Page 170 - ACCESS BANK ANNUAL REPORTS_eBook

Notes

1.0 General information

Access Bank Plc (“the Bank”) is a company domiciled in Nigeria. The address of the Bank’s registered office is Plot 999c,
Danmole Street, off Adeola Odeku/Idejo Street, Victoria Island, Lagos (formerly Plot 1665, Oyin Jolayemi, Victoria Island,
Lagos). The consolidated financial statements of the Bank for the year ended 31 December 2017 comprise the Bank and
its subsidiaries (together referred to as “the Group” and separately referred to as “Group entities”). The Group is primarily
involved in investment, corporate, commercial and retail banking and is listed on the Nigerian Stock Exchange.
These financial statements were authorised for issue by the Board of Directors on 30 January 2018. The directors have
the power to amend and reissue the financial statements.

2.0 Statement of compliance with International Financial Reporting Standards
The consolidated and separate financial statements of the Group and Bank respectively, have been prepared in accor-
dance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board
(IASB). Additional information required by national regulations is included where appropriate.

3.0 Basis of preparation

This financial statements has been prepared in accordance with International Financial Reporting Standards (IFRSs) and
interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS.
This consolidated financial statement comprise the consolidated statement of comprehensive income, the consolidated
statement of financial position, the consolidated statements of changes in equity, the consolidated cash flow statement
and the notes.

The financial statements have been prepared in accordance with the going concern principle under the historical cost
convention, modified to include fair valuation of particular financial instruments, to the extent required or permitted under
IFRS as set out in the relevant accounting policies.

3.1 Summary of significant accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.

(a) Functional and presentation currency
These consolidated financial statements are presented in Naira, which is the Group’s presentation
currency; except where indicated, financial information presented in Naira has been rounded to the
nearest thousand.

(b) Basis of measurement
These consolidated and separate financial statements have been prepared on the historical cost basis
except for the following:
• derivative financial instruments are measured at fair value.
• non-derivative financial instruments at fair value through profit or loss are measured at fair val-
ue.
• available-for-sale financial assets are measured at fair value.
• the liability for defined benefit obligations is recognised as the present value of the defined bene-
fit obligation and related current service cost
• non-current assets held for sale measured at fair value less costs to sell.
• share based payment at fair value or an approximation of fair value allowed by the relevant stan-
dard.

170 Access BAnk Plc
Annual Report & Accounts 2017