ING Direct 2013 Annual Report Download - page 103

Changes in assets and liabilities due to the classification of ING U.S. as held for sale and discontinued operations, the classification to
continuing operations of ING Japan and as a result of other disposal groups classification as held for sale are included in the notes in the
line ‘Changes in the composition of the group and other changes’.
The presentation of, and certain terms used in, the consolidated balance sheet, the consolidated profit and loss account, consolidated
statement of cash flows, consolidated statement of changes in equity and certain notes has been changed to provide additional and more
relevant information or (for changes in comparative information) to better align with the current period presentation. The impact of these
changes is explained in the respective notes when significant.
UPCOMING CHANGES IN IFRS-EU AFTER 2013
The following new or revised standards and interpretations will become effective for ING Group from 1 January 2014 (unless otherwise
indicated), if and when endorsed by the EU:
• IFRS 10 ‘Consolidated Financial Statements’;
• IFRS 11 ‘Joint Arrangements’ and amendments to IAS 28 ‘Investments in Associates and Joint Ventures’;
• IFRS 12 ‘Disclosure of Interests in Other Entities’;
• Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27);
• Amendments to IAS 32 ‘Presentation - Offsetting Financial Assets and Financial Liabilities’;
• Amendments to IAS 39 ‘Novation of Derivatives and Continuation of Hedge Accounting’;
• IFRIC 21 ‘Levies’; and
• Amendments to IAS 36 ‘Recoverable amount disclosures for non-financial assets’.
The significant upcoming changes in IFRS-EU after 2013 are explained below.
IFRS 10 ‘Consolidated Financial Statements’
IFRS 10 ‘Consolidated Financial Statements’ introduces amendments to the criteria for consolidation. Similar to the requirements that were
applicable until the end of 2013, all entities controlled by ING Group are included in the consolidated annual accounts. However, IFRS 10
redefines control as being exposed to variable returns and having the ability to affect those returns through power over the investee. The
requirements in IFRS 10 are generally similar to the policies and interpretations that ING Group applied and, therefore, the impact of
implementing IFRS 10 is not significant.
The implementation of IFRS 10 as at 1 January 2014 will not have significant impact on Shareholders’ equity, Net result and/or Other
comprehensive income. The impact of IFRS 10 is included in the table below.
IFRS 11 ‘Joint Arrangements’ and amendments to IAS 28 ‘Investments in Associates and Joint Ventures’
IFRS 11 ‘Joint Arrangements’ and the related amendments to IAS 28 ‘Investments in Associates and Joint Ventures’ eliminate the
proportionate consolidation method for joint ventures that was applied by ING. Under the new requirements, all joint ventures will be
reported using the equity method of accounting (similar to the accounting that is already applied for Investments in associates).
The implementation of IFRS 11 as at 1 January 2014 will not have a significant impact on Shareholders’ equity, Net result and/or Other
comprehensive income. The impact of IFRS 11 is included in the table below.
IFRS 12 ‘Disclosure of Interests in Other Entities’
IFRS 12 ‘Disclosure of Interests in Other Entities’ introduces extended disclosure requirements for subsidiaries, associates, joint ventures and
structured entities. There is no impact on Total equity, Net result and/or Other comprehensive income.
Notes to the consolidated annual accounts of ING Group continued
101ING Group Annual Report 2013
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information