law on Deposit Insurance ( Official Gazette of the RoS, Nos. 61/2005, 116/2008 and 91/2010) I BASIC PROVISIONS Article 1 This Law regulates the statutory insurance of Deposits of natural persons, Entrepreneurs

More information

SUPERVISION GUIDELINE

SUPERVISION GUIDELINE SUPERVISION GUIDELINE G6: GUIDELINES FOR LOAN CLASSIFICATION AND PROVISIONING FOR IMPAIRED ASSETS Issued To All Licensed Financial Institutions AUTHORITY Section 316 (4) of the International Business Corporations

More information

PRAKAS ON ASSET CLASSIFICATION AND PROVISIONING IN BANKING AND FINANCIAL INSTITUTIONS

PRAKAS ON ASSET CLASSIFICATION AND PROVISIONING IN BANKING AND FINANCIAL INSTITUTIONS PRAKAS ON ASSET CLASSIFICATION AND PROVISIONING IN BANKING AND FINANCIAL INSTITUTIONS The Governor of the National Bank of Cambodia - With reference to the Constitution of the Kingdom of Cambodia; Unofficial

More information

L A W ОN FOREIGN EXCHANGE OPERATIONS

L A W ОN FOREIGN EXCHANGE OPERATIONS L A W ОN FOREIGN EXCHANGE OPERATIONS This Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers between residents and nonresidents in foreign means of payment and dinars;

More information

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans

NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans NATIONAL BANK OF ROMANIA REGULATION No.17/2012 regarding certain conditions on granting loans Having regard to the provisions of art.4 Para. (1), art.45 Para. (1), art.61, art.173 4, let. b) and art.235

More information

NATIONAL BANK OF THE REPUBLIC OF MACEDONIA

NATIONAL BANK OF THE REPUBLIC OF MACEDONIA NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Pursuant to Article 69 of the Law on the National Bank of the Republic of Macedonia ("Official Gazette of Republic of Macedonia" no. 3/2002, 51/2003, 85/2003,

More information

EASY FOREX TRADING LTD DISCLOSURE AND MARKET DISCIPLINE IN ACCORDANCE WITH CAPITAL ADEQUACY AND THE REQUIREMENTS ON RISK MANAGEMENT

EASY FOREX TRADING LTD DISCLOSURE AND MARKET DISCIPLINE IN ACCORDANCE WITH CAPITAL ADEQUACY AND THE REQUIREMENTS ON RISK MANAGEMENT EASY FOREX TRADING LTD DISCLOSURE AND MARKET DISCIPLINE IN ACCORDANCE WITH CAPITAL ADEQUACY AND THE REQUIREMENTS ON RISK MANAGEMENT 31 st December 2012 Introduction For the purposes of Directive DI144-2007-05

More information

NATIONAL PAYMENT SYSTEM ACT

NATIONAL PAYMENT SYSTEM ACT (official gazette Narodne novine, No. 117/2001) NATIONAL PAYMENT SYSTEM ACT I GENERAL PROVISIONS Article 1 This Act shall regulate the functioning of the national payment system. Article 2 "Payment system"

More information

Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015)

Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015) Law on Bankruptcy and Liquidation of Banks and Insurance Companies (Official Gazette of the Republic of Serbia, No. 14/2015) (Unofficial Translation) I. BASIC PROVISIONS Article 1 This Law governs the

More information

RS Official Gazette, Nos 56/2013 and 4/2015

RS Official Gazette, Nos 56/2013 and 4/2015 RS Official Gazette, Nos 56/2013 and 4/2015 Based on Article 24 of the Law on Foreign Exchange Operations (RS Official Gazette, Nos 62/2006, 31/2011 and 119/2012), Article 14, paragraph 1, item 9 and Article

More information

RULEBOOK ON THE CHART OF ACCOUNTS FOR INSURANCE COMPANIES

RULEBOOK ON THE CHART OF ACCOUNTS FOR INSURANCE COMPANIES Pursuant to Article 107 of the Law on Insurance (Official Gazette of the Republic of Montenegro 78/06 and 19/07), at 52 nd meeting of 25 October 2010, the Council of the Insurance Supervision Agency passed

