IAASA, Ireland’s accounting enforcer, has today published its financial reporting decisions arising from its examination of the annual financial statements of BrokerCreditService Structured Products plc for the year ended 31 December 2015.
BrokerCreditService Structured Products plc provides brokerage, retail and investment banking, depository and asset management services to individuals and corporate customers in the Russian Federation and in other jurisdictions.
IAASA concluded that the issuer had not complied, in full, with the disclosure requirements of a number of financial reporting standards’, Article 142A(5)(b)of Cyprus Companies Law and Regulation 5(4)(c)(ii) of the Regulations. The issuer provided IAASA with undertakings to provide additional disclosures in future financial statements regarding:
(a) preparation of consolidated financial statements (for the year ended 31 December 2015);
(b) IFRS 13 fair value disclosures related to:
(i) disclosure of the fair value hierarchy (Level 1, 2 and 3);
(ii) a description of the principal valuation techniques and inputs; and
(iii) sub-classification of the fair value of derivatives;
(c) IFRS 7 fair value disclosures related to:
(i) offsetting of financial assets and financial liabilities – including derivatives;
(ii) the credit risk of financial assets;
(iii) the market price risk of financial assets; and
(iv) a sensitivity analysis of: market price risk, currency risk and interest rate risk;
(d) the restatement of amounts in the Statement of Cash Flows (IAS 8 refers);
(e) IAS 8.30 disclosures relating to new financial reporting standards issued but not yet effective;
(f) IAS 24 Related Party Disclosures;
(g) Management Report – fair review – Regulation 5(4)(c)(ii) of the Regulations; and
(h) IFRS 8 Operating Segments disclosures.