UBI Banca Group

Part A – Accounting policies
A.1 – GENERAL PART
Section 1 Statement of compliance with IFRS
This consolidated financial report has been prepared in compliance with the international
financial reporting standards issued by the International Accounting Standards Board (IASB)
and endorsed at the date of publication and also in compliance with the related interpretations
of the International Financial Reporting Interpretation Committee (IFRIC) 1 .
The report is composed of the balance sheet, income statement, statement of comprehensive
income, statement of cash flows, statement of changes in equity and the notes to the financial
statements, accompanied by the consolidated management report, subjected to audit by the
independent auditors and it relates to the companies (subsidiaries, associates and companies
subject to joint control) included in the consolidation.
The consolidated financial statements as at and for the year ended 31 st December 2011 have
been clearly stated and give a true and fair view of the capital and financial position, the result
for the year, the changes in equity and the cash flows.
Section 2 Basis of preparation
These consolidated financial statements have been prepared according to the general
accounting principles contained in IAS 1 “Presentation of financial statements” and they
therefore report information on a going concern basis, recognising income and expenses on an
accruals basis, without offsetting assets against liabilities and revenue against expenses.
The information contained in this annual report is expressed, unless otherwise indicated, in
euro as the accounting currency and the financial information, the balance sheet and income
statement, the notes and comments and the explanatory tables are presented in thousands of
euro. The relative rounding of the figures has been performed on the basis of Bank of Italy
instructions. Items for which there are no values for the current and the previous period have
been omitted.
The mandatory financial statements used in this annual report comply with those defined in
Bank of Italy Circular No. 262/2005, as amended by the first update of 18 th November 2009
and by subsequent communications from the supervisory authority. In addition to the
accounts as at 31 st December 2011, they also provide the same comparative information as at
31 st December 2010.
On 10 th February 2012, the Bank of Italy issued “addendum” letter No. 0125853/12 (complied
with for the preparation of these financial statements) concerning “financial statements and
supervisory reporting” with which it provided banks and financial intermediaries with replies
to requests for clarification that it had received concerning the correct treatment for the
recognition of certain transactions.
The recommendations contained in it were found to be in line with Group practice.
1 See the “List of IAS/IFRS standards approved by the European Commission”. The standards listed there and the
relative interpretations are applied on the basis of events occurring that are disciplined by them in the year from
which application becomes compulsory, unless indicated otherwise.
239