More information

Decision on recovery plans of credit institutions. Subject matter Article 1

Decision on recovery plans of credit institutions. Subject matter Article 1 Pursuant to Article 101, paragraph (2), item (8) and Article 154, paragraph (2) of the Credit Institutions Act (Official Gazette 159/2013) and Article 43, paragraph (2), item (9) of the Act on the Croatian

More information

Set-off and Extinguishment of Debt

Set-off and Extinguishment of Debt Accounting Standard AASB 1014 December 1996 Set-off and Extinguishment of Debt Issued by the Australian Accounting Standards Board Obtaining a Copy of this Accounting Standard Copies of this Standard are

More information

Notes to the consolidated financial statements continued

Notes to the consolidated financial statements continued 144 www.ocadogroup.com Stock Code: OCDO to the consolidated financial statements continued 4.5 instruments Accounting policies assets and financial liabilities are recognised on the balance sheet when

More information

LAW ON RESTRUCTURING AND REHABILITATION OF A PORTION OF THE BANKS IN THE REPUBLIC OF MACEDONIA

LAW ON RESTRUCTURING AND REHABILITATION OF A PORTION OF THE BANKS IN THE REPUBLIC OF MACEDONIA LAW ON RESTRUCTURING AND REHABILITATION OF A PORTION OF THE BANKS IN THE REPUBLIC OF MACEDONIA ("Official Gazette of the Republic of Macedonia" No. 14/95) Note: See "Official Gazette of the Republic of

More information

CETERA INVESTMENT SERVICES LLC (SEC I.D. No. 8-31826) STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2015 (UNAUDITED)

CETERA INVESTMENT SERVICES LLC (SEC I.D. No. 8-31826) STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2015 (UNAUDITED) CETERA INVESTMENT SERVICES LLC (SEC I.D. No. 8-31826) STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2015 (UNAUDITED) CETERA INVESTMENT SERVICES LLC STATEMENT OF FINANCIAL CONDITION AS OF JUNE 30, 2015

More information

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS

18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS AND FINANCIAL LIABILITIES I. GENERAL PROVISIONS APPROVED by Resolution No. 11 of 27 October 2004 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 18 BUSINESS ACCOUNTING STANDARD FINANCIAL ASSETS

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

St. Vincent and the Grenadines International Financial Services Authority Statement of Guidance No. 3

St. Vincent and the Grenadines International Financial Services Authority Statement of Guidance No. 3 St. Vincent and the Grenadines International Financial Services Authority Statement of Guidance No. 3 Loan Classification Criteria Provisioning Guidelines Treatment of Interest on Loans Write off Procedures

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

LAW ON BANKS (consolidated) 1

LAW ON BANKS (consolidated) 1 LAW ON BANKS (consolidated) 1 Chapter I BASIC PROVISIONS Subject matter Article 1 This Law regulates the establishment, operation and organisation of banks, the manner of bank management, bank supervision,

More information

5 BUSINESS ACCOUNTING STANDARD CASH FLOW STATEMENT I. GENERAL PROVISIONS II. KEY DEFINITIONS

5 BUSINESS ACCOUNTING STANDARD CASH FLOW STATEMENT I. GENERAL PROVISIONS II. KEY DEFINITIONS APPROVED by Resolution No. 1 of 18 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 5 BUSINESS ACCOUNTING STANDARD CASH FLOW STATEMENT

More information

INTRODUCTION...1 LEGAL PROVISION...1 CLASSIFICATION OF IMPAIRED LOANS...1 TREATMENT OF INTEREST INCOME ON IMPAIRED LOAN...2

INTRODUCTION...1 LEGAL PROVISION...1 CLASSIFICATION OF IMPAIRED LOANS...1 TREATMENT OF INTEREST INCOME ON IMPAIRED LOAN...2 INTRODUCTION...1 LEGAL PROVISION...1 CLASSIFICATION OF IMPAIRED LOANS...1 TREATMENT OF INTEREST INCOME ON IMPAIRED LOAN...2 RECLASSIFICATION OF IMPAIRED LOAN AS UNIMPAIRED LOAN...3 PROVISIONING...4 RESPONSIBILITIES

