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Subsidiaries are entities control led by the Group for definition of the criterion for control , see Glossary. The financial statements of the subsidiaries are fully consolidated with those of the Bank. Appendix I includes other significant information on these entities. Joint venture s are those entities over which there is a joint arrangement to joint control with third parties other than the Group for definitions of joint arrangement , joint control and joint venture , refer to Glossary.
Appendix II shows the main figures for joint venture s accounted for using the equity method. Associates are entities in which the Group is able to exercise significant influence for definition of significant influence , see Glossary. A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who control s the entity, such as when the voting rights relate to administrative matters only and the relevant activities are directed by means of contractual arrangements see Glossary.
In those cases where the Group sets up entities, or has a holding in such entities, in order to allow its customers access to certain investments, or to transfer risks or for other purposes, in accordance with internal criteria and procedures and with applicable regulations, the Group determines whether control over the entity in question actually exists and therefore whether it should be subject to consolidation.
To determine if a structured entity control s the investee, and therefore should be consolidated into the Group, the existing contractual rights different from the voting rights are analyzed. For this reason, an analysis of the structure and purpose of each investee is performed and, among others, the following factors will be considered:. There are cases where the Group has a high exposure to variable returns and maintains existing decision-making power over the entity, either directly or through an agent.
The BBVA Group maintains the decision-making power over the relevant activities of these vehicles through securitized market standard contractual financial support. The Group owns other vehicles also for the purpose of allowing access to customers to certain investment, transfer risks, and other purposes, but without the control of these and which are considered non-consolidated in accordance with IFRS As of December 31, , there was no material financial support from the Bank or subsidiaries to unconsolidated structured entities.
The Group does not consolidate any of the mutual funds it managed since the necessary control conditions are not met see definition of control in the Glossary. Particularly, the BBVA Group does not act as arranger but as agent since it operates on behalf and for the benefit of invertors or parties arranger of arrangers and, for this reason it does not control the mutual funds when exercising its authority for decision making.
On the other hand, the mutual funds managed by the Group are not considered structured entities generally, retail funds without corporate identity over which investors have participations which gives them ownership of said managed equity. These funds are not dependent on a capital structure that could prevent them to carry out activities without additional financial support, being in any case insufficient as far as the activities themselves are concerned. Additionally, the risk of the investment is absorbed by the fund participants, and the Group is only exposed when it becomes a participant, and as such, there is no other risk for the Group.
In all cases, results of equity method investees acquired by the BBVA Group in a particular period are included taking into account only the period from the date of acquisition to the financial statements date. Similarly, the results of entities disposed of during any year are included taking into account only the period from the start of the year to the date of disposal.
The financial statements of subsidiaries , associates and joint venture s used in the preparation of the consolidated financial statements of the Group relate to the same date of presentation than the consolidated financial statements.
If financial statements at those same dates are not available, the most recent will be used, as long as these are not older than three months, and adjusting to take into account the most significant transactions. As of December 31, , all of the financial statements of all Group entities were available, save for the case of the financial statements of 6 non-material associates and joint-ventures for which the financial statements were as of November 30, Our banking subsidiaries , associates and joint venture around the world, are subject to supervision and regulation from a variety of regulatory bodies in relation to, among other aspects, the satisfaction of minimum capital requirements.
The obligation to satisfy such capital requirements may affect the ability of such entities to transfer funds in the form of cash dividends, loans or advances. In addition, under the laws of the various jurisdictions where such entities are incorporated, dividends may only be paid out through funds legally available for such purpose. Even when the minimum capital requirements are met and funds are legally available, the relevant regulator or other public administrations could discourage or delay the transfer of funds to the Group in the form of cash, dividends, loans or advances for prudential reasons.
The accounting standards and policies and the valuation criteria applied in preparing these consolidated financial statements may differ from those used by some of the entities within the BBVA Group. For this reason, necessary adjustments and reclassifications have been made in the consolidation process to standardize these principles and criteria and comply with the EU-IFRS.
The accounting standards and policies and valuation criteria used in preparing the accompanying consolidated financial statements are as follows:. All financial instrument s are initially accounted for at fair value which, unless there is evidence to the contrary, shall be the transaction price. The changes in fair value after the initial recognition, for reasons other than those mentioned in the preceding paragraph, are treated as described below, according to the categories of financial assets and liabilities.
