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Harmonisation of accounting standards: disclosure policies and practices of european commercial banks

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par Michael Forzeh Fossung
Gothenburg University - Master of Science (MSc) Accounting 2002
  

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4.3.2 Barclays Bank Plc.

Presentation Of Financial Statements

Barclays annual reports and accounts are composed of the traditional consolidated profit and loss account, a statement of total recognized gains and losses for the financial year, consolidated balance sheets, consolidated statement of change in reserves, consolidated cash flow statements, directors reports and notes to the accounts. The parents company's account is also provided.

Measurement Practice

During the year 2000, accounts are prepared under the historical cost convention as modified by the revaluations of certain properties and investments. The bank uses the applicable accounting standards of the Accounting Standards Board, the pronouncements of its Urgent Issues Task Force (UITF), and the Statements of Recommended Accounting Practice (SORP) issued by the British bankers association.

Goodwill arising from the acquisition of subsidiaries and associated undertakings and joint ventures has been capitalized as an intangible asset and amortized against profit over its estimated useful life normally 20 years. Interest in associated undertakings and joint ventures are included in the consolidated balance sheets at the group's share of the book values of the net tangible assets of the undertakings concerned.

An associated undertaking is defined as generally one in which the group owns more than 20 percent of shares, and also exercising significant influence over the entity's operational and financial policies. A joint venture is one where the group holds an interest on a long term basis and which is jointly controlled by the group.

Depreciation of tangible fixed assets is provided on a straight line basis at an annual rate of 2 % for freehold buildings and long leasehold property, leasehold property, over the remaining life of the lease, equipment installed in freehold and leasehold property, 10%, computers and similar equipment, 20-33 % fixtures and fittings and 20% of other equipments.

Consolidation Accounting

The consolidation accounts have been prepared in compliance with sections the Company's Act of 1985. The profit and loss accounts and the balance sheets have been prepared in compliance with section 226 of schedule 4 in to the Company Act of 1985. The consolidated accounts included the accounts of Barclays PLC and its subsidiaries up to the 31st of December. Interest in subsidiaries and joint ventures are included in the consolidated balance sheets at the group's share of book values of the net tangible assets.

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