More information

BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION

BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION BOARD OF THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA RESOLUTION On Amending the Order on Classification of Loans and Accounts Receivable, and Loan Loss Provisioning in Banks Operating in the Territory

More information

20 April 2006. To Manager All Commercial Banks*

20 April 2006. To Manager All Commercial Banks* Unofficial Translation by the courtesy of The Foreign Banks' Association This translation is for the convenience of those unfamiliar with the Thai language. Please refer to the Thai text for the official

More information

Statement of Cash Flows

Statement of Cash Flows STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 7 Statement of Cash Flows This version of SB-FRS 7 does not include amendments that are effective for annual periods beginning after 1 January 2014.

More information

Financial Instruments and Related Risk Management

Financial Instruments and Related Risk Management Note 24 Share-Based Compensation continued Other Plans The company offers a deferred share unit plan to non-employee directors, which allows each to choose to receive, in the form of deferred share units

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (CONSOLIDATED) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

Chart of Accounts for Banks

Chart of Accounts for Banks Chart of Accounts for Banks ASSETS Cash and Cash Equivalents 1 0 0 1 Cash in vault 1 0 0 2 Cash in ATM 1 0 0 3 Cash in transit 1 0 0 4 Damaged notes 1 0 0 5 Travellers cheques 1 0 0 6 Items for collection:

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings

Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings Index Measuring Impairment Example 1: Present Value of Expected Future Cash Flows Method (Unsecured Loan)... - 1

More information

Basel Committee on Banking Supervision. Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework

Basel Committee on Banking Supervision. Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework Basel Committee on Banking Supervision Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework April 2014 This publication is available on the BIS website (www.bis.org).

More information

Debt Reorganization and Related Transactions

Debt Reorganization and Related Transactions APPENDIX 2 Debt Reorganization and Related Transactions A. Debt Reorganization Reference: IMF and others, External Debt Statistics: Guide for Compilers and Users, Chapter 8, Debt Reorganization. A2.1 This

More information

Management's Responsibility for the Financial Statements

Management's Responsibility for the Financial Statements AIRA Factoring Public Company Limited Report and financial statements 31 December 2012 Independent Auditor's Report To the Shareholders of AIRA Factoring Public Company Limited I have audited the financial

More information

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS

LAW ON FOREIGN CURRENCY TRANSACTIONS. ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) I GENERAL PROVISIONS LAW ON FOREIGN CURRENCY TRANSACTIONS ( Official Herald of the Republic of Serbia, Nos. 62/2006 and 31/2011) The present Law shall govern: I GENERAL PROVISIONS Article 1 1) payments, collections and transfers

More information

IPSAS 2 CASH FLOW STATEMENTS

IPSAS 2 CASH FLOW STATEMENTS IPSAS 2 CASH FLOW STATEMENTS Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 7, Cash Flow Statements published

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

6. Significant Accounting Policies for Preparing Consolidated Financial Statements

6. Significant Accounting Policies for Preparing Consolidated Financial Statements 6. Significant Accounting Policies for Preparing Consolidated Financial Statements (1) Scope of consolidation (a) Consolidated subsidiaries Principal companies: 327 companies Sumitomo Mitsui Banking Corporation

More information

RISK FACTORS AND RISK MANAGEMENT

RISK FACTORS AND RISK MANAGEMENT Bangkok Bank Public Company Limited 044 RISK FACTORS AND RISK MANAGEMENT Bangkok Bank recognizes that effective risk management is fundamental to good banking practice. Accordingly, the Bank has established

More information

Kilikia Universal Credit Organization LLC. Financial Statements for the year ended 31 December 2014

Kilikia Universal Credit Organization LLC. Financial Statements for the year ended 31 December 2014 Financial Statements for the year ended 31 December Contents Independent Auditors Report... 3 Statement of profit or loss and other comprehensive income... 4 Statement of financial position... 5 Statement

