ING Direct 2008 Annual Report Download - page 242

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2.2 Parent company annual accounts
Accounting policies for the parent company balance sheet
and profit and loss account of ING Group
BASIS OF PRESENTATION
The parent company accounts of ING Group are prepared in accordance with the financial reporting requirements included in Part 9 of
Book 2, of the Dutch Civil Code. The accounting policies applicable to presentation and disclosures are in accordance with the financial
reporting requirements included in Part 9 of Book 2, of the Dutch Civil Code. The principles of valuation and determination of results
stated in connection with the consolidated balance sheet and profit and loss account are also applicable to the parent company balance
sheet and profit and loss account with the exception of Investments in group companies and investments in associates which are initially
recognised at cost and subsequently accounted for using the equity method of accounting.
The profit and loss account has been drawn up in accordance with Section 402, Book 2, of the Dutch Civil Code.
A list containing the information referred to in Section 379 (1), Book 2, of the Dutch Civil Code has been filed with the Netherlands
Authority for the Financial Markets and the office of the Commercial Register of Amsterdam, in accordance with Section 379 (5), Book 2,
of the Dutch Civil Code.
Changes in balance sheet values due to changes in the Revaluation reserve of the associates are reflected in the Share of associates
reserve, which forms part of Shareholders’ equity. Changes in balance sheet values due to the results of these associates, accounted for
in accordance with ING Group accounting policies, are included in the profit and loss account. Other changes in the balance sheet value
of these associates, other than those due to changes in share capital, are included in Share of associates reserve in Other reserves.
A statutory reserve is carried at an amount equal to the share in the results of associates since their first inclusion at net asset value less
the amount of profit distributions to which rights have accrued in the interim. Profit distributions which can be repatriated to the
Netherlands without restriction are likewise deducted from the Share of associates reserve.
ING Group Annual Report 2008
240