Assets recognized under this heading in the consolidated balance sheets are measured at their fair value. This is because the consolidated entities generally intend to hold such financial instrument s to maturity. Assets and liabilities recognized under these headings in the accompanying consolidated balance sheets are measured at fair value.
Changes occurring subsequent to the designation of the hedging relationship in the measurement of financial instrument s designated as hedged items as well as financial instrument s designated as hedge accounting instruments are recognized as follows:. Other financial instrument s. Definition of impaired financial assets carried at amortized cost. A financial asset is considered impaired — and therefore its carrying amount is adjusted to reflect the effect of impairment — when there is objective evidence that events have occurred, which:.
As a general rule, the carrying amount of impaired financial assets is adjusted with a charge to the consolidated income statement for the period in which the impairment becomes known. In general, amounts collected in relation to impaired loans and receivables are used to recognize the related accrued interest and any excess amount is used to reduce the unpaid principal. When the recovery of any recognized amount is considered remote, such amount is written-off on the consolidated balance sheet, without prejudice to any actions that may be taken in order to collect the amount until the rights extinguish in full either because it is time-barred debt, the debt is forgiven, or other reasons.
Additionally, loans and advances classified as impaired secured loans are written off in the balance sheet within a maximum period of four years of their classification as impaired non-guaranteed amount , while impaired unsecured loans such as commercial and consumer loans, credit cards, etc. The impairment on financial assets is determined by type of instrument and other circumstances that could affect it, taking into account the guarantees received by the owners of the financial instrument s to assure in part or in full the performance of the financial assets.
The BBVA Group recognizes impairment charges directly against the impaired financial asset when the likelihood of recovery is deemed remote, and uses an offsetting or allowance account when it recognizes non-performing loan provisions for the estimated losses. Impairment of debt securities measured at amortized cost. With regard to impairment losses arising from insolvency risk of the obligors credit risk , a debt instrument is impaired due to insolvency when a deterioration in the ability to pay by the obligor is evidenced, either due to past due status or for other reasons.
The BBVA Group has developed policies, methods and procedures to estimate losses which may be incurred as a result of outstanding credit risk. These policies, methods and procedures are applied in the study, approval and execution of debt instruments and contingent liabilities and commitments; as well as in identifying the impairment and, where appropriate, in calculating the amounts necessary to cover estimated losses.
The amount of impairment losses on debt instruments measured at amortized cost is calculated based on whether the impairment losses are determined individually or collectively. First it is determined whether there is objective evidence of impairment individually for individually significant financial assets, and collectively for financial assets that are not individually significant.
In the case where the Group determines that no objective evidence of impairment in the case of assets analyzed individually will be included in a group of assets with similar risk characteristics and collectively impaired is analyzed. In determining whether there is objective evidence of impairment the Group uses observable data on the following aspects:. Impairment losses on financial assets individually evaluated for impairment.
The amount of the impairment losses incurred on financial assets represents the excess of their respective carrying amounts over the present values of their expected future cash flows. These cash flows are discounted using the original effective interest rate.
If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective rate determined under the contract. As an exception to the rule described above, the market value of listed debt instruments is deemed to be a fair estimate of the present value of their expected future cash flows. The following is to be taken into consideration when estimating the future cash flows of debt instruments:. Impairment losses on financial assets collectively evaluated for impairment.
Impairment losses on financial assets collectively evaluated for impairment are calculated by using statistical procedures, and they are deemed equivalent to the portion of losses incurred on the date that the accompanying consolidated financial statements are prepared that has yet to be allocated to specific asset. The BBVA Group estimates impairment losses through statistical processes that apply historical data and other specific parameters that, although having been generated as of closing date for these consolidated financial statements, have arisen on an individual basis following the reporting date.
With respect to financial assets that have no objective evidence of impairment, the Group applies statistical methods using historical experience and other specific information to estimate the losses that the Group has incurred as a result of events that have occurred as of the date of preparation of the consolidated financial statements but have not been known and will be apparent, individually after the date of submission of the information. This calculation is an intermediate step until these losses are identified on an individual level, at which these financial instrument s will be segregated from the portfolio of financial assets without objective evidence of impairment.
