Financial-Reporting-European-Bank Essay

23933 WordsApr 28, 201496 Pages
FINANCIAL SERVICES Focus on Transparency Financial reporting of European banks in 2011 Surviving the storm July 2012 This is the sixth year of Focus on Transparency, KPMG’s survey of the annual reports of 15 of Europe’s largest banks. The organisations in the survey reflect a large demographic of European banks reporting under International Financial Reporting Standards (IFRS). Each chapter includes the key and topical issues that banks are currently facing such as the Eurozone sovereign debt crisis, the effects of new requirements such as bank levies and the impending regulatory (Basel 3) and accounting changes (IFRS 9). We are also providing additional insights of the expected future outlook for the banks in the next 12 months given the ongoing economic and political uncertainties in the Eurozone. We have continued to comment on key areas of disclosure notably the impact of capital, liquidity, impairment, intangibles and executive remuneration. Nordea Nda Barclays Barc HSBC HSBC Lloyds Banking Group LBG Royal Bank of Scotland RBS Standard Chartered SCB CommerzBank CoBa Deutsche Bank DB ING ING BNP Paribas BNPP Société Générale SG UBS UBS UniCredit UniC Banco Bilbao Vizcaya BBVA Santander Sant Balances at 31 December 2011, 2010 and 2009 in foreign currencies were translated to Euros at the foreign exchange rate ruling at those dates while income statement items were translated to Euros at the average foreign exchange rates calculated based on the average of the rates on 1 January and 31 December for 2011, 2010 and 2009. Contents Executive summary 1. Insights Chairmen’s and CEOs’ reviews 2. Performance Overall performance and results 3. Impairment Credit risk and impairment 4. Intangibles Non-financial assets 5. Capital Regulatory capital 6. Liquidity Liquidity and funding 7. Governance Corporate governance and executive remuneration 8.

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