Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3
and relating hedging derivatives measured at fair value through
P&L (hedging derivatives).
The assets and liabilities measured at amortised cost are
revalued for the fair value changes due to the hedged risk.
For assets measurured at fair value through OCI the fair value
changes due to the hedged risk on the assets recognised in OCI
is reclassified to P&L. In a cash flow hedge the fair value changes
of the derivative are booked in the cash flow hedge reserve
(effective part only).
Hedge accounting - Differences with current IAS 39
methodology
The main differences between IAS 39 and IFRS 9 for micro
hedge accounting are that IFRS 9 does not permit voluntary
de-designation of the hedge relationship and does not
prescribe a specific effectiveness testing range anymore (IAS 39:
80-125%).
Additionally IAS 39 does not have a specific accounting solution
for hedge accounting with cross-currency swaps (currency
basis) when used as hedging instruments, while IFRS 9 does.
Under IFRS 9 the currency basis spreads are considered as costs
of hedging and fair value changes caused by currency basis
spread can be recognised through OCI.
Hedge accounting - Expected impact
At the moment Rabobank is in the process of exploring
whether to continue with IAS 39 or to move on to IFRS 9 for the
micro hedge accounting to benefit from the specific treatment
of currency basis in IFRS 9 per 1 January 2018.
We expect to be able to designate more effective micro hedge
accounting relationships with cross currency swaps under IFRS
9 and reduce the P&L volatility caused by currency basis, which
will be recorded in OCI.
IFRS 9 does not offer a solution for portfolio hedge accounting
and Rabobank will use the option IFRS 9 provides to continue to
apply IAS 39 for portfolio hedge accounting.
Application
The rules governing classification, measurement and
impairments will be applied retrospectively by amending
the opening balance sheet on 1 January 2018.There is no
obligation to amend the comparative figures.
IFRS 15 Revenue from Contracts with Customers
In May 2014, the IASB issued IFRS 15 'Revenue from Contracts
with Customers'. The original effective date of IFRS 15 has
been delayed by one year and the standard is now effective
for annual periods beginning on or after 1 January 2018 with
early application permitted. IFRS 15 provides a principles-based
approach for revenue recognition, and introduces the concept
of recognising revenue for obligations as they are satisfied.
The standard should be applied retrospectively, with certain
practical expedients. The standard does not apply to financial
instruments, insurance contracts or lease contracts. Rabobank
has not finalized the investigation of the impact on the financial
statements and the practical expedients but the current
assessment is that this new standard will not have a significant
impact on profit or equity.
New standards issued by the IASB, but not yet
endorsed by the European Union
IFRS 7 6 Leases
In January 2016, the IASB issued IFRS 16 'Leases'with
an effective date of annual periods beginning on or after
1 January 2019. IFRS 16 results in lessees accounting for most
leases within the scope of the standard in a manner similar to
the way in which finance leases are currently accounted for
under IAS 17 'Leases'. Lessees will recognise a 'right of use'asset
and a corresponding financial liability on the balance sheet.
The asset will be amortised over the length of the lease and the
financial liability measured at amortised cost. Lessor accounting
remains substantially the same as in IAS 17. Rabobank is
currently assessing the impact of this standard.
IFRS 14 Regulatory Deferral Accounts
The European Commission has decided not to launch the
endorsement process of this interim standard and to wait for
the final standard.
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 set off 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
262 Rabobank Jaarverslag 2016