ING Direct 2015 Annual Report Download - page 33

Contents
Who we are
Report of the
Management
Board
Corporate
Governance
Consolidated
annual accounts
Parent company
annual accounts
Other
information
Additional
information
Notes to the accounting policies
Authorisation of annual accounts
The Consolidated annual accounts of ING Bank N.V. (‘ING Bank’) for the year ended 31 December 2015 were authorised for issue in
accordance with a resolution of the Management Board on 29 February 2016. The Management 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 Bank N.V. is incorporated and domiciled in Amsterdam, the
Netherlands. The principal activities of ING Bank are described in ‘About ING’.
1 Accounting policies
ING Bank applies International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (‘EU’). IFRS requires the
consistent application of accounting policies. In the annual accounts, the terms ‘IFRS’ and ‘IFRS-EU’ is used to refer to International
Financial Reporting Standards as adopted by the EU, including the decisions ING Bank made with regard to the options available under
IFRS-EU.
IFRS-EU provides several options in accounting policies. The key areas in which IFRS-EU allows accounting policy choices and the
related ING accounting policy, are summarised as follows:
• As explained in the section ‘Principles of valuation and determination of results’ and in Note 37 ‘Derivatives and hedge accounting’
ING Bank pplies fair value hedge accounting to portfolio hedges of interest rate risk (macro hedging) under the EU ‘carve out’ of
IFRS-EU;
• ING’s accounting policy for Real estate investments is fair value, with changes in fair value reflected immediately in the profit and
loss account; and
• ING’s accounting policy for Property for own use is fair value, with changes in fair value reflected in the revaluation reserve in
equity (‘Other comprehensive income’). A net negative revaluation on individual properties is reflected immediately in the profit
and loss account.
ING Bank’s accounting policies under IFRS-EU and its decision on the options available are included in the section ‘Principles of
valuation and determination of results’ below. Except for the options included above, the principles in section ‘Principles of valuation
and determination of results’ are IFRS-EU and do not include other significant accounting policy choices made by ING. The accounting
policies that are most significant to ING are included in section ‘Critical accounting policies’.
a) Changes in accounting policies in 2015
There were no changes in accounting policies effective from 1 January 2015.
b) Changes in IFRS-EU
New and/or amended IFRS-EU standards under the Annual Improvements Cycle: 2011 – 2013, effective 1 January 2015, were adopted
by ING Bank. The implementation of these amendments had no or no material effect on the Consolidated annual accounts of ING
Bank.
c) Changes in presentation of the Consolidated annual accounts and related notes
In 2015, ING Bank made changes to the presentation of the Consolidated annual accounts and related notes. The changes include
changes in layout to more clearly present the results of ING Bank and other minor improvements. Where relevant, the comparative
amounts are adjusted accordingly. The main changes in the presentation of the Consolidated annual accounts and related notes are
as follows:
• The layout of the Consolidated profit and loss account is changed to more clearly present the ‘Net result from continuing and
discontinued operations attributable to Equityholders of the parent’;
• As of 2015, the line ‘Intangible amortisation and other impairments’ is included in ‘Other operating expenses’ and no longer as a
separate line item in the Consolidated profit and loss account. Reference is made to Note 28 ‘Other operating expenses’;
• As of 2015, the presentation of the table ‘Debt securities by type and balance sheet lines’ separately discloses the assets class
Sub-sovereign Supranationals and Agencies’ (‘SSA’). Reference is made to Note 5 ‘Investments’;
• As of 2015, the line Regulatory costs include contributions to the Deposit Guarantee Schemes (‘DGS’), the National Resolution Fund
(‘NRF’) and local bank taxes mainly in the Netherlands, Germany, Belgium and Poland. Regulatory costs are no longer included in
Other operating expenses – Other. Reference is made to Note 28 ‘Other operating expenses’; and
• In 2015, ING changed the presentation of the components of equity as presented in the Parent company annual accounts. The
changed presentation improves transparency of disclosures on the legal reserves and the non-distributable reserves. Reference is
made to the Parent company annual accounts.
Notes to the Consolidated annual accounts
amounts in millions of euros, unless stated
otherwise
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