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Allianz Annual Report 2012

Annual Report 2012    Allianz Group The aim of the consolidation project was to develop a single consolidation model that applies the same criteria for all entities. In this context, the IASB reaffirmed the control con- cept as primary determinant for consolidation, revised the definition of ‘control’ and enhanced related disclosure re- quirements. IFRS 10, Consolidated Financial Statements, supersedes the requirements of IAS 27, Consolidated and Separate Financial Statements, for consolidated financial statements as well as SIC-12, Consolidation – Special Pur- pose Entities. Financial reporting in separate financial statements is set out by the amended version of IAS 27. The revised version of IAS 28, Investments in Associates and Joint Ventures, supersedes the former IAS 28, Investments in Associates. It defines ‘significant influence’, provides guidance on the application of the equity method of ac- counting and describes how impairment is assessed in as- sociates and joint ventures. IFRS 11, Joint Arrangements, supersedes IAS 31, Interests in Joint Ventures, as well as SIC- 13, Jointly Controlled Entities – Non-Monetary Contribu- tions by Ventures. The standard requires entities to define their rights and obligations arising from a joint arrange- ment such as joint operations or joint ventures and pro- vides guidance on how to account for these rights and ob- ligations. IFRS 12, Disclosure of Interests in Other Entities, contains disclosure requirements previously set out in IASs 27, 28 and 31. The adoption of these standards and the amendments are not expected to have a material impact on the financial position and financial results of the ­Allianz Group. IFRS 13, Fair Value Measurement IFRS 13, Fair Value Measurement, was issued in May 2011 and is effective for annual periods beginning on or after 1 January 2013. It defines the term ‘fair value’, sets out a framework how fair value is to be measured as well as the disclosure requirements when fair value is applied. How- ever, the standard does not determine when an asset, a li- ability or an entity’s own equity instrument is required or permitted to be measured at fair value. The requirements of IFRS 13 regarding measurement and disclosure apply when another IFRS requires or permits an item to be mea- sured at fair value. The adoption of this standard is not ex- pected to have a material impact on the financial position and financial results of the ­Allianz Group. Amendments to IAS 19 – Employee Benefits In June 2011, the IASB issued an amended version of IAS 19 which will be effective for annual periods beginning on or after 1 January 2013. The amendments in particular elimi- nate the corridor approach and require all actuarial gains 4 – Recently adopted and issued accounting pronouncements Recently adopted accounting pronouncements effective 1 January 2012 The following amendments and revisions to standards and interpretations became effective for the ­­Allianz Group’s consolidated financial statements as of 1 January 2012: −− IFRS 7, Financial Instruments: Disclosures – Amend- ments for Transfers of Financial Assets −− IAS 12, Income Tax: Deferred Tax – Recovery of underlying assets The ­Allianz Group adopted the revisions, amendments and interpretations as of 1 January 2012, with no material im- pact on its financial result or financial position. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS effective on or after 1 January 2013 and not adopted early IFRS 9, Financial Instruments: Classification and Measurement IFRS 9, Financial Instruments: Classification and Measure- ment, was issued by the IASB in November 2009 and is part of the project to replace IAS 39 with a new standard. The project is divided into three phases, classification and mea- surement of financial instruments, impairment and hedge accounting. IFRS 9 will become effective for annual periods starting on or after 1 January 2015. The IASB recently issued exposure drafts on classification and measurement as well as on hedge accounting. For impairment, an exposure draft is expected to be released in 2013. The ­Allianz Group is cur- rently evaluating the impact of IFRS 9 on its consolidated financial statements. Early adoption is generally allowed but not intended by the ­Allianz Group. IFRSs 10, 11, 12, Amendments to IAS 27 and 28 – Consolidation As part of the consolidation project, the IASB issued IFRSs 10, 11 and 12 as well as amendments to IAS 27 and IAS 28 in May 2011. Further amendments were issued in 2012 on transi- tion guidance and investment entities. These new stan- dards and amendments generally are effective for periods beginning on or after 1 January 2013, however, the E.U. en- dorsed these IFRSs with a mandatory effective date for peri- ods beginning on or after 1 January 2014. Early adoption is generally allowed but not intended by the ­Allianz Group. D Consolidated Financial Statements 221 Consolidated Balance Sheets 222 Consolidated Income Statements 223 Consolidated Statements of Comprehensive Income 224 Consolidated Statements of Changes in Equity 225 Consolidated Statements of Cash Flows 228 Notes to the Consolidated Financial Statements 249