Prior year change to criteria for impairing investments reversed, June 2010
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.

Large restatement of liquidity disclosures lacks explanation, April 2010
Swedish bank Swedbank changes the maturities of SEK1.3 trillion comparative loans to the public, leading to a more than fourfold increase in comparative financial assets with maturities over ten years, but offers no explanation whilst misleadingly describing the carrying amounts of financial liabilities as “undiscounted cash flows”

Proposal to end deferral loophole on corporate bonds draws comment, March 2010
Danish Bank Danske Bank draws attention, in its discussion of impending changes in IFRS, to the implicit intention of the International Accounting Standards Board no longer to permit deferral of movements in the fair value of corporate bonds, the company having last year adopted this classification for DKK117 billion corporate bonds.

Inappropriate reclassification of a financial asset, July 2009
Spanish stainless steel producer Acerinox inappropriately regards strategic alliances as rare circumstances to reclassify an investment between IFRS categories, avoiding recognition of a €9.8 million loss that would have increased pre-tax loss by 57.6%.

Reclassification effects mitigate diminished profit, June 2009
Italian bank Intesa Sanpaolo reclassifies €10.2 billion debt securities as loans, averting a €459 million, or 43.2%, decrease in pre-tax profit and an €862 million, or 1.7%, decrease in equity.

Counting house rendered unable to count its own costs, June 2009
Belgian insurer Fortis recognises an overall €27.4 billion loss on discontinued banking and insurance operations leading to a loss for the year but, contrary to IFRS, does not analyse this into result prior to disposal and gain or loss on disposal and gives the wrong valuation date for assets and liabilities disposed of.

Share portfolio write-down leads to loss for year, May 2009
Norwegian food and chemicals company Orkla recognises a NOK5.7 billion loss from impairments of financial assets, leading to a loss for the year, with further declines in carrying amount recognised in equity.

Limited disclosures following reclassification of financial assets, May 2009
Italian insurer Assicurazioni Generali reclassifies €646 million financial assets held for trading to held to maturity but chooses not to disclose the impact on its financial statements.

$10.6 billion goodwill in US Personal Financial Services impaired in full, April 2009
UK bank HSBC impairs in full the $10.6 billion goodwill allocated to Personal Financial Services - North America that reduces its pre-tax profit by 53%.

Reclassification without full explanation, March 2009
Swiss asset manager and private bank Julius Baer reclassifies assets, carried now at CHF58 million, from held for trading to available for sale but does not provide the facts and circumstances to support its move.

Reclassification of financial assets benefits income statement, February 2009
Danish bank Danske Bank reclassifies bonds carried now at DKK117 billion from held for trading to available for sale whereby DKK1.94 billion losses are recognised directly in equity rather than through the income statement.

Merger relief and share premium cancellation boost retained earnings, October 2008
UK bank Barclays increases its retained earnings by £8.16 billion or 63.8% through adoption of merger relief and cancellation of share premium account.

Subprime impairments reduce pre-tax profit by 18.9%, June 2008
German bank Commerzbank impairs by €583 million subprime assets, reducing pre-tax profit by 18.9%, with further write-downs in equity.

Brief goodwill disclosures on major acquisition, May 2008
UK bank The Royal Bank of Scotland (RBS) acquires ABN AMRO for £48.6 billion, but confines its remarks on the £23.3 billion goodwill acquired to a single sentence.

€6.4 billion loss incurred in 2008 recognised in 2007, April 2008
French financial services company Société Générale invokes true and fair override to recognise a loss of €6.4 billion arising in 2008, reducing profit by 77%, but does not explain fully its reasons for non-compliance with IFRS.

Financial instruments disclosures include a 12-month liquidity curve, March 2008
Danish Bank Danske Bank publishes additional financial instruments disclosures including back tests and a 12-month liquidity curve.

Newly listed company's disclosures lack clarity, January 2008
In the light of a majority shareholding by two directors, UK financial company Hargreaves Lansdown's statement that treasury shares purchased prior to listing were bought "in the market", contributes to a lack of transparency.