Users need relevant, reliable and comparable information to help make economic decisions. They also need information about the special characteristics of the operations of a bank. Disclosures must be sufficiently comprehensive.
A bank is exposed to liquidity risk, foreign currency risks, interest rate movements and changes in market price. Users would have a better understanding if a commentary were provided by management which describes the way in which the bank manages and controls its risks.
The objective of IAS 30 is to prescribe appropriate presentation and disclosure standards for banks and similar financial institutions, which supplement the requirements of other standards. The intention is to provide users with appropriate information to assist them in evaluating the financial position and performance of banks, and to enable them to obtain a better understanding of the special characteristics of the operations of banks.
The standard should be applied to the financial statements of banks and similar financial institutions. These are involved in taking deposits and lending within the banking legislation.
Users are particularly concerned about the liquidity and solvency of banks, and these special needs must be met. IAS 30 supplements other IASs which also apply to banks as well as to both individual and consolidated financial statements.
The following policies need to be disclosed to improve comparability:
the recognition of the principal types of income;
the valuation of investment and dealing securities;
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