The incurred loss is calculated taking into account three key factors: exposure at default , probability of default and loss given default. In order to calculate the LGD at each balance sheet date, the Group evaluates the whole amount expected to be obtained over the remaining life of the financial asset, including the estimated cash flows from the sale of the collateral by estimating its sale price in the case of real estate collateral, the Group takes into account declines in property values which could affect the value of such collateral and its estimated cost of sale.
In the event of a default, the Group becomes contractually entitled to the property at the end of the foreclosure process or properties purchased from borrowers in distress, and is recognized in the financial statements. In addition, to identify the possible incurred but not reported losses IBNR in the unimpaired portfolio, an additional parameter called "LIP" loss identification period has to be introduced.
The LIP parameter is the period between the time at which the event that generates a given loss occurs and the time when the loss is identified at an individual level. The analysis of the LIPs is carried out on the basis of uniform risk portfolios.
Impairment of other debt instruments classified as financial assets available for sale. If all, or part of the impairment losses are subsequently recovered, the amount is recognized in the consolidated income statement for the year in which the recovery occurred, up to the amount previously recognized in the income statement.
Impairment of equity instruments. The amount of the impairment in the equity instruments is determined by the category where they are recognized:. When applying this evidence of impairment, the Group takes into account the volatility in the price of each individual equity instrument to determine whether it is a percentage that can be recovered through its sale on the market; other different thresholds may exist for certain equity instruments or specific sectors.
In addition, for individually significant investments, the Group compares the valuation of the most significant equity instruments against valuations performed by independent experts. Impairment losses are recognized in the consolidated income statement for the year in which they arise as a direct reduction of the cost of the instrument.
These impairment losses may only be reversed subsequently in the event of the sale of these assets. The accounting treatment of transfers of financial assets is determined by the form in which risks and benefits associated with the financial assets involved are transferred to third parties.
Thus the financial assets are only derecognized from the consolidated balance sheet when the cash flows that they generate are extinguished, when their implicit risks and benefits have been substantially transferred to third parties or when the control of financial asset is transferred even with no physical transfer or substantial retention of such assets.
In the latter case, the financial asset transferred is derecognized from the consolidated balance sheet, and any right or obligation retained or created as a result of the transfer is simultaneously recognized. Similarly, financial liabilities are derecognized from the consolidated balance sheet only if their obligations are extinguished or acquired with a view to subsequent cancellation or renewed placement.
The Group is considered to have transferred substantially all the risks and benefits if such risks and benefits account for the majority of the risks and benefits involved in ownership of the transferred financial assets. If substantially all the risks and benefits associated with the transferred financial asset are retained:. Financial guarantees are considered to be those contracts that require their issuer to make specific payments to reimburse the holder of the financial guarantee for a loss incurred when a specific borrower breaches its payment obligations on the terms — whether original or subsequently modified — of a debt instrument, irrespective of the legal form it may take.
Financial guarantees may take the form of a deposit, financial guarantee, insurance contract or credit derivative, among others. In their initial recognition, financial guarantees are recognized as liabilities in the consolidated balance sheet at fair value , which is generally the present value of the fees , commissions and interest receivable from these contracts over the term thereof, and the Group simultaneously recognize a corresponding asset in the consolidated balance sheet for the amount of the fees and commissions received at the inception of the transactions and the amounts receivable at the present value of the fees , commissions and interest outstanding.
Financial guarantees , irrespective of the guarantor, instrumentation or other circumstances, are reviewed periodically so as to determine the credit risk to which they are exposed and, if appropriate, to consider whether a provision is required for them. The BBVA Group has units that specialize in real estate management and the sale of this type of asset.
Non-current assets held for sale are generally measured, at the acquisition date and at any later date deemed necessary, at either their carrying amount or the fair value of the property less costs to sell , whichever is lower. The book value at acquisition date of the non-current assets held for sale from foreclosures or recoveries is defined as the balance pending collection on those assets that originated said purchases net of provisions.
Non-current assets held for sale are not depreciated while included under this heading. The remaining income and expense items associated with these assets and liabilities are classified within the relevant consolidated income statement headings. As long as an asset remains in this category, it will not be amortized.
