Aviva 2013 Annual Report Download - page 134

Aviva plc
Annual report and accounts 2013
132
Notes to the consolidated financial statements continued
1 – Analysis of the impact of new standards and amendments to published standards that have
been adopted by the Group continued
(c) Impact of changes in accounting policies on the consolidated statement of financial position
2012
As previously
reported
£m
Effect of
change in
policy
(IFRS 10)
£m
Effect of
change in
policy
(IAS 19)
£m
Restated
£m
Total assets 315,689 (1,222) — 314,467
Effec
t
o
f
change in
p
olic
y
analyse
d
as:
Interests in, and loans to,
j
oint ventures and associates 1,708 (53) — 1,655
Investment property 10,815 (876) — 9,939
Financial investments 189,078 (335) — 188,743
Receivables 7,617 (141) — 7,476
Deferred acquisition costs and other assets 3,799 (21) — 3,778
Prepayments and accrued income 2,701 (1) — 2,700
Cash and cash equivalents 22,897 205 — 23,102
Total equity and liabilities 315,689 (1,222) — 314,467
Total equity 11,360 — — 11,360
Total liabilities 304,329 (1,222) — 303,107
Effec
t
o
f
change in
p
olic
y
analyse
d
as:
Net asset value attributable to unit holders 11,146 (1,163) — 9,983
Borrowings 8,194 (15) — 8,179
Payables and other financial liabilities 9,441 (43) — 9,398
Other liabilities 1,843 (1) — 1,842
There is no overall impact from the adoption of these standards on the consolidated statement of changes in equity reported at
31 December 2012. As shown in the impact of changes in accounting policies / standards on the consolidated statement of
comprehensive income table in 1(b) above, the favourable impact of the adoption of IAS19R on the profit / (loss) for the year
ended 31 December 2012 is offset by an equal and opposite amount in other comprehensive income.
(d) Impact of changes in accounting policies on the consolidated statement of cash flows
2012
As previously
reported
£m
Effect of
change in
policy
(IFRS 10)
£m
Effect of
change in
policy
(IAS 19)
£m
Restated
£m
Total cash flows from operating activities 2,294 205 — 2,499
Effec
t
o
f
change in
p
olic
y
analyse
d
as:
Profit before tax from continuing operations 246 — 150 396
Adjustment for share of loss of
j
oint ventures and associates 277 (22) — 255
Adjustment for fair value gains (11,867) (33) — (11,900)
Adjustment for interest expense on borrowings 653 (19) — 634
Adjustment for net finance charge on pension schemes 82 — (150) (68)
Changes in working capital 5,867 279 — 6,146
Total net cash flow used in investing activities (15) — — (15)
Total net cash flows used in financing activities (1,119) — — (1,119)
Cash and cash equivalents at 31 December1 23,248 205 — 23,453
1. Cash and cash equivalents include bank overdrafts amounting £566 million and cash that has been classified as Held For Sale of £917 million.
2 – Exchange rates
The Group’s principal overseas operations during the year were located within the Eurozone, Canada, Poland and the United
States. The results and cash flows of these operations have been translated into sterling at the average rates for the year and the
assets and liabilities have been translated at the year end rates as follows:
2013 2012
Eurozone
Average rate (€1 equals) £0.85 £0.81
Period end rate (€1 equals) £0.83 £0.81
Canada
Average rate ($CAD1 equals) £0.62 £0.63
Period end rate ($CAD1 equals) £0.57 £0.62
Poland
Average rate (PLN1 equals) £0.20 £0.19
Period end rate (PLN1 equals) £0.20 £0.20
United States
Average rate ($US1 equals) £0.64 £0.63
Period end rate ($US1 equals) £0.60 £0.62