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in accordance with GAAP in Peru for financial entities, were approved at the Shareholders’
Meeting held on March 31, 2015.
(c)
Explanation added for translation into the English language of the original financial
statements issued in Spanish
These financial statements were translated into English by COFIDE for convenience of the
English-speaking readers and have been derived from the financial statements originally issued
in Spanish. In the event of a discrepancy, the Spanish language version prevails.
2.
BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
(a)
Statement of compliance
Financial statements are prepared and presented in accordance with legal regulations and GAAP
in Peru applicable to financial entities, which comprise accounting standards and practices
authorized by the SBS by virtue of the authority conferred to it by the General Law. The
standards mentioned below are included in the Accounting Manual for Financial Entities
(hereinafter the Accounting Manual), approved by Resolution SBS No. 895-1998 dated
September 1, 1998 and its amendments; the last amendment was Resolution SBS No. 7036-
2012 dated September 19, 2012.
The SBS has established that in the event that certain situations are not addressed by such
standards, the International Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board (IASB) and rendered official by the Consejo Normativo de
Contabilidad (Peruvian Accounting Standards Board – CNC), shall be applicable.
GAAP in Peru comprise: Standards and Interpretations issued or adopted by the International
Accounting Standards Board (IASB), which include International Financial Reporting Standards
(IFRS), International Accounting Standards (IAS), and the Interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC) or by the former Standing
Interpretations Committee (SIC) adopted by the IASB, and rendered official by the Accounting
Standards Board (CNC) for their application in Peru.
The following standards and interpretations have been published and are applicable to periods
beginning after the date of presentation of these financial statements:
-
IFRS 9 Financial Instruments. For annual periods beginning on or after January 1, 2017.
-
IFRS 14 Regulatory Deferral Accounts. Effective for the first annual financial statements
under IFRS, with annual periods beginning on or after January 1, 2016.
-
IFRS 15 Revenue from Contracts with Customers. Effective for annual periods beginning
on or after January 1, 2018.
-
IFRS 16 Leases. Effective for annual periods beginning on or after January 1, 2019.
-
Amendments to IFRS 11 Joint Arrangements. Effective for annual periods beginning on or
after January 1, 2016.
-
Amendments to IAS 1 Presentation of Financial Statements. Effective for annual periods
beginning on or after January 1, 2016.
-
Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation
and Amortization. Effective for annual periods beginning on or after January 1, 2016.