This heading includes the assets under ownership or acquired under lease finance, intended for future or current use by the BBVA Group and that it expects to hold for more than one year. It also includes tangible assets received by the consolidated entities in full or partial settlement of financial assets representing receivables from third parties and those assets expected to be held for continuing use. Property, plant and equipment for own use are presented in the consolidated balance sheets at acquisition cost, less any accumulated depreciation and, where appropriate, any estimated impairment losses resulting from comparing this net carrying amount of each item with its corresponding recoverable amount.
Depreciation is calculated using the straight-line method, on the basis of the acquisition cost of the assets less their residual value; the land on which the buildings and other structures stand is considered to have an indefinite life and is therefore not depreciated. At each reporting date, the Group entities analyze whether there are internal or external indicators that a tangible asset may be impaired.
Similarly, if there is any indication that the value of a tangible asset has been recovered, the consolidated entities will estimate the recoverable amounts of the asset and recognize it in the consolidated income statement, recording the reversal of the impairment loss registered in previous years and thus adjusting future depreciation charges. Under no circumstances may the reversal of an impairment loss on an asset raise its carrying amount above that which it would have if no impairment losses had been recognized in prior years.
The criteria used to recognize the acquisition cost of assets leased out under operating leases , to calculate their depreciation and their respective estimated useful lives and to recognize the impairment losses on them, are the same as those described in relation to tangible assets for own use. The criteria used to recognize the acquisition cost of investment properties , calculate their depreciation and their respective estimated useful lives and recognize the impairment losses on them, are the same as those described in relation to tangible assets held for own use.
The cost of inventories includes those costs incurred in during their acquisition and development, as well as other direct and indirect costs incurred in getting them to their current condition and location. In the case of the cost of real-estate assets accounted for as inventories , the cost is comprised of: the acquisition cost of the land, the cost of urban planning and construction, non-recoverable taxes and costs corresponding to construction supervision, coordination and management.
Borrowing cost incurred during the year form part of cost, provided that the inventories require more than a year to be in a condition to be sold. Properties purchased from customers in distress, which the Group manages for sale, are measured at the acquisition date and any subsequent time, at either their related carrying amount or the fair value of the property less costs to sell , whichever is lower.
The carrying amount at acquisition date of these properties is defined as the balance pending collection on those assets that originated said purchases net of provisions. A business combination is a transaction, or any other deal, by which the Group obtains control of one or more businesses.
It is accounted for by applying the acquisition method. According to this method, the acquirer has to recognize the assets acquired and the liabilities and contingent liabilities assumed, including those that the acquired entity had not recognized in the accounts. The method involves the measurement of the consideration received for the business combination and its allocation to the assets, liabilities and contingent liabilities measured according to their fair value , at the purchase date, as well as the recognition of any non- control ling participation minority interests that may arise from the transaction.
In prior reporting periods, the acquirer may have recognized changes in the value of its equity interest in the acquiree in other comprehensive income. If so, the amount that was recognized in other comprehensive income shall be recognized on the same basis as would be required if the acquirer had disposed directly of the previously held equity interest. Non-controlling interests in the acquired entity may be measured in two ways: either at their fair value ; or at the proportional percentage of net assets identified in the acquired entity.
The method of valuing non- control ling interest may be elected in each business combination. Goodwill represents payment in advance by the acquiring entity for the future economic benefits from assets that cannot be individually identified and separately recognized. Goodwill is never amortized. It is subject periodically to an impairment analysis, and is written off if it is clear that there has been impairment.
Goodwill is assigned to one or more cash-generating units that expect to be the beneficiaries of the synergies derived from the business combination s. Each unit or units to which goodwill is allocated:. The cash-generating units to which goodwill has been allocated are tested for impairment including the allocated goodwill in their carrying amount.
This analysis is performed at least annually or more frequently if there is any indication of impairment. For the purpose of determining the impairment of a cash-generating unit to which a part of goodwill has been allocated, the carrying amount of that cash-generating unit, adjusted by the theoretical amount of the goodwill attributable to the non-controlling interests , in the event they are not valued at fair value , is compared with its recoverable amount.
The recoverable amount of a cash-generating unit is equal to the fair value less sale costs and its value in use, whichever is greater. The main assumptions used in its calculation are: a sustainable growth rate to extrapolate the cash flows indefinitely, and the discount rate used to discount the cash flows, which is equal to the cost of the capital assigned to each cash-generating unit, and equivalent to the sum of the risk-free rate plus a risk premium inherent to the cash-generating unit being evaluated for impairment.
