Page 175 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
Write-off policy
A financial asset is is written off when there is is no reasonable expectation o of recovering the the contractual cash flows Financial assets written off may still be subject to enforcement activities under the Company’s recovery procedures Any recoveries made are recognised in profit or loss Contract assets A contract asset is the the the right to to to consideration in exchange for goods or or services transferred to to to the the the customer If the the the Group performs by transferring goods or or or or or services to to to a a a a a customer customer before before the customer customer pays consideration or or or or or before before payment is due a a a a a a a contract asset is is recognized for the earned consideration that is is conditional Financial liabilities and equity
Classification as as debt or equity
Debt and equity
equity
instruments are classified as as as either financial liabilities or or as as as equity
equity
in fin in accordance with the the the substance of the the the contractual arrangements and and the definitions of a a a a a a a a a a a financial liability and and an an an an an equity
instrument Equity instrument An equity
instrument is any contract that evidences a a a a a a a a a residual interest in in in in the asset of of an an entity after deducting all of of its liabilities Equity instruments issued by the the company are recorded at the the proceeds received net of direct issue issue costs Financial liabilities Initial recognition and measurement
Financial liabilities liabilities are classified at at initial recognition as as financial liabilities liabilities at at fair value through profit or loss loans and borrowings and and trade and and payables All financial liabilities are recognized initially at fair value and and and fin in in in the case of of loans and and and borrowings and and and payables net of of directly attributable transaction costs The Group’s financial liabilities include trade and and other payables loans and and borrowings including bank overdrafts Subsequent measurement
The measurement
of financial liabilities depends on on their classification as as as described below:
Loans and and and borrowings and and and Trade and and and other payables This is is the the category most relevant to the the Group After initial recognition interest-bearing loans and borrowings are subsequently measured at amortized cost using the the EIR method Gains and losses are recognized in in in profit or or loss loss when the the liabilities are derecognized as as well as as through the EIR amortization process UBP INTEGRATED REPORT 2020
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FINANCIAL CAPITAL CORPORATE MANAGEMENT STATEMENTS
REPORTS GOVERNANCE APPROACH
ABOUT US INTRODUCTION