Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Other amendments to IFRS There have been minor amendments to IFRS 2, IFRS 15, IAS 12 and IAS 7. Although these new requirements are currently being analysed and their impact is not yet known, Rabobank does not expect the implementation of these other standards to have a significant impact on net profit or equity. Other changes in accounting principles and presentation Changes in presentation IAS 32 'Financial Instruments: Presentation'prescribes that a financial asset and a financial liability shall be offset when there is a simultaneous legally enforceable right to setoff and an 'intention to settle on a net basis', Rabobank has both the legally enforceable right (by contract) to set off the amounts under a notional cash pooling arrangement as well as the intention to settle on a net basis. IFRS is principle based and does not prescribe how the intention to settle on a net basis is evidenced. Rabobank applies certain practices to evidence that the requirement of 'intention to settle net'is met. In April 2016, an Agenda Rejection Notice was published by the IFRS Interpretations Committee ('IFRIC') on balance sheet offsetting of notional cash pooling products.The issue relates to the question whether certain cash pooling arrangements would meet the requirements for offsetting under IAS 32.The IFRIC provided further clarification that the transfer of balances into a netting account should occur at the period end to demonstrate an intention to settle on a net basis. As a result of the Agenda Rejection Note, the comparable figures have been adjusted by reversing the netting that took place in 2015.The Loans and advances to customers and Deposits from customers have been increased by EUR 8,291 million per December 2015 and EUR 10,121 million per 1 January 2015. In the second half 2016 Rabobank re-assessed its cashpooling contracts also in light of the IFRIC clarification and the IFRS requirements around unit of accounts. This analysis showed that the contracts qualify for unit of accounts accounting. The amount involved as per 31 December 2016 is EUR 4,989 million. Structured inventory products have been reclassified from other assets to loans to customers as per 31 december 2015 for an amount of EUR418 million.This change results in a better alignment with the extent to which the risks and rewards of the underlying commodities are transferred. The results on sale of group companies are classified as other net operating income.The comparative figures have been adjusted.The income from investments in associates and joint ventures changed from EUR 366 million to EUR 351 million and the other net operating income changed from EUR 866 million to EUR 881 million. Consolidated Financial Statements Company Financial Statements Pillar 3 The other fee and commission income and expenses as per 31 December 2015 were each adjusted by EUR 50 million. The net fee and commission income remained unchanged. Insofar as other insights prompted reclassifications, the comparative figures have been adjusted accordingly. Adjustments in the opening balance of equity as at 7 January 2015 As at 31 December 2015, receivables were overstated by an amount of EUR 110 million that had been reported as income in years prior to 2013. In accordance with IAS 8, Reserves and retained earnings as at 1 January 2015 have been adjusted retrospectively, from EUR 24,894 million to EUR 24,811 million and Loans and advances to customers have been reduced by EUR 110 million and Current tax liabilities have been reduced by EUR 27 million as at 31 December 2015. Adjustment Amounts in millions of euros 7 January 2015 Total equity before adjustment 38,871 Decrease in loans and advances to customers (110) Decrease in current tax liabilities 27 Total equity after adjustment 38,788 Going concern The Executive Board considers it appropriate to adopt the going concern basis of accounting in preparing these consolidated financial statements. Judgements and estimates In preparing the consolidated financial statements management applied judgement with respect to estimates and assumptions that affect the amounts reported for assets and liabilities, the reporting of contingent assets and liabilities on the date of the consolidated financial statements, and the amounts reported for income and expenses during the reporting period. The accounting principles listed below require critical estimates that are based on assessments and assumptions. Although management estimates are based on the most careful assessment of current circumstances and activities on the basis of available financial data and information, the actual results may deviate from these estimates. Loan impairment allowance Rabobank assesses at each reporting period whether an impairment loss should be recorded in the income statement. The impairment methodology for loans and advances results in the recognition of: Specific allowances for individual impaired loans; 180 Rabobank Jaarverslag 2016

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Jaarverslagen Rabobank | 2016 | | pagina 181