Page 173 - UBP - IR2020
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FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
Financial assets
at amortised cost are are subsequently measured using the effective interest (EIR) method and are are subject to impairment Gains and losses are recognized recognized in in profit or or loss loss when the asset is derecognized modified or or impaired The Group’s financial assets
at amortised cost includes trade receivables and and cash cash and and cash cash equivalent Financial assets
designated at at fair value through OCI (equity instruments)
Upon initial recognition the Company can elect to classify irrevocably its equity equity investments as as equity equity instruments
designated at at fair value through OCI when they meet the the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for trading The classification is is determined on on an instrument-by-instrument basis Gains and losses on these financial assets
are are never recycled to profit or loss loss Dividends are are recognized as as finance income in the the the statement of o of profit or loss when when the the the right of o of payment has been established except when when the the the Company benefits from such such proceeds as as as a a a a a a a a a recovery of of of part of of of the the cost of of of the the financial asset fin in in in which case such such gains are recorded fin in in in OCI Equity instruments
designated at at fair value through OCI are not subject to impairment assessment The Group elected to to classify part of its equity investments under this category Refer to to note 12 Financial assets
at fair value through profit or loss Financial assets
assets
assets
at at fair value through profit or or loss include financial financial assets
assets
assets
held for trading financial financial assets
assets
assets
designated upon initial recognition at at at fair fair value through profit or or or loss or or or financial assets
mandatorily required to to be measured at at at fair fair value Financial assets
are are classified as as as as held for for trading i if they are are acquired for for the the purpose of selling or or or repurchasing in in in in in the the near term Derivatives including separated embedded derivatives are are also classified as as held for trading unless they are are designated as as as effective hedging instruments
Financial assets
with cash flows that are not solely payments of principal and interest are classified and and measured at fair value through profit or loss irrespective o of the business model Notwithstanding the criteria for debt debt instruments
to be be classified at at amortized cost or or or at at fair value through OCI as as described above debt debt instruments
may be designated at at at fair value through profit or or loss on on initial recognition if i doing so eliminates or or significantly reduces an accounting mismatch Financial assets
at at at fair fair value value through profit or loss are carried in in fin the statement o of financial position at at at fair fair value value with net changes in in fair value recognized in in the statement of o profit or loss This category includes both listed listed and unlisted equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income Refer to note 12 Dividends on these equity investments are also recognized as Finance income in in in in the the the statement of o profit or loss when the the the right of payment has been established Derecognition
A financial financial financial asset asset asset (or where applicable a a a a a a a a a a a a a a a a a a part part of of of a a a a a a a a a a a a a a a a a a financial financial financial asset asset asset or or part part of of of a a a a a a a a a a a a a a a a a a Group of of of similar financial financial financial assets) is primarily derecognised (i e e e e e e e e e e removed from the Group’s statement of financial position) when:
UBP INTEGRATED REPORT 2020
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• • The rights to receive cash flows from the asset have expired or The Group has has transferred its rights to to receive cash flows from the the asset or has has assumed an an obligation to to pay the the received cash flows in full without material delay to a a a a a a a a a a a a third party under a a a a a a a a a a a a ‘pass-through’ arrangement and either (a) the the Group Group has has transferred transferred substantially all all the the the the risks and rewards of the the the the asset or or (b) the the the the Group Group has has neither transferred transferred nor retained substantially all all the the the risks and rewards of of the the the asset asset but has transferred control of of the the the asset asset FINANCIAL CAPITAL CORPORATE MANAGEMENT STATEMENTS
REPORTS GOVERNANCE APPROACH
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