More information

7. LAW ON LOCAL SELF-GOVERNMENT FINANCING. Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro, I hereby issue the

7. LAW ON LOCAL SELF-GOVERNMENT FINANCING. Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro, I hereby issue the Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro, I hereby issue the Decree Promulgating the Law on Local Self-Government Financing (Official Gazette of the Republic of Montenegro

More information

Notes to Consolidated Balance Sheet

Notes to Consolidated Balance Sheet Notes to Consolidated Balance Sheet 1. Amounts less than one million yen have been omitted. 2. Standards for recognition and measurement of trading assets and liabilities are as follows: Recognition: Trading

More information

ގ ވ އ ދ ނ ނ ބ ރ : 168-R/2015

ގ ވ އ ދ ނ ނ ބ ރ : 168-R/2015 ވ ލ އ މ : 44 އ ދ ދ : 254 ތ ރ ޚ : 10 ޛ ލ ޤ ޢ ދ - 1436 25 އ ގ ސ ޓ 2015 އ ނ ގ ރ ގ ވ އ ދ ނ ނ ބ ރ : 168-R/2015 REGULATION ON ASSET CLASSIFICATION, PROVISIONING AND SUSPENSION OF INTEREST ރ އ ސ ލ ޖ މ ހ ރ އ ޔ

More information

FLORIDA FUNDING I LLC. FINANCIAL STATEMENTS December 31, 2014 and 2013

FLORIDA FUNDING I LLC. FINANCIAL STATEMENTS December 31, 2014 and 2013 FINANCIAL STATEMENTS FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS BALANCE SHEETS... 3 STATEMENTS OF INCOME AND MEMBER S EQUITY... 4 STATEMENTS OF CASH FLOWS... 5

More information

The Law of the Republic of Azerbaijan on Non-Bank Credit Institutions

The Law of the Republic of Azerbaijan on Non-Bank Credit Institutions The Law of the Republic of Azerbaijan on Non-Bank Credit Institutions This Law shall define the rules on establishment, management and regulation of non-bank credit institutions with an aim to better meet

More information

CREDIT RISK MANAGEMENT

CREDIT RISK MANAGEMENT STANDARDS OF SOUND BUSINESS PRACTICES CREDIT RISK MANAGEMENT 2005 The. All rights reserved Credit Risk Management Page 2 CREDIT RISK MANAGEMENT A. PURPOSE This document sets out the minimum policies and

More information

Division 9 Specific requirements for certain portfolios of exposures

Division 9 Specific requirements for certain portfolios of exposures L. S. NO. 2 TO GAZETTE NO. 43/2006 L.N. 228 of 2006 B3157 Division 9 Specific requirements for certain portfolios of exposures 197. Purchased receivables An authorized institution shall classify its purchased

More information

A GUIDE ON FINANCIAL LEASING I. INTRODUCTION

A GUIDE ON FINANCIAL LEASING I. INTRODUCTION NATIONAL BANK OF SERBIA A GUIDE ON FINANCIAL LEASING I. INTRODUCTION The purpose of this Guide is to provide basic information on financial leasing as a way to finance purchase of equipment and other fixed

More information

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001

Case Western Reserve University Consolidated Financial Statements for the Year Ending June 30, 2001 Contents Report of Independent Accountants 1 Part 1 Consolidated Financial Statements Consolidated Balance Sheet 2 Consolidated Statement of Activities 3 Consolidated Statement of Cash Flows 4 Part 2 Summary

More information

FINANCIAL INFORMATION CONSOLIDATED FINANCIAL STATEMENTS. Risk management

FINANCIAL INFORMATION CONSOLIDATED FINANCIAL STATEMENTS. Risk management 167 Risk management Group risk management Group Risk Management supports the Board of Directors, the Executive Committee and the management teams of the Group companies in their strategic decisions. Group

More information

FEDERAL HOUSING FINANCE AGENCY

FEDERAL HOUSING FINANCE AGENCY FEDERAL HOUSING FINANCE AGENCY ADVISORY BULLETIN AB 2012-02 FRAMEWORK FOR ADVERSELY CLASSIFYING LOANS, OTHER REAL ESTATE OWNED, AND OTHER ASSETS AND LISTING ASSETS FOR SPECIAL MENTION Introduction This

More information

English Translation of Finance Companies Control Law

English Translation of Finance Companies Control Law English Translation of Finance Companies Control Law Article 1 Introductory Chapter Definitions The following terms and phrases wherever mentioned in this Law shall have the meanings assigned thereto unless

More information

Credit Risk. Loss on default = D x E x (1-R) Where D is default percentage, E is exposure value and R is recovery rate.

