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12.1 Accounting policy

Annual Report 2019 > 12.1 Accounting policy
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Best Pratices in PZU

Dividends are recognized as income when the right to dividend is acquired.

Interest income is recognized on an accrual basis based on the effective interest rate.

Interest income comprises interest on financial instruments measured at amortized cost, at fair value through other comprehensive income and hedging derivatives.

The effective interest rate is the rate that discounts estimated future cash flows to the gross carrying amount of the financial asset.

Interest income is calculated on the gross carrying amount, except for credit-impaired assets and purchased or originated credit-impaired (POCI) financial assets. For such assets, interest income is calculated on the gross carrying amount less allowances for expected credit losses.