Introduction
PD-1.3.1
Banks (referred to under section PD-1.2) should, in their Annual Reports, provide timely information which facilitates market participants' assessment of them. There are seven broad categories of information (as set out in paragraphs PD-1.3.5 to PD-1.3.11 and section PD-1.4), each of which should be addressed in clear terms and with appropriate details to help achieve a satisfactory level of bank transparency.
PD-1.3.2
The disclosure requirements listed in paragraphs PD-1.3.5 to PD-1.3.11 and section PD-1.4 below are in addition to or serve to clarify the disclosure requirements of IASs. These requirements may be:
(a) integrated into the Notes to the Accounts; or(b) addressed in the Directors' Report.PD-1.3.3
The Agency requires that all banks referred to under section PD-1.2 should maintain an up-to-date checklist of all applicable International Accounting Standards (IASs) (including disclosure requirements) and the requirements set out in this section for full compliance purposes.
PD-1.3.4
If a bank is not able to achieve full compliance with the requirements stated in this chapter, a meeting should be held with the Director of Banking Supervision Directorate at the Agency in the presence of the concerned external auditors to discuss the reasons for such non-compliance prior to the finalization of the Annual Report.
