Please activate JavaScript!
Please install Adobe Flash Player, click here for download

Allianz Annual Report 2013

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS effective on or after 1 January 2014 and not adopted early IFRS 9, Financial Instruments: Classification and Measurement IFRS 9, Financial Instruments: Classification and Measurement, was issued by the IASB in November 2009 and is part of the project to replace IAS 39 with a new standard. The project is divided into three phases: classification and measurement, impairment and hedge accounting. The IASB announced that the effective date for IFRS 9 will be 1 January 2018. The ­Allianz Group is currently evaluating the impact of IFRS 9 on its consolidated financial statements. IFRSs 10, 11, 12, Amendments to IAS 27 and 28 – Consolidation As part of the consolidation project, the IASB issued IFRSs 10, 11 and 12 as well as amendments to IAS 27 and IAS 28 in May 2011. Further amendments were issued in 2012 on transition guidance and invest- ment entities. These new standards and amendments are generally effective for periods beginning on or after 1 January 2013. However, the E.U. endorsed these IFRSs with a mandatory effective date for peri- ods beginning on or after 1January 2014. The aim of the consolidation project was to develop a single consolidation model that applies the same criteria for all entities. In this context, the IASB reaffirmed the control concept as the primary determinant for consolidation, revised the definition of ‘control’ and enhanced related disclosure require- ments. IFRS 10, Consolidated Financial Statements, supersedes the requirements of IAS 27, Consolidated and Separate Financial State- ments, for consolidated financial statements as well as SIC-12, Con- solidation – Special Purpose Entities. Financial reporting in separate financial statements is set out by the amended version of IAS 27. The revised version of IAS 28, Investments in Associates and Joint Ven- tures, supersedes the former IAS 28, Investments in Associates. It defines ‘significant influence’, provides guidance on the application of the equity method of accounting and describes how impairment is assessed in associates and joint ventures. IFRS 11, Joint Arrange- ments, supersedes IAS 31, Interests in Joint Ventures, as well as SIC-13, Jointly Controlled Entities – Non-Monetary Contributions by Ven- tures. The standard requires entities to define their rights and obliga- tions arising from a joint arrangement such as joint operations or joint ventures and provides guidance on how to account for these rights and obligations. IFRS 12, Disclosure of Interests in Other Entities, contains disclosure requirements previously set out in IASs27, 28 and 31. Furthermore, IFRS 12 includes disclosure requirements regarding interests in unconsolidated Structured Entities. The ­Allianz Group will apply these new standards and amendments for periods begin- ning on or after 1 January 2014. The adoption of these standards and the amendments are not expected to have a material impact on the financial position and financial results of the ­Allianz Group. Further amendments and interpretations In addition to the above-mentioned recently issued accounting pro- nouncements,thefollowingamendmentsandrevisionstostandards and interpretations have been issued by the IASB but are not yet effective for or early adopted by the ­Allianz Group. Further amendments and interpretations STANDARD/INTERPRETATION EFFECTIVE DATE IAS 19, Defined Benefit Plans: Employee Contributions Annual periods beginning on or after 1 July 2014 IAS 36, Impairment of assets: Recoverable Amount Disclosures for Non-Financial Assets Annual periods beginning on or after 1 January 2014 IAS 39, Financial Instruments: Recognition and Measurement: Novation of Derivatives and Continuation of Hedge Accounting Annual periods beginning on or after 1 January 2014 IFRS 14, Regulatory Deferral Accounts Annual periods beginning on or after 1 January 2016 IFRIC 21, Levies Annual periods beginning on or after 1 January 2014 Annual Improvements to IFRS 2010-2012 Annual periods beginning on or after 1 July 2014 Annual Improvements to IFRS 2011-2013 Annual periods beginning on or after 1 July 2014 The amendments and interpretations are not expected to have a material impact on the financial position and financial results of the ­Allianz Group. Early adoption is generally allowed but not intended by the ­Allianz Group. Annual Report 2013    Allianz Group148

Pages Overview