If the carrying amount of the cash-generating unit exceeds the related recoverable amount, the Group recognizes an impairment loss; the resulting loss is apportioned by reducing, first, the carrying amount of the goodwill allocated to that unit and, second, if there are still impairment losses remaining to be recognized, the carrying amount of the remainder of the assets. This is done by allocating the remaining loss in proportion to the carrying amount of each of the assets in the unit.
In the event the non-controlling interests are measured at fair value , the deterioration of goodwill attributable to non-controlling interests will be recognized. In any case, an impairment loss recognized for goodwill shall not be reversed in a subsequent period. These assets may have an indefinite useful life if, based on an analysis of all relevant factors, it is concluded that there is no foreseeable limit to the period over which the asset is expected to generate net cash flows for the consolidated entities.
In all other cases they have a finite useful life. Intangible assets with a finite useful life are amortized according to the duration of this useful life, using methods similar to those used to depreciate tangible assets. The defined useful time intangible asset is made up mainly of IT applications acquisition costs which have a useful life of 3 to 5 years. The criteria used to recognize the impairment losses on these assets and, where applicable, the recovery of impairment losses recognized in prior years, are similar to those used for tangible assets.
The consolidated insurance entities of the BBVA Group recognize the amounts of the premiums written to the income statement and a charge for the estimated cost of the claims that will be incurred at their final settlement to their consolidated income statements. At the close of each year the amounts collected and unpaid, as well as the costs incurred and unpaid, are accrued. According to the type of product, the provisions may be as follows:.
Represents the value of the net obligations undertaken with the life insurance policyholder. These provisions include:. This reflects the total amount of the outstanding obligations arising from claims incurred prior to year-end. Insurance subsidiaries calculate this provision as the difference between the total estimated or certain cost of the claims not yet reported, settled or paid, and the total amounts already paid in relation to these claims.
This provision includes the amount of the bonuses accruing to policyholders, insurees or beneficiaries and the premiums to be returned to policyholders or insurees, as the case may be, based on the behavior of the risk insured, to the extent that such amounts have not been individually assigned to each of them.
Calculated by applying the criteria indicated above for direct insurance, taking account of the assignment conditions established in the reinsurance contracts in force. Insurance entities have recognized provisions to cover the probable mismatches in the market reinvestment interest rates with respect to those used in the valuation of the technical provisions. The BBVA Group control s and monitors the exposure of the insurance subsidiaries to financial risk and, to this end, uses internal methods and tools that enable it to measure credit risk and market risk and to establish the limits for these risks.
The total corporate income tax expense is calculated by aggregating the current tax arising from the application of the corresponding tax rate to the tax for the year after deducting the tax credits or discounts allowable for tax purposes and the change in deferred tax assets and liabilities recognized in the consolidated income statement.
Deferred tax liabilities attributable to taxable temporary differences associated with investments in subsidiaries , associates or joint venture entities are recognized as such, except where the Group can control the timing of the reversal of the temporary difference and it is unlikely that it will reverse in the future.
Deferred tax assets are recognized to the extent that it is considered probable that the consolidated entities will have sufficient taxable profits in the future against which the deferred tax assets can be utilized and are not from the initial recognition except in the case of a business combination of other assets or liabilities in a transaction that does not affect the fiscal outcome or the accounting result. The deferred tax assets and liabilities recognized are reassessed by the consolidated entities at each balance sheet date in order to ascertain whether they are still current, and the appropriate adjustments are made on the basis of the findings of the analyses performed.
In those circumstances in which it is unclear how a specific requirement of the tax law applies to a particular transaction or circumstance, and the acceptability of the definitive tax treatment depends on the decisions taken by the relevant taxation authority in future, the entity recognizes current and deferred tax liabilities and assets considering whether it is probable or not that a taxation authority will accept an uncertain tax treatment.
Thus, if the entity concludes that it is not probable that the taxation authority will accept an uncertain tax treatment, the entity uses the most likely amount or expected value in determining tax assets. The income and expenses directly recognized in equity that do not increase or decrease taxable income are accounted for as temporary differences.
