SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
SEC Form 20-IS - iRemit Global Remittance
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
- 19 -<br />
Related party relationships and transactions<br />
Parties are considered to be related if one party has the ability, directly or indirectly, to control the<br />
other party or exercise significant influence over the other party in making financial and operating<br />
decisions. Parties are also considered to be related if they are subject to common control or<br />
common significant influence. Related parties may be individuals or corporate entities.<br />
Provisions<br />
Provisions are recognized when the Group has a present obligation (legal or constructive) as a<br />
result of a past event, it is probable that an outflow of assets embodying economic benefits will be<br />
required to settle the obligation and a reliable estimate can be made of the amount of the<br />
obligation. Where the Group expects a provision to be reimbursed, the reimbursement is<br />
recognized as a separate asset but only when the reimbursement is virtually certain. The expense<br />
relating to any provision is presented in the consolidated statement of income, net of any<br />
reimbursement.<br />
Contingencies<br />
Contingent liabilities are not recognized in the consolidated financial statements. These are<br />
disclosed unless the possibility of an outflow of resources embodying economic benefits is<br />
remote. A contingent asset is not recognized in the consolidated financial statements but disclosed<br />
when an inflow of economic benefits is probable.<br />
Events After the Reporting Period<br />
Post year-end events that provide additional information about the Group’s financial position at<br />
the balance sheet date (adjusting events) are reflected in the financial statements. Post year-end<br />
events that are not adjusting events are disclosed in the notes to the consolidated financial<br />
statements when material.<br />
Segment Reporting<br />
The Group’s operating businesses are organized and managed separately within a particular<br />
economic environment or geographical area, with each segment representing a strategic business<br />
unit which is subject to risks and rewards that are different from those of other segments.<br />
Financial information on business segments is presented in Note 27.<br />
Standards Issued but not Effective<br />
The Group will adopt the following standards and interpretations enumerated below when these<br />
become effective. Except as otherwise indicated, the Group does not expect the adoption of these<br />
new and amended PFRS and Philippine Interpretations to have significant impact on its financial<br />
position and performance.<br />
Effective in <strong>20</strong>12<br />
PFRS 7 Amendments, Financial Instruments: Disclosures - Disclosures - Transfers of Financial<br />
Assets<br />
The amendments to PFRS 7 are effective for annual periods beginning on or after July 1, <strong>20</strong>11.<br />
The amendments will allow users of financial statements to improve their understanding of<br />
transfer transactions of financial assets (for example, securitizations), including understanding the<br />
possible effects of any risks that may remain with the entity that transferred the assets. The<br />
amendments also require additional disclosures if a disproportionate amount of transfer<br />
transactions are undertaken around the end of a reporting period.<br />
*SGVMC116502*
Change language