Page 27 - Agib Bank Limited Annual Report 2021
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or in the period of the revision and future
2. Basis of preparation periods if the revision affects both current and
future periods
2.1 Statement of compliance
3 Adoption of New and Revised
These financial statements have been Standard
prepared in accordance with International
Financial Reporting Standards (“IFRS”),
Accounting and Auditing Organisation for 3.1 New and revised standards in issue but
Islamic Financial Institutions (AAOIFI) and not yet effective
current interpretations issued by the Classification of Liabilities as Current or
International Financial Reporting Non-Current (Amendments to IAS 1)
Interpretations Committee (“IFRIC”) and with
rd
the relevant provisions of the Banking Act The amendments were issued on 23
2009 and The Companies Act 2013. January 2020. This affects only the
presentation of liabilities in the statement of
financial position not the amount or timing of
The financial statements were approved by recognition of any asset, liability income or
the Board of Directors on expenses, or the information that entities
…………………...........2022. disclose about those items. They:
• clarify that the classification of liabilities as
2.2 Basis of measurement current or non-current should be based on
These financial statements are prepared rights that are in existence at the end of the
under the historical cost basis. reporting period and align the wording in all
affected paragraphs to refer to the "right" to
2.3 Functional and presentation currency defer settlement by at least twelve months
The financial statements are presented in The and make explicit that only rights in place
Gambian dalasis (D), which represents the "at the end of the reporting period" should
functional and presentation currency of the affect the classification of a liability;
Bank, being the currency of the economic
environment in which the Bank operates. The • clarify that classification is unaffected by
financial statements have been prepared under expectations about whether an entity will
the assumption that the Bank will continue as a exercise its right to defer settlement of a
going concern. liability; and
• make clear that settlement refers to the
2.4 Use of estimates and judgments transfer to the counterparty of cash, equity
The presentation of financial statements in instruments, other assets.
conformity with IFRS requires the preparation
of estimates and assumptions that affect the
reported amounts of assets and liabilities and The amendments are effective for annual
st
disclosure of contingent assets and liabilities as reporting periods being on or after 1 January
of the date of the financial statements and their 2023.
reported amounts of revenues and expenses
during the reporting period. Actual results could Reference to the Conceptual Framework
differ from those estimates and future changes (Amendments to IFRS 3)
in the economic conditions, business IFRS 3 establishes principles and requirements
strategies, regulatory requirements, for how an acquirer in a business combination.
accounting rules or/and other factors could On 14 May 2020 amendments were issued
th
subsequently result in a change in estimates the reference to the Conceptual Framework in
that could have a material impact on the IFRS 3 without significantly changing the
reported financial position and results of requirements in the standard.
operations. The estimates and underlying Annual Report and IFRS Financial Statements
assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are The changes in Reference to the Conceptual
recognised in the period in which the estimate Framework (Amendments to IFRS 3):
is revised if the revision affects only that period
Agib Bank Annual Report 2021 www.agib.gm 27