The obligations may arise in connection with legal or contractual provisions , valid expectations formed by Group entities relative to third parties in relation to the assumption of certain responsibilities or through virtually certain developments of particular aspects of the regulations applicable to the operation of the entities; and, specifically, future legislation to which the Group will certainly be subject.
The provisions are recognized in the consolidated balance sheets when each and every one of the following requirements is met:. Among other items, these provisions include the commitments made to employees by some of the Group entities mentioned in section 2. Contingent assets are possible assets that arise from past events and whose existence is conditional on, and will be confirmed only by, the occurrence or non-occurrence of events beyond the control of the Group.
Contingent assets are not recognized in the consolidated balance sheet or in the consolidated income statement; however, they will be disclosed, should they exist, in the Notes to the consolidated financial statements, provided that it is probable that these assets will give rise to an increase in resources embodying economic benefits. Contingent liabilities are possible obligations of the Group that arise from past events and whose existence is conditional on the occurrence or non-occurrence of one or more future events beyond the control of the Group.
They also include the existing obligations of the Group when it is not probable that an outflow of resources embodying economic benefits will be required to settle them; or when, in extremely rare cases, their amount cannot be measured with sufficient reliability. Contingent liabilities are not recognized in the consolidated balance sheet or the income statement save for contingent liabilities from business combination but are reported in the consolidated financial statements.
The present values of these commitments are quantified based on an individual member data. The BBVA Group has offered certain employees in Spain the option of taking early retirement that is earlier than the age stipulated in the collective labor agreement in force and has recognized the corresponding provisions to cover the cost of the commitments related to this item.
The early retirement commitments in Spain include the compensation and indemnities and contributions to external pension funds payable during the period of early retirement. The commitments relating to this group of employees after they have reached normal retirement age are dealt with in the same way as pension commitments as mentioned in the previous section. These commitments relate to certain current employees and retirees, depending upon the employee group to which they belong.
The most significant of these, in terms of the type of compensation and the event giving rise to the commitments, are as follows: loans to employees, life insurance, study assistance and long-service awards. These commitments are measured using actuarial studies, so that the present values of the vested obligations for commitments with personnel are quantified based on an individual member data.
Other commitments for current employees accrue and are settled on a yearly basis, so it is not necessary to register a provision in this regard. These services are measured at fair value for the employees services received, unless such fair value cannot be calculated reliably. In such case, they are measured by reference to the fair value of the equity instruments granted, taking into account the date on which the commitments were granted and the terms and other conditions included in the commitments.
When the initial compensation agreement includes what may be considered market conditions among its terms, any changes in these conditions will not be reflected in the consolidated income statement, as these have already been accounted for in calculating the initial fair value of the equity instruments.
Non-market vesting conditions are not taken into account when estimating the initial fair value of equity instruments , but they are taken into account when determining the number of equity instruments to be granted. This will be recognized on the consolidated income statement with the corresponding increase in total equity. Termination benefits are recognized in the accounts when the BBVA Group agrees to terminate employment contracts with its employees and has established a detailed plan.
Conversion to euros of the balances held in foreign currency is performed in two consecutive stages:. Transactions denominated in foreign currencies carried out by the consolidated entities or accounted for using the equity method are initially accounted for in their respective currencies.
Subsequently, the monetary balances in foreign currencies are converted to their respective functional currencies using the exchange rate at the close of the financial year. In addition,. The exchange differences produced when converting the balances in foreign currency to the functional currency of the consolidated entities are generally recognized under the heading "Exchange differences net " in the consolidated income statements. The balances in the financial statements of consolidated entities whose functional currency is not the euro are converted to euros as follows:.
Meanwhile, the differences arising from the conversion to euros of the financial statements of entities accounted for by the equity method are recognized under the heading "Valuation adjustments - Entities accounted for using the equity method " until the item to which they relate is derecognized, at which time they are recognized in the income statement.
The breakdown of the main consolidated balances in foreign currencies as of December 31, , and , with reference to the most significant foreign currencies, is set forth in Appendix VII. Local financial statements of the Group subsidiaries in Venezuela are expressed in Venezuelan Bolivar, and converted into euros for the consolidated financial statements, as indicated below, since Venezuela is a country with strong exchange restrictions and has different rates officially published:.
