talanx group annual report 2011 en

Nature of risks Notes on the balance
sheet – assets
Notes on the balance
sheet – liabilities
Notes on the
statement of income
Other information List of shareholdings
The other new standards, interpretations and amendments applicable as from 1 January 2011 and
listed below did not have any effect on the Group either:
In December 2009 the EU adopted the amendments to IAS 32 “Financial Instruments: Presenta-
tion – Classification of Rights Issues” in European law. IAS 32 was amended such that subscrip-
tion rights as well as options and warrants for a fixed number of treasury shares against a fixed
amount of any currency are to be classified as equity instruments as long as these are issued pro
rata to all an entity’s existing shareholders of the same class.
IAS 19 “Prepayments of a Minimum Funding Requirement” (Amendments to IFRIC 14): The
amendments are of relevance if a pension plan provides for minimum funding requirements and
the entity makes an early payment of contributions to cover those requirements.
In November 2009 the IFRIC published IFRIC 19 “Extinguishing Financial Liabilities with Equity
Instruments”. The interpretation addresses accounting by the debtor if renegotiated contractual
conditions of a financial liability enable it to extinguish all or part of a financial liability through
the issue of its own equity instruments (debt for equity swaps). The equity instruments are to be
measured at fair value upon issuance. Differences between the fair value of the equity instrument
and the carrying amount of the extinguished liability are recognised in profit or loss.
Standards, interpretation and changes to published standards, application of which was not yet
mandatory in 2011 and which were not applied early by the Group
In November 2009 the IASB published a new standard on the classification and measurement
of financial instruments. IFRS 9 “Financial Instruments” is the first step in a three-phase project
intended to replace IAS 39 “Financial Instruments: Recognition and Measurement”. IFRS 9 introduces
new provisions for classifying and measuring financial assets. This standard was expanded
in October 2010 to include rules governing the accounting of financial liabilities and derecognition
of financial instruments, the latter having been imported 1:1 from IAS 39. The Group has still to
analyse the full implications of IFRS 9. It is already becoming clear, however, that the revised rules
will have an influence, inter alia, on the accounting of financial assets within the Group. In addition,
on 16 December 2011 the IASB published further amendments to IFRS 9 and IFRS 7 “Financial
Instruments: Disclosures” under the heading “Mandatory effective date and transition disclosures”.
Accordingly, the mandatory effective date of IFRS 9 has been deferred to financial years beginning
on or after 1 January 2015. Also in this context, the IASB incorporated in IFRS 7 detailed disclosures
related to transition to IFRS 9. The standard or its amendments have still to be ratified by the EU.
On 7 October 2010 the IASB published amendments to IFRS 7 which are applicable to financial years
beginning on or after 1 July 2011. The amendments concern disclosure requirements in connection
with the transfer of financial assets. A transfer of financial assets exists, for example, where
receivables are sold or in the case of asset-backed securities (ABS) transactions. The amendments
were ratified by the EU on 22 November 2011. We are currently reviewing the implications for the
consolidated financial statement.
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