ING Direct 2011 Annual Report Download - page 100

AUTHORISATION OF ANNUAL ACCOUNTS
The consolidated annual accounts of ING Groep N.V. (‘ING Group’) for the year ended 31 December 2011 were authorised for issue in
accordance with a resolution of the Executive Board on 12 March 2012. The Executive Board may decide to amend the annual accounts as
long as these are not adopted by the General Meeting of Shareholders. The General Meeting of Shareholders may decide not to adopt the
annual accounts, but may not amend these. 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.
BASIS OF PRESENTATION
ING Group applies International Financial Reporting Standards as adopted by the European Union (‘EU’).
The following standards, interpretations and amendments to standards and interpretations became effective for ING Group in 2011:
• Amendment to IAS 32 ‘Classification of Rights Issues’;
• Amendment to IAS 24 ‘Related Party Disclosures’;
• Amendment to IFRIC 14 ‘Prepayments of a Minimum Funding Requirement’;
• IFRIC 19 ‘Extinguishing Financial Liabilities with Equity Instruments’; and
• 2010 Annual Improvements to IFRS.
None of these new or revised standards and interpretations had a significant effect on the consolidated annual accounts.
The following new or revised standards and interpretations were issued by the IASB, which become effective for ING Group after 2011,
ifand when endorsed by the EU:
• Amendments to IFRS 7 ‘Disclosures – Transfers of Financial Assets’, effective as of 2012;
• Amendments to IAS 12 ‘Deferred tax: Recovery of Underlying Assets’, effective as of 2012;
• IFRS 10 ‘Consolidated Financial Statements’, effective as of 2013;
• IFRS 11 ‘Joint Arrangements’, effective as of 2013;
• IFRS 12 ‘Disclosure of Interests in Other Entities’, effective as of 2013;
• IFRS 13 ‘Fair Value Measurement’, effective as of 2013;
• IAS 28 ‘Investments in Associates and Joint Ventures’, effective as of 2013;
• Amendments to IAS 1 ‘Presentation of Financial Statements – Presentation of Items of Other Income’, effective as of 2013;
• Amendments to IFRS 7 ‘Disclosures – Offsetting Financial Assets and Financial Liabilities’, effective as of 2013; and
• Amendments to IAS 32 ‘Offsetting Financial Assets and Financial Liabilities’, effective as of 2014.
Although these new requirements are still being analysed and the final impact is not yet known, ING Group does not expect the adoption
of these new or revised standards and interpretations to have a significant effect on equity and/or result of ING Group.
Furthermore, in 2009 IFRS 9 ‘Financial Instruments’ was issued, which was initially effective as of 2013. However in December 2011 the
International Accounting Standards Board decided to amend this standard and to postpone the mandatory application of IFRS 9 until
2015. This standard is 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.
In June 2011 the revised IAS 19 ‘Employee Benefits’ was issued, which will become effective as of 2013 if endorsed by the EU. At this
moment, the revised standard is being analysed and the full impact is not yet known. One of the changes in the revised standard results
inimmediate recognition in equity of ‘unrecognised actuarial gains and losses’ as of the effective date. Unrecognised actuarial gains and
losses as at 31 December 2011 are disclosed in Note 21 ‘Other liabilities’ and amount to EUR 481 million (pre-tax). The impact of the
revised standard will be affected by movements in the unrecognised actuarial gains and losses until the effective date and the impact
ofother changes in the revised standard.
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.
Accounting policies for the consolidated
annual accounts of ING Group
98 ING Group Annual Report 2011