42.1 Accounting policy

Annual Report 2017 > 42.1 Accounting policy
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Best Pratices in PZU

42.1 Accounting policy


Financial liabilities are recognized in the statement of financial position of financial position at the moment when a PZU Group company becomes a party to a binding contract, under which it assumes the risks associated with the financial instrument. In the case of transactions concluded on an organized market, the purchase or sale of financial liabilities are recognized in the books on the date of the transaction.

A financial liability (or its part) is derecognized from the consolidated statement of financial position when the obligation defined in the respective agreement has been fulfilled, waived or has expired.

Trade liabilities are recognized at the required payment amount due to their short-term nature.

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