talanx group annual report 2011 en

150
Financial statements Notes
General information
Talanx Group. Annual Report 2011
Accounting principles
and policies
Segment reporting Consolidation,
business combinations
Non-current assets held for
sale and disposal groups
Other assets
Other assets are carried at amortised cost. Derivatives recognised as hedging instruments in the
context of hedge accounting that have a positive fair value are carried at fair value. Property,
plant and equipment are recognised at acquisition or production costs less straight-line depreciation.
The useful life for own-use real estate is at most 50 years; the useful life for fixtures and
fittings is normally between two and ten years. Impairment expenses are spread across the technical
functional areas or recognised under other income/expenses. The same statement made
concerning the presentation of investment real estate applies when it comes to measuring and
testing the impairment of own-use real estate.
Cash
Cash is recognised at its nominal value.
Disposal groups pursuant to IFRS 5
Long-lived assets held for sale (or groups of assets and liabilities held for sale) are classified as held
for sale pursuant to IFRS 5 if their carrying amount is realised largely through sale rather than
through continued operational use. Sale must be highly probable. The assets or disposal group
held for sale are measured at the lower of carrying amount and fair value less costs to sell, and are
recognised separately in the balance sheet as assets or liabilities. Scheduled depreciation is recognised
until the date of classification as held for sale. Impairment losses on fair value less costs to sell
are recognised in profit or loss; any subsequent increase in fair value less costs to sell leads to the
realisation of gains up to the amount of the cumulative impairment loss. If the impairment loss to
be taken on a disposal group exceeds the carrying amount of the corresponding non-current assets,
the need to establish a provision within the meaning of IAS 37 “Provisions, Contingent Liabilities
and Contingent Assets” is examined. More detailed information on the non-current assets held for
sale and disposal groups is contained in the subsection of the same name.