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Allianz Annual Report 2013

4 – Recently adopted and issued accounting pronouncements and changes in the presentation of the consolidated financial statements recently adopted accounting pronouncements effective 1 January 2013 Amendments to IAS 19, Employee Benefits The amendments eliminate the corridor approach and require all actuarial gains and losses to be recognized immediately in other comprehensive income (OCI). While all remeasurements need to be recognized in OCI, service and interest costs have to be recognized in the profit or loss account. The long-term return on plan assets has to be calculated using the same interest rate used to discount the defined benefit obligation (DBO). The amendments to IAS 19 are applied retrospectively. The following tables present the impacts of the adoption of the amendments to IAS 19 on the consolidated balance sheet as of 1 Jan- uary 2012 and as of 31 December 2012. CHANGE OF CONSOLIDATED BALANCE SHEET RELATING TO AMENDMENTS TO IAS 19, EMPLOYEE BENEFITS as of 1 January 2012 € mn as of 1 January 2012 As previously reported Amendments to IAS 19 As reported Deferred tax assets 2,321 153 2,474 Other assets 34,346 (303) 34,043 Total assets 641,472 (150) 641,322 Reserves for insurance and investment contracts 361,954 2 361,956 Deferred tax liabilities 3,881 (467) 3,414 Other liabilities 31,210 1,821 33,031 Total liabilities 594,219 1,356 595,575 Shareholders’ equity 44,915 (1,458) 43,457 Non-controlling interests 2,338 (48) 2,290 Total equity 47,253 (1,506) 45,747 Total liabilities and equity 641,472 (150) 641,322 CHANGE OF CONSOLIDATED BALANCE SHEET RELATING TO AMENDMENTS TO IAS 19, EMPLOYEE BENEFITS as of 31 December 2012 € mn as of 31 December 2012 As previously reported Amendments to IAS 19 As reported Deferred tax assets 1,270 256 1,526 Other assets 35,626 (430) 35,196 Total assets 694,621 (174) 694,447 Reserves for insurance and investment contracts 390,987 (2) 390,985 Deferred tax liabilities 5,169 (1,134) 4,035 Other liabilities 33,175 4,217 37,392 Total liabilities 638,403 3,081 641,484 Shareholders’ equity 53,553 (3,165) 50,388 Non-controlling interests 2,665 (90) 2,575 Total equity 56,218 (3,255) 52,963 Total liabilities and equity 694,621 (174) 694,447 The adoption of the amendments to IAS 19 on the consolidated income statement for the year ended 31 December 2012 led to an increase in income before income taxes of € 88  mn and an increase in income taxes of € 21  mn. This resulted in an increase in the earnings per share of 14 cents. The impact on the total other comprehensive income was € (1,816)  mn for the year ended 31 December 2012. The impact on the consolidated statements of cash flows was immaterial. Further adopted accounting pronouncements In addition to the amendments to IAS 19, Employee Benefits, the fol- lowing new standard, amendments and revisions to existing stan- dards became effective for the ­Allianz Group’s consolidated financial statements as of 1 January 2013: −− IAS 1, Presentation of Financial Statements – Amendment to Presentation of Items of Other Comprehensive Income, −− IFRS 7, Financial Instruments: Disclosures – Amendments to Off- setting Financial Assets and Financial Liabilities, −− IFRS 13, Fair Value Measurement, −− Annual Improvements to IFRS 2009-2011. The ­Allianz Group adopted the new standard, the revisions and amendments as of 1 January 2013, with no material impact on its financial results or financial position. D Consolidated Financial Statements 127 Consolidated Balance Sheets 128 Consolidated Income Statements 129 Consolidated Statements of Comprehensive Income 130 Consolidated Statements of Changes in Equity 131 Consolidated Statements of Cash Flows 134 Notes to the Consolidated Financial Statements Annual Report 2013    Allianz Group 147

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