Introduction
At CFG-Holdings Plc, we prioritize transparency and accountability in our financial reporting practices. To ensure that our financial statements are globally comparable, reliable, and transparent, we comply fully with the International Financial Reporting Standards (IFRS). These standards form the foundation of our financial reporting framework, enabling us to meet the expectations of our shareholders, regulators, and stakeholders across diverse markets.
- Financial Reporting Framework
1.1 IFRS Compliance
• CFG-Holdings prepares its consolidated financial statements in accordance with IFRS, ensuring consistency in financial disclosures across all subsidiaries.
• We strictly adhere to IFRS standards in the recognition, measurement, presentation, and disclosure of financial information.
1.2 Fair Presentation of Financial Position
• We ensure that our financial statements reflect a true and fair view of the company’s financial position, performance, and cash flows.
• CFG-Holdings applies IFRS guidelines to present financial results that are accurate, unbiased, and free from material misstatements.
1.3 Comparability and Consistency
• CFG-Holdings ensures that financial statements are prepared consistently over time, facilitating year-on-year comparison and benchmarking against industry peers.
• Any changes in accounting policies or estimates are disclosed transparently to ensure that financial information remains comparable.
- Disclosure and Transparency
2.1 Full Disclosure of Financial Performance
• We provide full and transparent disclosure of financial performance, including revenues, expenses, profits, assets, liabilities, and equity in accordance with IFRS.
• CFG-Holdings discloses any contingencies, commitments, or related-party transactions that may impact financial reporting.
2.2 Revenue Recognition
• CFG-Holdings follows the IFRS principles of revenue recognition, ensuring that revenue is accurately recognized when the control of goods or services is transferred to customers.
• Our approach to revenue recognition reflects the underlying economic realities of our transactions.
2.3 Materiality and Risk Disclosures
• We disclose all material financial risks and uncertainties, including credit, liquidity, market, and operational risks, to provide stakeholders with a clear understanding of potential impacts on performance.
• CFG-Holdings ensures the timely disclosure of any significant financial risks that could affect the company’s strategic objectives.
- Consolidated Financial Statements
3.1 Group Financial Statements
• CFG-Holdings prepares consolidated financial statements for all subsidiaries and affiliated entities, applying uniform accounting policies in line with IFRS requirements.
• The consolidated accounts provide a holistic view of the group’s financial health, including the performance of each subsidiary.
3.2 Business Combinations and Consolidation
• In the event of mergers, acquisitions, or disposals, CFG-Holdings applies IFRS standards related to business combinations to ensure accurate recognition of assets, liabilities, and goodwill.
• We also ensure that control over subsidiaries is evaluated based on IFRS guidelines when determining consolidation requirements.
- Asset and Liability Management
4.1 Valuation of Assets
• CFG-Holdings follows IFRS guidelines for the fair valuation of assets, including property, plant, equipment, financial instruments, and intangible assets.
• Impairment testing is conducted regularly to ensure that the value of assets is not overstated and that any impairments are recognized in a timely manner.
4.2 Liabilities and Provisions
• We ensure that all liabilities, whether financial or non-financial, are recognized in accordance with IFRS, including provisions for contingent liabilities and obligations.
• CFG-Holdings discloses details of financial instruments, debt covenants, and provisions to provide transparency regarding our financial obligations.
- Internal Controls and Audit
5.1 Internal Controls Over Financial Reporting
• CFG-Holdings has established robust internal controls to ensure the integrity, accuracy, and reliability of financial reporting.
• The internal audit function continuously monitors the effectiveness of our financial reporting processes to ensure compliance with IFRS.
5.2 External Audit
• CFG-Holdings engages an independent external auditor to review and provide assurance on the company’s financial statements, ensuring compliance with IFRS and local statutory requirements.
• The Audit Committee oversees the external audit process to guarantee the accuracy and completeness of the financial disclosures.
- Compliance and Regulatory Reporting
6.1 IFRS and Local Regulations
• While complying with IFRS, CFG-Holdings also ensures that local financial reporting regulations are met in all countries of operation. Where local standards differ from IFRS, the company makes necessary adjustments to remain compliant with both sets of rules.
• We collaborate with regulatory bodies to ensure timely and accurate financial filings.
6.2 Training and Capacity Building
• CFG-Holdings invests in ongoing training and development for its finance and accounting teams to stay up-to-date with changes in IFRS standards.
• We ensure that all finance personnel are equipped with the knowledge and skills to apply IFRS effectively in their roles.
Conclusion
CFG-Holdings Plc remains fully committed to upholding the standards set by International Financial Reporting Standards (IFRS) to ensure transparent and accurate financial reporting. By consistently applying IFRS across all financial statements, we aim to foster trust and confidence among our stakeholders, contributing to sustainable financial performance and corporate integrity.
