That does not necessarily imply undisclosed reserves, which impair the informativeness of the annual accounts. However, the historical cost principle and the principle of the lower cost or market should be retained in the case of banks, at all events where the objective is to ascertain the profit eligible for distribution.
I therefore take this early opportunity to thank the Kenya Institute of Bankers (KIB) for inviting me to speak at this 2011 Annual Dinner. This is a valuable opportunity to celebrate our successes, reflect on the challenges during the year and chart our future path.