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45.1 Accounting policy

Annual Report 2018 > RESULTS 2018 > Supplementary Information and Notes > 45. Financial liabilities > 45.1 Accounting policy
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Financial liabilities are recognized in the statement of financial position when the PZU Group company becomes a party to a binding contract in which it assumes the risk associated with the financial instrument. In the case of transactions concluded on an organized market, the purchase or sale of financial liabilities are recognized in the books on the date of the transaction.

A financial liability (or part thereof) is excluded from the consolidated statement of financial position when the obligation specified in the contract is discharged or canceled or expires.

Under IFRS9, financial liabilities measured at fair value through profit or loss include those instruments that were classified in the same category also under IAS 39, in particular:

  • derivatives with a negative measurement;
  • liabilities on borrowed securities (short sale);
  • investment contracts for the client’s account and risk (unit-linked);
  • liabilities to members of consolidated mutual funds.

Financial liabilities measured at amortized cost include those instruments that were classified in the same category also under IAS 39, in particular:

  • deposits obtained by the PZU Group’s banks;
  • securities issued by banks;
  • loans received;
  • liabilities on the issue of own debt securities;
  • subordinated liabilities;
  • liabilities under repurchase transactions.

Due to the short-term nature, trade liabilities are recognized at the amount of the required payment. 

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