Page 80 - RFHL ANNUAL REPORT 2024_ONLINE

78 Table of Contents

Statement of management responsibilities 79 z Customers’ liabilities under acceptances,
guarantees, indemnities and
Independent auditor’s report 80 letters of credit 124
Consolidated statement of financial position 88 aa Equity reserves 124

Consolidated statement of income 90 ab Hyperinflation 124
Consolidated statement of comprehensive income 91 ac Comparative information 125
Consolidated statement of changes in equity 92 3 Significant accounting judgements,
estimates and assumptions 125
Consolidated statement of cash flows 93
Notes to the consolidated financial statements 95 4 Advances 127
1 Corporate information 95 5 Investment securities 131
6 Investment in associated companies 132
2 Material accounting policies 95
7 Premises and equipment 133
2.1 Basis of preparation 95
2.2 Basis of consolidation 95 8 Right-of-use assets and lease liabilities 135
2.3 Changes in accounting policies 96 9 Intangible assets 137
2.4 Standards in issue not yet effective 101 10 Employee benefits 139
2.5 Improvements to international financial 11 Deferred tax assets and liabilities 143
reporting standards 105
12 Other assets 145
2.6 Summary of material accounting policies 106
13 Customers’ current, savings and
a Cash and cash equivalents 106
deposit accounts 145
b Statutory deposits with central banks 106
c Financial instruments – initial 14 Other fund raising instruments 145
recognition 106 15 Debt securities in issue 146
d Financial assets and liabilities 106 16 Other liabilities 147
e Reclassification of financial assets 17 Stated capital 147
and liabilities 108
f Derecognition of financial assets 18 Other reserves 148
and liabilities 108 19 Operating profit 149
g Impairment of financial assets 110 20 Credit loss expense/(recovery) 150
h Collateral valuation 113
21 Taxation expense 150
i Collateral repossessed 114
22 Risk management 150
j Write-offs 114
23 Related parties 165
k Investment in associates 114
24 Capital management 166
l Leases 114
25 Fair value 167
m Premises and equipment 115
26 Material partly-owned subsidiaries 170
n Impairment of non-financial assets 116
27 Segmental information 170
o Business combinations and goodwill 116
p Employee benefits 117 28 Maturity analysis of assets and liabilities 175
q Taxation 119 29 Equity compensation benefits 176
r Statutory reserves 119 30 Dividends paid and proposed 178
s Fiduciary assets 119 31 Contingent liabilities 178
t Earnings per share 119 32 Structured entities 179
u Foreign currency translation 120 33 Subsidiary companies 180
v Intangible assets 120 34 Events after the reporting period 181
w Revenue recognition 121
x Fair value 122
y Segment reporting 123