Credit Risk. Loss on default = D x E x (1-R) Where D is default percentage, E is exposure value and R is recovery rate. Credit Risk Bank operations involve sanctioning of loans and advances to customers for variety of purposes. These loans may be business loans for short or long term commitments and consumer finance for

More information

PRUDENTIAL CREDIT GUIDELINES

PRUDENTIAL CREDIT GUIDELINES PRUDENTIAL CREDIT GUIDELINES LOAN CLASSIFICATION CRITERIA PROVISIONING GUIDELINES SUSPENSION OF INTEREST WRITE-OFF PROCEDURES RENEGOTIATED LOANS Revised June 1997 BSD DOC #315929 1. ANNUAL (FINANCIAL

More information

Notes to the unaudited interim financial report

Notes to the unaudited interim financial report Notes to the unaudited interim financial report 1. Activities and corporate affiliation The Bank, through its branches and subsidiaries, provides a range of banking, financial and related services. The

More information

ROMANO BROTHERS AND COMPANY

ROMANO BROTHERS AND COMPANY STATEMENT OF FINANCIAL CONDITION INDEPENDENT AUDITORS REPORT To the Stockholders of Romano Brothers and Company: We have audited the accompanying statement of financial condition of Romano Brothers and

More information

Investments in Associates

Investments in Associates Indian Accounting Standard (Ind AS) 28 Investments in Associates Investments in Associates Contents Paragraphs SCOPE 1 DEFINITIONS 2-12 Significant Influence 6-10 Equity Method 11-12 APPLICATION OF THE

More information

(1.1) (7.3) $250m 6.05% US$ Guaranteed notes 2014 (164.5) Bank and other loans. (0.9) (1.2) Interest accrual

(1.1) (7.3) $250m 6.05% US$ Guaranteed notes 2014 (164.5) Bank and other loans. (0.9) (1.2) Interest accrual 17 Financial assets Available for sale financial assets include 111.1m (2013: 83.0m) UK government bonds. This investment forms part of the deficit-funding plan agreed with the trustee of one of the principal

More information

SECTION ONE Objective and Scope and Basis and Definitions

SECTION ONE Objective and Scope and Basis and Definitions By the Banking Regulation and Supervision Agency: REGULATION ON THE PROCEDURES AND PRINCIPLES FOR DETERMINATION OF QUALIFICATIONS OF LOANS AND OTHER RECEIVABLES BY BANKS AND PROVISIONS TO BE SET ASIDE

More information

International Financial Accounting (IFA)

International Financial Accounting (IFA) International Financial Accounting (IFA) Preparation and presentation of Financial Statements DEPARTMENT OF BUSINESS AND LAW ROBERTO DI PIETRA SIENA, NOVEMBER 4, 2013 1 INTERNATIONAL FINANCIAL ACCOUNTING

More information

VIII. Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors. 340 Financial review. 341 Statements of income

VIII. Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors. 340 Financial review. 341 Statements of income VIII Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors 340 Financial review 341 Statements of income 342 Balance sheets 343 Off-balance sheet business 344 Notes

More information

FSP SOP 94-6-a PROPOSED FASB STAFF POSITION. No. SOP 94-6-a. Title: Nontraditional Loan Products. Comment Deadline: November 11, 2005.

FSP SOP 94-6-a PROPOSED FASB STAFF POSITION. No. SOP 94-6-a. Title: Nontraditional Loan Products. Comment Deadline: November 11, 2005. PROPOSED FASB STAFF POSITION No. SOP 94-6-a Title: Nontraditional Loan Products Comment Deadline: November 11, 2005 Introduction 1. This FASB Staff Position (FSP) is in response to inquiries from constituents

More information

STATUTORY INSTRUMENTS 2005 No. 43.

