Page 88 - ACCESS ANNUAL REPORT 2019

NOTES
1. REPORTING ENTITY
Access Ban Ghana Plc the Ban is a pu lic limited lia ility company incorporated in Ghana licensed to carry out universal an in . he address o the Ban ’s re istered office is Starlets ’91 Road, Opposite Accra Sports Stadium, P. O. Box GP 353, Osu Accra. he consolidated financial statements o the Ban as at, and or the year ended 31 Decem er 2019 comprises the Ban and its su sidiary B imited to ether as the Group .
he Group’s principal activity is corporate and retail an in as well as leasin operations. he Ban is listed on the Ghana Stoc Exchan e. he parent company is Access Ban Plc incorporated in the ederal Repu lic o i eria.
or Companies Act, 2019 Act 992 reportin purposes, the alance sheet is represented y the statement o financial position and the profit and loss account y part o the income statement, in these separate and consolidated financial statements financial statements .
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
he principal accountin policies applied in the preparation o these financial statements are set out elow. hese policies have een consistently applied to all the years presented, unless otherwise stated.
Basis o preparation
he financial statements have een prepared in accordance with International inancial Reportin Standards I RS as issued y the International Accountin Standards Board. he financial statements have een prepared under the historical cost convention except as disclosed in the accountin policy elow.
Additional in ormation re uired under the Companies Act, 2019 Act 992 and the Ban s and Specialised Deposit a in Institutions Act, 201 Act 930 have een included, where appropriate.
he preparation o financial statements in con ormity with I RS re uires the use o certain critical accountin estimates. It also re uires mana ement to exercise its ud ement in the process o applyin the roup’s accountin policies. he areas involvin a hi her de ree o ud ement or complexity, or areas where assumptions and estimates are si nificant to the financial statements are disclosed in note .
hese financial statements are presented in Ghana Cedi, which is the Group’s unctional currency.
hanges in acco nting po icies and disc os res
a ew standards, amendments and interpretations adopted y the group
he ollowin amendments and International inancial Reportin Interpretation Committee I RIC interpretations were adopted y the Ban or the first time or the financial year e innin on or a ter 1 anuary 2019 and have an impact on the Ban ’s financial statements.
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