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45.1 Accounting policy

Annual Report 2019 > 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.

Financial liabilities measured at fair value through profit or loss included 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 included 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.