{"id":38086,"date":"2022-06-22T11:24:09","date_gmt":"2022-06-22T05:54:09","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=38086"},"modified":"2024-06-03T11:14:55","modified_gmt":"2024-06-03T05:44:55","slug":"basics-of-banking-disclosure-requirements-in-financial-statements","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/basics-of-banking-disclosure-requirements-in-financial-statements\/","title":{"rendered":"Basics of Banking: Disclosure requirements in Financial Statements"},"content":{"rendered":"<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-38088 size-full\" title=\"Disclosure requirements in Financial Statements\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Basics-of-Banking-Disclosure-requirements-in-Financial-Statements-1.png\" alt=\"Disclosure requirements in Financial Statements\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Basics-of-Banking-Disclosure-requirements-in-Financial-Statements-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Basics-of-Banking-Disclosure-requirements-in-Financial-Statements-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Basics-of-Banking-Disclosure-requirements-in-Financial-Statements-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Basics-of-Banking-Disclosure-requirements-in-Financial-Statements-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Basics-of-Banking-Disclosure-requirements-in-Financial-Statements-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/06\/Basics-of-Banking-Disclosure-requirements-in-Financial-Statements-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Auditors are required to express their views on the financial statements as a whole. This includes notes to the financial statements that form part of the account, providing additional information on balances and transactions and other relevant information. It is, therefore, important that at all stages of the audit and <a href=\"https:\/\/www.cagmc.com\/appointment-of-auditor-in-opc-company\/\">auditor&#8217;s<\/a> judgment be properly considered and set out to obtain sufficient audit evidence for the disclosures made in the notes to the financial statements. This article discusses the basics of banking: Disclosure requirements in financial statements.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Contents<\/b><\/p>\n<ul>\n<li><a href=\"#Disclosure\"><span style=\"font-weight: 400;\">Disclosure requirements in financial statements<\/span><\/a><\/li>\n<li><a href=\"#Sources\"><span style=\"font-weight: 400;\">Sources of information<\/span><\/a><\/li>\n<li><a href=\"#IAASB\"><span style=\"font-weight: 400;\">IAASB Proposal<\/span><\/a><\/li>\n<li><a href=\"#Final\"><span style=\"font-weight: 400;\">Final words<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Disclosure\" style=\"text-align: justify;\"><b>Disclosure requirements in financial statements<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The notes to the financial statements contain various types of information, other quantities, and specific types, as required by IFRS. Some examples are given below:<\/span><\/p>\n<p style=\"text-align: justify;\"><strong>Quantitative Disclosure:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Separation and analysis of balances and functions included in the financial statements, for example, property, plant, and equipment, intangible assets, provisions, lease commitments, and financial instruments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Analysis of part of revenue, profits, and other factors, as well as information about large customers (listed companies).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Summary financial information related to participants and joint ventures.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Qualitative Disclosure:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Definitions of important accounting policies and areas where significant accounting judgments have been made, and the reason for any changes in accounting policies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensuring that the assumption of ongoing anxiety is appropriate, or a discussion of significant doubts about ongoing anxiety.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Information about related groups, and related group activities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Definition of impairment losses recognized for the year.<\/span><\/li>\n<li id=\"Sources\">Discussion of risk areas, for example, those related to financial instruments.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Sources of information<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Of great concern to the IAASB (International Auditing and Assurance Standards Board) is that the information included in the notes to the financial statements, regardless of size or quality, is based on plans and processes that are not part of the normal ledger system. Examples may include, forward-looking statements, descriptions of models used in fair value estimates, definitions of risk exposure, and other narrative disclosures. This creates potential problems for the auditor, and respondents involved in the<a href=\"https:\/\/www.iaasb.org\/\"> IAASB<\/a> consultation noted that the issue poses some of the most challenging aspects of auditing and disclosure.<\/span><\/p>\n<p id=\"IAASB\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">One problem is whether the system or process from which the information is obtained if it is outside the normal calculation procedures, has internal controls to assure the completeness, accuracy, and validity of the information. For example, information about financial instruments can be provided by the company&#8217;s treasury, which may have very different systems and procedures for the accounting function, with a different level of attached risk management. Systems and controls may be lacking, creating significant research risks. This can be especially true if you are dealing with just one exposure, for example, to a situation that causes a loss. In some cases, due to the lack of documentation that can often be expected in further practice of events or events captured by the accounting system, it may be difficult to obtain sufficient, relevant audit evidence for disclosure.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><b>IAASB Proposal<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The proposed changes to the ISAs include new application items:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Change the term &#8216;financial statements&#8217; as used in the ISAs to include all audit-based disclosures and include those disclosures that could be obtained from related notes, face-to-face financial statements, or combined with reference as permitted by other financial reporting agencies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Emphasize the importance of proper attention, and planning adequate time to deal with disclosures in the same way as transaction classes, events, and account balances, and early consideration of issues such as significant new or updated disclosures.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Focus the auditors on additional matters relating to disclosures that can be discussed with those charged with governance, especially in the planning phase of the audit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Emphasize that, in complying with the terms of the engagement, the auditor must emphasize the responsibility of the management, at the beginning of the audit process, to make the information relevant to the disclosure.<\/span><\/li>\n<li id=\"Final\">Provide further examples of erroneous disclosure disclosures to highlight the types of erroneous disclosures that can be found in disclosure, and to clarify those misconceptions that are identified, including those that are disclosed and whether they occur in qualitative or quantitative disclosure, which need to be collected and evaluated.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><b>Final words<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">To show that the financial position of the banks represents a true and fair view, the Reserve Bank of India has instructed banks to disclose accounting policies regarding key operating areas and account notes in their accounting statements year ending 31.03.1991 and onwards, always.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Auditors are required to express their views on the financial statements as a whole. This includes notes to the financial [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":38088,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[76],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Basics of Banking: Disclosure requirements in Financial Statements<\/title>\n<meta name=\"description\" content=\"Step by Step Guide on Basics of Banking: Disclosure requirements in Financial Statements. 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