First Bank Nigeria Financial Statement Summary

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8.6 Notes to the Financial Statements: Theses financial statements are the consolidated financial statements of First Bank Nigeria Limited and its subsidiaries, hereafter referred to as the Group. The principal activities of the Bank are mainly retail banking and corporate banking. Retail banking provides banking activities relating to individuals, such as savings accounts, investment savings products, loans and money transfers. Corporate banking includes activities relating to multinational and local corporations, as well as financial and governmental institutions, such as funds management, credit facilities and project finance. During the year, there was a business restructuring within the First Bank Group, which resulted in the adoption…show more content…
All the facts of a particular situation are considered when determining whether control exists. Control is usually present when an entity has;  Power over more than one-half of the voting rights of the other entity.  Power to govern the financial and operating policies of the other entity.  Power to appoint or remove the majority of the members of the board of directors or equivalent governing body.  Power to cast the majority of votes at meetings of the board of directors or equivalent governing body of the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date that control ceases. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transaction (transaction with owners). Any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the…show more content…
Monetary items denominated in foreign currencies are retranslated at the rate prevailing at the end of the reporting period. Foreign exchange gains and losses resulting from the retranslation and settlement of these items are recognised in the profit or loss. Non-monetary items measured at historical cost denominated in a foreign currency are translated with the exchange rate as at the date of initial recognition, non-monetary assets that are measured at fair value are translated using the exchange rate at the date that the fair value was determined. (c.) Foreign operations: the results and financial position of all the Group entities which have functional currency different from Group’s presentation currency are translated into the Group’s presentation currency as follows; i. Assets and liabilities of each foreign operation are translated at the rates of exchange ruling at the reporting

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