Navigation Map Download our best practices

Interactive navigation is a tool that goes beyond the standard navigation of the integrated content (available in the report drop-down bar). New approach allowed to navigate in the two additional business dimensions of the PZU Group, i.e .:
- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
Employees
Society
Ethics
Environment
Products
Overview
Health
Banks
Investments
Insurance

36.1 Accounting policies and material estimates

Annual Report 2018 > RESULTS 2018 > Supplementary Information and Notes > 36. Impairment of financial assets and receivables > 36.1 Accounting policies and material estimates
INTEGRATED
NAVIGATION
Reference areas Ref. areas
Insurance
Health
Investments
Banking
Best Pratices in PZU

The assessment of existence of objective evidence of impairment of a financial asset or group of financial assets is carried out at the end of each reporting period.

If there is objective evidence of impairment arising from events occurring after the initial recognition of financial assets and causing a decrease in expected future cash flows then appropriate impairment losses are recognized against costs of the current period.

Objective evidence of impairment includes information on:

  • significant financial difficulties of the issuer or debtor;
  • failure to comply with the terms of the contract, e.g. failure to repay or default in repayment of interest or principal;
  • the lender granting the borrower forbearance (for economic or legal reasons, resulting from the borrower’s financial difficulties) which the lender would otherwise not grant;
  • high likelihood of liquidation, bankruptcy or other financial reorganization of the borrower;
  • lack of an active market for a given financial asset caused by the issuer's financial difficulties;
  • observed data pointing to a measurable decrease of estimated future cash flows associated with a group of financial assets from the time of their first recognition, although it is not yet possible to determine the decrease for a single asset from the group of financial assets, including:
    • negative changes pertaining to the status of the borrowers’ payments in the group (e.g. increased number of delayed payments) or
    • adverse changes in the economic condition in a specific industry, region, etc. contributing to the deterioration of the debtors’ capacity for repayment;
  • significant or prolonged decline in the fair value of investments in an equity instrument below the purchase cost;
  • adverse changes in the technology, market, economic, legal or other environment in which the issuer of an equity instrument operates indicating that costs of investment in that equity instrument may not be recovered.

36.1.1. Rules applicable as of 1 January 2018 

36.1.2. Rules applicable until 31 December 2017

Facebook Facebook Twitter Twitter Linkedin Linkedin All