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Allianz Annual Report 2012

Annual Report 2012    Allianz Group and losses to be recognized in the other comprehensive income (OCI). While all remeasurements need to be record- ed in the OCI, service and interest costs have to be recog- nized in the profit and loss account. The long-term return on plan assets has to be calculated using the same interest rate as used to discount the defined benefit obligation (DBO). Disclosure requirements are increased under the amended IAS 19. The ­Allianz Group will apply the amended IAS 19 for periods beginning on or after 1 January 2013. The adoption of this standard is expected to increase the net amount recognized for defined benefit plans by approxi- mately € 4.7 bn and to decrease total equity by approximate- ly € 3.3 bn net of tax as of 1 January 2013. The overall impact of the adoption of this standard on net income is not ex- pected to be significant. Further amendments and interpretations In addition to the above mentioned recently issued ac- counting pronouncements, the following amendments and revisions to standards and interpretations have been issued by the IASB but are not yet effective for or early ad- opted by the ­Allianz Group. Further amendments and interpretations D 009 STANDARD/INTERPRETATION EFFECTIVE DATE IAS 1, Presentation of Financial Statements: Amendment for Presentation of Items of Other Comprehensive Income Annual periods beginning on or after 1 July 2012 IFRS 7 Financial Instruments Disclosures: Amendments to Offsetting Financial Assets and Financial Liabilities Annual periods beginning on or after 1 January 2013 IAS 32 Financial Instruments Presentation: Amendments to Offsetting Financial Assets and Financial Liabilities Annual periods beginning on or after 1 January 2014 Annual Improvements to IFRSs 2009 – 2011 Annual periods beginning on or after 1 January 2013 The amendments and interpretations are not expected to have a material impact on the financial position and finan- cial results of the ­Allianz Group. Early adoption is generally allowed but not intended by the ­Allianz Group. OTHER RECLASSIFICATIONS Certain prior period amounts have been reclassified to con- form to the current period presentation. 250

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