STATUTORY INSTRUMENTS 2005 No. 43. STATUTORY INSTRUMENTS SUPPLEMENT No. 18 27th May, 2005 STATUTORY INSTRUMENTS SUPPLEMENT to The Uganda Gazette No. 28 Volume XCVIII dated 27th May, 2005 Printed by UPPC, Entebbe, by Order of the Government.

More information

TEXTRON FINANCIAL CORPORATION

TEXTRON FINANCIAL CORPORATION TEXTRON FINANCIAL CORPORATION Quarterly Financial Statements (Unaudited) For the fiscal quarter ended Textron Financial Corporation is a wholly-owned subsidiary of Textron Inc. Beginning with the quarter

More information

NOVEMBER 2010 (REVISED)

NOVEMBER 2010 (REVISED) CENTRAL BANK OF CYPRUS BANKING SUPERVISION AND REGULATION DIVISION DIRECTIVE TO BANKS ON THE COMPUTATION OF PRUDENTIAL LIQUIDITY IN ALL CURRENCIES NOVEMBER 2010 (REVISED) DIRECTIVE TO BANKS ON THE COMPUTATION

More information

NATIONAL FINANCIAL SERVICES LLC STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2015 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

NATIONAL FINANCIAL SERVICES LLC STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2015 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2015 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Report of Independent Registered Public Accounting Firm To the Board of Directors of

More information

33 Financial risk management and supplementary disclosures regarding financial instruments

33 Financial risk management and supplementary disclosures regarding financial instruments 33 Financial risk management and supplementary disclosures regarding financial instruments Swisscom is exposed to various financial risks resulting from its operating and financial activities. The most

More information

F INANCIAL S TATEMENTS. BSFC-Private Student Loan Trust Year Ended June 30, 2014 With Independent Auditors Report

F INANCIAL S TATEMENTS. BSFC-Private Student Loan Trust Year Ended June 30, 2014 With Independent Auditors Report F INANCIAL S TATEMENTS BSFC-Private Student Loan Trust Year Ended June 30, 2014 With Independent Auditors Report BSFC-PRIVATE STUDENT LOAN TRUST Financial Statements Year Ended June 30, 2014 Contents Independent

More information

Law of the Republic of Azerbaijan on Non-Banking Credit Institutions

Law of the Republic of Azerbaijan on Non-Banking Credit Institutions Law of the Republic of Azerbaijan on Non-Banking Credit Institutions This Law regulates establishment, management and activities of non-bank credit institutions with purpose of more thoroughly meeting

More information

Guideline on loan classification system

Guideline on loan classification system Appendix 2 Guideline on loan classification system 1. This guideline sets out the loan classification framework adopted by the Hong Kong Monetary Authority ( HKMA ) for monitoring the asset quality and

More information

RS Official Gazette, No 51/2015

RS Official Gazette, No 51/2015 RS Official Gazette, No 51/2015 Pursuant to Article 147, paragraph 3, Article 150, paragraph 3 and Article 151, paragraph 4 of the Insurance Law (RS Official Gazette, No 139/2014) and Article 15, paragraph

More information

MF BANKA A.D., BANJA LUKA. Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report

MF BANKA A.D., BANJA LUKA. Financial Statements For the Year Ended December 31, 2010 and Independent Auditors Report Financial Statements For the Year Ended and Independent Auditors Report CONTENTS Page Independent Auditors' Report 1 Financial Statements: Income Statement 2 Balance Sheet 3 Statement of Changes in Equity

More information

International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) FACT SHEET September 2011 IAS 7 Statement of Cash Flows (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International

More information

ASPE AT A GLANCE Section 3856 Financial Instruments

ASPE AT A GLANCE Section 3856 Financial Instruments ASPE AT A GLANCE Section 3856 Financial Instruments December 2014 Section 3856 Financial Instruments Effective Date Fiscal years beginning on or after January 1, 2011 1 SCOPE Applies to all financial instruments

