Annual Report 2011 - R+V Versicherung

44
Accounting and valuation methods
Premiums and discounts were distributed pro rata to accruals
and deferrals across the individual term of the respective
investment. This concerns the accrual of bearer bonds. Due
to the changes in § 341 c HGB, premiums and discounts in the
case of bonded debt receivables and loans were reposted to
the respective inventory items.
Deposit receivables and settlement receivables from the
reinsurance business were set at the nominal amounts. In this
case doubtful settlement receivables were directly written
down.
The approach used for all other receivables was to set them at
face value.
Assets that were placed beyond the access of all other creditors,
and which exclusively concern the fulfilment of pension
provision obligations or comparable long term obligations,
were valued in accordance with § 253 Section 1 HGB at the
current value and offset with the corresponding debts. The
interest share of the change to an asset was offset with the
interest share of the corresponding obligation.
The value of operating and office equipment was done at
acquisition costs and written down using the straight line
method over the useful life under taxation law. Additions and
disposals during the year were written down pro rata. Assets
whose acquisition costs were between 150 and 1,000 euros
were placed in a collective item that is written down over five
years beginning with the year of formation.
R+V Versicherung AG is the controlling company of several
companies of the R+V Consolidated Group in income tax terms.
Due to differences between commercial and taxation accounting
in controlling companies, there are income tax consequences
for the controlling company. The valuation differences
were taken into account at R+V Versicherung AG alongside
their own latent valuation differences.
For reasons of differing commercial and taxation approaches
to the balance sheet of R+V Versicherung and its controlling
companies, deferred tax assets existed for the following items
on the balance sheet as of 31 December 2011:
– Intangible assets
– Land
– Holdings
– Investment shares including taxation adjustment items
– Bearer bonds and other fixed interest securities
– Other receivables
– Accrual items
– Actuarial reserves
– Provision for outstanding claims
– Other actuarial provisions
– Other provisions
– Other liabilities
For reasons of differing commercial and taxation valuation
approaches to the balance sheet of R+V Versicherung AG and
its controlling companies, deferred tax liabilities existed
for the following items on the balance sheet on 31 December
2011:
– Holdings
– Other capital investments
– Investment shares including taxation adjustment items
– Provisions for pensions and similar obligations
– Other provisions
The valuation of deferred taxes was carried out using a tax rate
of 31.15%.
The resulting asset surplus of deferred taxes was not taken
into account by exercising the option of § 274 Section 1
Clause 2 HGB on 31 December 2011.