Fair valuing residual interests in previous associate and joint venture following partial disposals boosts profit
Italian bank Intesa Sanpaolo makes partial disposals of investments in companies previously accounted for as an associate and joint venture that result in loss of significant influence and joint control and fair values the residual interests thus increasing profit from continuing operations by 5.5%.
Prior year change to criteria for impairing investments reversed
Italian bank Intesa Sanpaolo reverses a prior year change to its procedure for impairing financial assets and redefines a “prolonged” decline in fair value as 24 rather than 12 months thus demonstrating a lack of consistency.
