PABC March 2012 Result

Harry82 · 1 PABC March 2012 Result Thu Apr 26, 2012 7:02 pm

Harry82

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PABC March quarter Result will be release tomorrow.
The bank will report earnings of 1.00 for the quarter.

hariesha · 2 Re: PABC March 2012 Result Thu Apr 26, 2012 10:07 pm

hariesha

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Under new accounting standards no general loan loss provisioning is allowed. So it's possible to report Rs.1/- EPS. But I don't know how IFRS is affecting other items in the P & L.

Any how it's really interesting to see the results of banks in this quarter as it's the 1st quarter under new financial reporting standards. Further it's the 1st quarter with rapid increase of interest rates. Investors can have an idea on how banks are adjusting to the new environment.

Will the results give banking sector valuations a new dimension?

http://research.srilankaequity.com/t319-banking-sector-valuations-pbv-and-per-based

Antonym · 3 Re: PABC March 2012 Result Thu Apr 26, 2012 10:36 pm

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Under IFRS, all investments in equity investments will be measured at fair value (and not at cost). Gains or losses on remeasurement of equity instruments will have to be recognized in the P&L Account.

When will this come into effect in Sri Lanka..? March 2012 financial statements?
Which companies' results are likely to be impacted by this?

Last edited by Antonym on Thu Apr 26, 2012 10:41 pm; edited 1 time in total

chamith · 4 Re: PABC March 2012 Result Thu Apr 26, 2012 10:41 pm

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Antonym

i think this new IFRS will have to be adopted from this year. Thats what i heard from the discussions we had in this forum few months back.

hariesha · 5 Re: PABC March 2012 Result Thu Apr 26, 2012 11:15 pm

hariesha

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Antonym wrote:Under IFRS, all investments in equity investments will be measured at fair value (and not at cost). Gains or losses on remeasurement of equity instruments will have to be recognized in the P&L Account.

When will this come into effect in Sri Lanka..? March 2012 financial statements?
Which companies' results are likely to be impacted by this?

All companies with December year end have to adopt IFRS with Jan-March quarter 2012.

All companies with March year end have to adopt IFRS with Apr-June quarter 2012.

Are there any professional accountants in this forum. I so, please enlighten members regarding IFRS and impact on financial statements with a new thread.