3. Summary of significant accounting policies
Major accounting policies and estimates and judgements applied in the preparation of these consolidated financial statements are presented in the notes and below. These policies were applied consistently in all the years presented, with the exception of the changes which followed from the implementation of IFRS 9 “Financial Instruments” and IFRS 15 “Revenue from Contracts with Customers” which are described in Notes 4 and 5 and in the notes to the consolidated income statement and to the consolidated statement of financial position. Below is a summary of accounting policies and major estimates and judgements for the individual items of the consolidated income statement and the consolidated statement of financial position.
2018
| Consolidated income statement | Note | Accounting policy1 |
|---|---|---|
| Interest income and expense | 9 | Y |
| Fee and commission income and expense | 10 | Y |
| Dividend income | 11 | Y |
| Net gain/(loss) on financial instruments measured at fair value financial instruments measured at fair value through profit or loss | 12 | Y |
| Net foreign exchange gains/(losses) | 13 | Y |
| Gains/(losses) on derecognition of financial instruments not measured at fair value through profit or loss | 14 | |
| Net credit losses | 15 | Y |
| Impairment of non-financial assets | 16 | |
| Other operating income and expenses | 17 | Y |
| Administrative expenses | 18 | Y |
| Tax on certain financial institutions | 19 | |
| Income tax expense | 20 | Y |
1 The letter Y indicates the presence of a particular accounting policy.
| Consolidated statement of financial position | Note | Accounting policy1 | Major estimates and judgments1 |
|---|---|---|---|
| Cash and balances with the Central Bank | 22 | Y | |
| Amounts due from banks | 23 | Y | |
| Hedging derivatives | 24 | Y | Y |
| Other derivative instruments | 25 | Y | Y |
| Securities | 27 | Y | Y |
| Loans and advances to customers | 28 | Y | Y |
| Non-current assets held for sale | 31 | Y | |
| Intangible assets | 32 | Y | Y |
| Property, plant and equipment | 32 | Y | Y |
| Deferred income tax asset | 20 | Y | |
| Other assets | 33 | Y | |
| Amounts due to banks | 34 | Y | |
| Amounts due to customers | 35 | Y | |
| Liabilities in respect of insurance activities | 37 | Y | |
| Debt securities in issue | 38 | Y | |
| Subordinated liabilities | 39 | Y | |
| Other liabilities | 40 | Y | |
| Provisions | 41 | Y | Y |
| Equity | 42 | Y |
1 The letter Y indicates the presence of a particular accounting policy or major estimates and judgements.