UBI Banca Group

The revision of the useful life of these fixed assets was supported by an analysis conducted by
an external firm of experts and arises from the recognition that the economic useful life and
therefore the related economic benefits resulting from their use has increased principally as a
result of technological developments in the hardware and software equipment in question.
Consequently, a useful life of 48 months was considered appropriate instead of 30 months, as
estimated previously.
The revised useful life was adopted prospectively and therefore for assets acquired from 2011
and it involved recognition of lower depreciation of €1.3 million for the year.
- Useful life of UBI Sistemi e Servizi software
The consortium company UBI Sistemi e Servizi possesses application software used exclusively
by Banca 24-7 under a service contract. As a consequence of the extraordinary operation to be
performed in the near future which will lead, eventually, to the retirement of that software,
UBI Sistemi e Servizi adjusted its useful life accordingly and it recognised increased expense of
approximately €3.5 million in its income statement for 2011.
Amendments to IAS 39
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The process of the full revision of IAS 39, is still in progress and at present no documents
issued by the IASB have been endorsed by the European Commission. With regard to the
compulsory adoption of the new accounting rules, on 16 th December 2011 the IASB issued the
amendment “Mandatory Effective Date of IFRS 9 and Transition Disclosures”, which postponed
the date in question until 1 st January 2015, because the projects on the impairment of
financial instruments measured at amortised cost and on hedge accounting (stages two and
three of the full project to revise IAS 39) and also that on insurance contracts are still in
progress.
The definition of stage two “impairment” and the first part of stage three on “general hedge
accounting” is expected in 2012, while the issue of an exposure draft on the second part of
stage three “macro hedge accounting” is currently scheduled for the third quarter of 2012.
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