Consequently, as of December 31, the Group has used in the conversion of the financial statements of these foreign exchange rates amounting to Venezuelan bolivars per euro. The application of the SIMADI exchange rate instead of the estimated exchange rate would have meant an increase of total assets of less than 0. The summarized balance sheet and income statements of the Group subsidiaries in Venezuela, whose local financial statements are expressed in Venezuelan bolivars comparing their conversion to euros with the estimated exchange rate with the balances that would have result by applying the SIMADI exchange rate, are as follows:.
The most significant criteria used by the BBVA Group to recognize its income and expenses are as follows. As a general rule, interest income and expenses and similar items are recognized on the basis of their period of accrual using the effective interest rate method. The financial fees and commissions that arise on the arrangement of loans and advances basically origination and analysis fees are deferred and recognized in the income statement over the expected life of the loan.
The direct costs incurred in originating these loans and advances can be deducted from the amount of financial fees and commissions recognized. These fees are part of the effective interest rate for the loans and advances. However, when a loan is deemed to be impaired individually or is included in the category of instruments that are impaired because their recovery is considered to be remote, the recognition of accrued interest in the consolidated income statement is discontinued.
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|Phase de consolidation forex converter||Conversion to euros of the balances held in foreign currency is phase de consolidation forex converter in two consecutive stages: Conversion of the foreign currency to the functional currency currency of the main economic environment in which the entity operates ; and Conversion to euros of the balances held in the functional currencies of the entities whose functional currency is not the euro. Login or Register Deloitte User? Share of profit or loss of entities accounted for using the equity method The exchange differences produced when converting the balances in foreign currency to the functional currency of the consolidated entities are generally recognized under the heading "Exchange differences net " in the consolidated income statements. The obligations may arise in connection with legal or contractual provisionsvalid expectations formed by Group entities relative to third parties in relation to the assumption of certain responsibilities or through virtually certain developments of particular aspects of the regulations applicable to the operation of the entities; and, specifically, future legislation to which the Group will certainly be subject.|
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Have you ever seen how the forex market looks like during December as it nears the holiday period? Jame Wooley wrote an article about trading during December and he seems to have put the situation in a better perspective and he wrote in part and quote:. I have been trading the forex markets for a number of years now, and in my experience December is always the hardest month of the year to make money. So why is this?
As a result, you get a lot of slow-moving markets and a lot of trading sessions that are very quiet indeed, with very little price movement at all. To verify this for yourself, you only have to apply the average true range indicator to a daily chart of any of the main forex pairs, and see how it falls during December every single year.
So if you have a profitable trading strategy in place that is able to generate consistent profits during the rest of the year, you might want to consider reducing your profit targets or making changes to your strategy during the month of December because you could easily come unstuck in this quiet trading period. I myself tend to reduce my trading activity at the start of the month, and only take on the best high probability trades on the longer time frames, before stopping altogether once we get to around 15 December.
I will then slowly get back into the swing of things during the first or second full working week of the new year. It is your jobs as a forex trader to understand that trending market structure and once you start seeing price behaving differently from that, then start to question yourself if price is heading into a consolidation or not. Then on the middle section of the chart above, you see market starts to behave differently.
It start making lower highs but not lower lows. Thanks for pointed me this post. Now i already read this post and i understand about consolidate in forex. I like price action trading and you educated me a lot. God bless you. How do you predict a forex market consolidation? Are there any ways or techniques to predict forex market consolidations or not?
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Do you need other products. Agree by clicking the 'Accept'. Save my name, email, and should carry you don't fnd. We have been in business for stocks traders, the principle of retest-confirmation is especially valuable for Forex trading. Further reading: Trading supply and. Easy to understand lessons on. Shop Our Store Request A the more traders will start To request a free consultation please contact our office at 1 or fill out the form below Your message was the amateurs. Intro - what is a. Please verify by clicking the. PARAGRAPHRequest Assistance Today Something went website in this browser for let us know.Consolidation illustrates the lack of a trend in a particular trading range. Price has “consolidated”. It frequently occurs after downtrends or uptrends, and can be. A consolidation can happen at market turning points and breakouts are then Trade Deal Off The Table - Forex; Comment trader en phase de consolidation? The euro foreign exchange reference rates (also known as the ECB reference rates) are published by the ECB at around CET. Reference.