Hi All
We have recently obtained clarification from GAR team that bank charges (transaction bank charge, bank account service charges etc) should be considered as financial expenses (under CBNR market) while those related to commercial transactions such as LCs charges should belong to GBU commercial expenses.
We understand that most entities now report bank charges as GBU expenses.
For your respective entities, can you advise what would be the YTD impact of bank charges that need to be reclassed from GBU to CBNR (non-allocated) market if applicable?
Appreciate if you can reply soon so that we can communicate the change in the coming weeks.