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ICBIBANK

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ICBIBANK 09-Jul-2020

(Continuation news of ICBIBANK): leases preceding IFRS 16. This is a departure from International Financial Reporting Standards (IFRS). Adopting IFRS 16 will lead to changes in the presentation and disclosure of rental and operating leases by the Bank. The impact on operating expenses, earnings per share and other price sensitive information such as net asset value per share and net operating (cont.4)

ICBIBANK 09-Jul-2020

(Continuation news of ICBIBANK): or after 1 January, 2019. The Bank is currently in the process of adopting IFRS 16 and is going through the assessment process to determine the impact and change to the financial statements for the adoption of this new accounting standard. As a result, the Bank has prepared their financial using IAS 17 which is the accounting standard for (cont.3)

ICBIBANK 09-Jul-2020

(Continuation news of ICBIBANK): Our opinion is not modified in respect of this matter. Note 3.1 (xv) Leases: The International Accounting Standards Board (IASB) issued IFRS 16, Leases, which replaces IAS 17 and sets out the principle for the recognition, measurement, presentation and disclosure of leases. The standard has become effective for all annual reporting periods beginning on (cont.2)

ICBIBANK 09-Jul-2020

The auditor of ICB Islamic Bank Limited has given the following "Emphasis of Matter" in the audit report of the company prepared for the year ended on 31 December 2019. Emphasis of Matter: We draw attention to Note 3.1 (xv) of the financial statements, which describes matters related to implementation of 'IFRS 16 Leases' including preliminary assessment of its impact as assessed by management. (cont.1)

ICBIBANK 09-Jul-2020

(Continuation news of ICBIBANK): Banks operations in Bangladesh. The Bank is closely monitoring the impact of the developments on the Bank's businesses. As the situation is fast evolving, the effect of the outbreak is subject to significant levels of uncertainty, with the full range of possible effects unknown. (end)

ICBIBANK 09-Jul-2020

(Continuation news of ICBIBANK): by the World Health Organization, and Bangladesh Government has taken restrictive measures including declaration of general public holidays to contain its further spread affecting free movement of people and goods. As a consequence, the COVID-19 outbreak has brought about additional challenges in the Bank's operating environment and has impacted the (cont.14)

ICBIBANK 09-Jul-2020

(Continuation news of ICBIBANK): the reporting period which provide evidence of conditions which existed at the end of the reporting period; and b) Non adjusting events after the reporting period, are those that are indicative of conditions that arose after the reporting period. The details about the events after reporting period are as follows: On 11th March 2020, COVID-19 has been declared a pandemic (cont.13)

ICBIBANK 09-Jul-2020

(Continuation news of ICBIBANK): Note 47.00 Events after the Balance Sheet Date: As per IAS 10 - "Events after the Reporting Period", events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorized for issue. Two types of events can be identified: a) Adjusting events after (cont.12)

ICBIBANK 09-Jul-2020

(Continuation news of ICBIBANK): to date, and results in certain material uncertainties related to the future financial position, performance and cash flows of ICB Islamic Bank Limited. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Bank's ability to continue as a going concern. Again, our opinion is not modified in respect of this matter. (cont.11)

ICBIBANK 09-Jul-2020

(Continuation news of ICBIBANK): already been recovered from long outstanding defaulter accounts in the first quarter of 2020 and the Bank is optimistic of more recoveries from long outstanding defaulter accounts during the year 2020 which will improve its financial outlook. We also draw attention to Note 47 in the financial statements, which indicates how COVID-19 has affected the Bank (cont.10)

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