BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA

1.3. COMPARATIVE INFORMATION
The information contained in these interim consolidated financial statements and in the explanatory notes
referring to December 31, 2009 and June 30, 2009 is presented, solely for comparison purposes, with
information relating to June 30, 2010.
1.4. SEASONAL NATURE OF INCOME AND EXPENSES
The nature of the most significant activities and transactions carried out by the Group is mainly related to
traditional activities carried out by financial institutions, which are not significantly affected by seasonal
factors.
1.5. RESPONSIBILITY FOR THE INFORMATION AND FOR THE ESTIMATES MADE
The information contained in these BBVA Group interim consolidated financial statements is the
responsibility of the Group’s Directors.
Estimates were occasionally made by the Bank and the consolidated companies in preparing these interim
consolidated financial statements in order to quantify some of the assets, liabilities, income, expenses and
commitments reported. These estimates relate mainly to the following:
• Impairment on certain financial assets (see Notes 7, 8, 12, 13 and 14).
• Assumptions used in the actuarial calculation of the post-employment benefit liabilities and
commitments (see Note 26).
• The useful life and impairment losses of tangible and intangible assets (see Notes 16, 19, 20 and
22).
• The valuation of consolidation goodwill (see Notes 17 and 20).
• The fair value of certain unlisted financial assets and liabilities (see Notes 7, 8, 10, 11, 12 and 15).
Although these estimates were made on the basis of the best information available as of June 30, 2010 on
the events analyzed, events that take place in the future might make it necessary to change them (upwards
or downwards) in the coming years.
1.6. BBVA GROUP INTERNAL CONTROL OVER FINANCIAL REPORTING MODEL
The BBVA Group Internal Control over Financial Reporting Model (“ICFR Model”) includes a set of
processes and procedures that the Group's Management has designed to reasonably guarantee fulfillment of
the Group's set control targets. These control targets have been set to ensure the reliability and integrity of
the consolidated financial information, as well as the efficiency and effectiveness of transactions and
fulfillment of applicable standards.
The ICFR Model is based on the Committee of Sponsoring Organizations of the Treadway Commission
(hereinafter, COSO) international standards. The five components that COSO establishes to determine
whether an internal control system is effective and efficient are:
• Evaluate all of the risks that could arise during the preparation of the financial information.
• Design the necessary control activities to mitigate the most critical risks.
• Monitor the control activities to ensure they are fulfilled and they are effective over time.
• Establish the right reporting circuits to detect and report system weaknesses or flaws.
• Set up a suitable control area to track all of these activities.
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