More information

BANK OF RUSSIA INSTRUCTION 124-I OF JULY 15, 2005

BANK OF RUSSIA INSTRUCTION 124-I OF JULY 15, 2005 BANK OF RUSSIA INSTRUCTION 124-I OF JULY 15, 2005 ON SETTING AMOUNTS (LIMITS) ON OPEN FOREIGN EXCHANGE POSITIONS, THE METHODOLOGY FOR CALCULATING THEM AND THE SPECIFICS OF SUPERVISION OVER THEIR COMPLIANCE

More information

Credit Risk Management System Checklist and Manual

Credit Risk Management System Checklist and Manual Credit Risk Management System Checklist and Manual Credit risk is the risk that a financial institution will incur losses because the financial position of a borrower has deteriorated to the point that

More information

Nova Scotia Fisheries and Aquaculture Loan Board. Financial Statements March 31, 2015 (in thousands of dollars)

Nova Scotia Fisheries and Aquaculture Loan Board. Financial Statements March 31, 2015 (in thousands of dollars) Nova Scotia Fisheries and Aquaculture Loan Board Financial Statements March 31, 2015 June 25, 2015 Independent Auditor s Report To the Members of the Legislative Assembly and to the Minister of Fisheries

More information

SIA ExpressCredit UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD 01.01.2015.-30.06.2015. Translation from Latvian

SIA ExpressCredit UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD 01.01.2015.-30.06.2015. Translation from Latvian SIA ExpressCredit FOR THE PERIOD 01.01.2015.-30.06.2015. PREPARED IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY EU Translation from Latvian TABLE OF CONTENTS Information

More information

Risk Management Programme Guidelines

Risk Management Programme Guidelines Risk Management Programme Guidelines Submissions are invited on these draft Reserve Bank risk management programme guidelines for non-bank deposit takers. Submissions should be made by 29 June 2009 and

More information

Capital Adequacy: Asset Risk Charge

Capital Adequacy: Asset Risk Charge Prudential Standard LPS 114 Capital Adequacy: Asset Risk Charge Objective and key requirements of this Prudential Standard This Prudential Standard requires a life company to maintain adequate capital

More information

2 Constant prices of 1997.

2 Constant prices of 1997. 2 Constant prices of 1997. Table 1 Financial history of debt (In special drawing rights) Amount disbursed (loan closing on 30 September 1989) Payment instalments billed (final maturity 1 March 2001)

More information

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)

INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED

More information

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the

Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the Pursuant to Article 88 item 2 of the Constitution of the Republic of Montenegro I hereby issue the DECREE PROMULGATING THE LAW ON FOREIGN CURRENT AND CAPITAL TRANSACTIONS (Official Gazette of Montenegro

More information

EASTERN CARIBBEAN CENTRAL BANK

EASTERN CARIBBEAN CENTRAL BANK EASTERN CARIBBEAN CENTRAL BANK GUIDELINES ON CREDIT RISK MANAGEMENT FOR INSTITUTIONS LICENSED TO CONDUCT BANKING BUSINESS UNDER THE BANKING ACT Prepared by the BANK SUPERVISION DEPARTMENT May 2009 TABLE

More information

Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley

Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley Financial Publication for Fiscal Year Ended March 31, 2009 June 30, 2009 Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley

More information

MICROCREDIT ENTERPRISES. Financial Statements For the Year Ended December 31, 2013

MICROCREDIT ENTERPRISES. Financial Statements For the Year Ended December 31, 2013 Financial Statements Table of Contents Independent Auditor s Report 1-2 Financial Statements: Statement of Financial Position 3 Statement of Activities 4 Statement of Cash Flows 5 6-18 Page 10900 NE 4th

More information

Agreements, bonds and guarantees

Agreements, bonds and guarantees Agreements, bonds and guarantees SPV Formation The Special Project Vehicle (SPV) may take a variety of forms, including a corporation, limited liability company, general partnership, limited partnership,

More information

Cash Flow Statements

Cash Flow Statements Compiled Accounting Standard AASB 107 Cash Flow Statements This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It incorporates

More information