Question #29090
How must Bank A recognise this amount in its Financial Statements?
Central Bank deposited money to Bank A and Bank A gives all this deposit definite customers (defined by Central Bank) under guaranty of Ministry of Finance. Bank A only play role as an agent and get commission for this service. Must Bank A recognize this deposit amount as "due to customers in liabilities" and "loans and advances to customers" in assets? Or must it offset it and recognize nothing as the Bank A plays only role as an agent?Please refer to IFRS or GAAP if possible in your answers. Thanks in advance
Central Bank deposited money to Bank A and Bank A gives all this deposit definite customers (defined by Central Bank) under guaranty of Ministry of Finance. Bank A only play role as an agent and get commission for this service. Must Bank A recognize this deposit amount as "due to customers in liabilities" and "loans and advances to customers" in assets? Or must it offset it and recognize nothing as the Bank A plays only role as an agent?Please refer to IFRS or GAAP if possible in your answers. Thanks in advance
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