Aviva 2014 Annual Report Download - page 141

Aviva plc Annual report and accounts 2014
137
Notes to the consolidated financial statements
1 – Analysis of the impact of new standards and amendments to published standards that have
been adopted by the Group
Impact of amendments to accounting standards on the consolidated statement of financial position
1 January 2013 31 December 2013
As previously
reported
£m
Effect of
amendments
to IAS 32
£m
Restated
£m
As previously
reported
£m
Effect of
amendments
to IAS 32
£m
Restated
£m
Total assets 314,467 2,653 317,120 278,876 2,751 281,627
Effect analysed as:
Financial investments 188,743 908 189,651 192,961 1,066 194,027
Receivables 7,476 558 8,034 7,060 416 7,476
Prepayments and accrued income 2,700 76 2,776 2,498 137 2,635
Cash and cash equivalents 23,102 1,111 24,213 24,999 1,132 26,131
Total equity and liabilities 314,467 2,653 317,120 278,876 2,751 281,627
Total liabilities 303,107 2,653 305,760 267,859 2,751 270,610
Effect analysed as:
Payables and other financial liabilities 9,398 2,653 12,051 9,194 2,751 11,945
The change in cash and cash equivalents of £1,132 million at 31 December 2013 has been presented in the consolidated
statement of cash flows as an increase of opening cash and cash equivalents of £1,111 million as at 1 January 2013, a decrease in
net cash flows from operating activities for the year then ended of £8 million and an increase in the effect of exchange rate
changes of £29 million. There is no impact from the adoption of these amendments on the consolidated income statement,
consolidated statement of comprehensive income or consolidated statement of changes in equity for the year ended 31 December
2013.
2 – Exchange rates
The Group’s principal overseas operations during the year were located within the eurozone, Canada and Poland. 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:
2014 2013
Eurozone
Average rate (€1 equals) £0.81 £0.85
Period end rate (€1 equals) £0.78 £0.83
Canada
Average rate ($CAD1 equals) £0.55 £0.62
Period end rate ($CAD1 equals) £0.55 £0.57
Poland
Average rate (PLN1 equals) £0.19 £0.20
Period end rate (PLN1 equals) £0.18 £0.20
United States
Average rate ($US1 equals) £0.61 £0.64
Period end rate ($US1 equals) £0.64 £0.60
3 – Presentation of discontinued operations
The sale of the Group’s US Life and annuity business and related internal investment management operations (“US Life”), as
described in note 4(b)(viii), has been classified as discontinued operations together with the results of US Life for preceding years,
as the Group exited from a major geographical area of operation. This is consistent with the presentation in the 2013 Annual
Report and Accounts.
Aviva plc Annual report and accounts 2014 |137
IFRS Financial statements