ING Direct 2009 Annual Report Download - page 98

AUTHORISATION OF ANNUAL ACCOUNTS
The consolidated annual accounts of ING Groep N.V. (‘ING Group’) for the year ended 31 December 2009 were authorised for issue in
accordance with a resolution of the Executive Board on 15 March 2010. ING Groep N.V. is incorporated and domiciled in Amsterdam,
the Netherlands. The principal activities of ING Group are described in the section ‘ING at a glance’ in section 1.1.
BASIS OF PRESENTATION
ING Group applies International Financial Reporting Standards as adopted by the European Union (‘EU’).
The following new or revised standards, interpretations and amendments to standards and interpretations became effective in 2009:
Amendment to IFRS 2 ‘Share-based Payments – Vesting Conditions and Cancellations’•
IFRS 8 ‘Operating Segments’;•
IAS 1 ‘Presentation of Financial Statements’;•
IAS 23 ‘Borrowing Costs’;•
Amendments to IAS 32 ‘Financial Instruments: Presentation’ and IAS 1 ‘Presentation of Financial Statements – Puttable Financial •
Instruments and Obligations Arising on Liquidation’;
Amendments to IFRS 1 ‘First-time Adoption of IFRS’ and IAS 27 ‘Consolidated and Separate Financial Statements – Determining the •
cost of an Investment in the Separate Financial Statements’;
IFRIC 13 ‘Customer Loyalty Programmes’;•
IFRIC 15 ‘Agreements for the Construction of Real Estate’;•
IFRIC 16 ‘Hedges of a Net Investment in a Foreign Operation’;•
2008 Annual Improvements to IFRS;•
Amendment to IFRS 7 ‘Improving Disclosures about Financial Instruments’;•
Amendments to IFRIC 9 and IAS 39 – ‘Embedded Derivatives’.•
None of these recently issued or amended standards and interpretations has had a material effect on equity or result for the year. The
implementation of the Amendment to IFRS 7 ‘Improving Disclosures about Financial Instruments’ had a significant impact on the disclosure
of ‘Methods applied in determining fair values of financial assets and liabilities’ (the three-level fair value hierarchy). Further information is
provided in Note 34 ‘Fair value of financial assets and liabilities’.
The following new or revised standards and interpretations were issued by the IASB, which become effective for ING Group as of 2010
(unless otherwise indicated) if and when endorsed by the EU:
Amendment to IFRS 1 ‘First-time adoption of IFRS’;•
IFRS 3 ‘Business Combinations’ (revised) and IAS 27 ‘Consolidated and Separate Financial Statements’ (amended);•
Amendment to IAS 39 ‘Financial Instruments: Recognition and Measurement – Eligible Hedged Items’;•
IFRIC 17 ‘Distributions of Non-cash Assets to Owners’;•
IFRIC 18 ‘Transfers of Assets from Customers’;•
2009 Annual improvements to IFRS;•
Amendment to IFRS 2 ‘Group Cash-settled Share-based Payment Transactions’;•
Amendments to IFRS 1 ‘Additional Exemptions for First-time Adopters’;•
Classification of Rights Issues (Amendment to IAS 32), effective as of 2011;•
Amendment to IAS 24 ‘Related Party Disclosures’, effective as of 2011;•
Amendment to IFRIC 14 ’Prepayments of a Minimum Funding Requirement’, effective as of 2011;•
IFRIC 19 ‘Extinguishing Financial Liabilities with Equity Instruments’, effective as of 2011;•
Amendment to IFRS 1 ‘Limited Exemption from Comparative IFRS 7 Disclosure for First-time Adopters’, effective as of 2011. •
ING Group does not expect the adoption of these new or revised standards and interpretations to have a significant effect on the
consolidated financial statements.
Furthermore, in 2009 IFRS 9 ‘Financial Instruments’ was issued, which is effective as of 2013. However, this standard was not yet endorsed
by the EU and, therefore, is not yet part of IFRS-EU. Implementation of IFRS 9 – if and when endorsed by the EU – may have a significant
impact on equity and/or result of ING Group.
International Financial Reporting Standards as adopted by the EU provide several options in accounting policies. ING Group’s accounting
policies under these standards and its decision on the options available, are set out in the section ‘Principles of valuation and determination
of results’ below.
In this document the term ‘IFRS-EU’ is used to refer to International Financial Reporting Standards as adopted by the EU, including the
decisions ING Group made with regard to the options available under International Financial Reporting Standards as adopted by the EU.
As explained in the section ‘Principles of valuation and determination of results’ and in Note 24 ‘Derivatives and hedge accounting’ ING
Group applies fair value hedge accounting to portfolio hedges of interest rate risk (macro hedging) under the EU ‘carve out’ of IFRS-EU.
2.1 Consolidated annual accounts
ING Group Annual Report 2009
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Accounting policies for the consolidated balance
sheet and profit and loss account of ING Group