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Rabobank Annual Reports 2009

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Sort by: Interim Report 2010 Report 2009 Financial statements

New and amended IFRSs

Source: Interim Report 2010, chapter Notes to the interim financial information, page 50

In 2010, Rabobank applied Interpretations IFRIC 12, IFRIC 15, IFRIC 16, IFRIC 17 and IFRIC 18 as well as amended Standards IFRS 1, IFRS 2, IFRS 3, IAS 27 and IAS 39. The bank also applied the improvements to the IFRSs.

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Accounting policies

Source: Interim Report 2010, chapter Notes to the interim financial information, page 51

Taking due account of the new and amended IFRSs, the significant accounting policies used in preparing the consolidated 2009 financial statements and the present interim financial information have been summarised below.

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Derivative financial instruments and hedging

Source: Interim Report 2010, chapter Notes to the interim financial information, page 52

Derivative financial instruments generally comprise foreign currency contracts, currency and interest rate futures, forward rate agreements, currency and interest rate swaps, and currency and interest rate options.

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Trade liabilities and other liabilities at fair value through profit and loss

Source: Interim Report 2010, chapter Notes to the interim financial information, page 53

Trade liabilities are mainly negative fair values of derivative financial instruments and delivery obligations arising on short selling of securities.

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Trading financial assets

Source: Interim Report 2010, chapter Notes to the interim financial information, page 53

Trading financial assets are acquired to realise gains from short-term fluctuations in the prices or margins of traders.

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Non-trading financial assets and liabilities at fair value through profit and loss

Source: Interim Report 2010, chapter Notes to the interim financial information, page 54

Rabobank has opted to classify financial instruments not acquired or entered into for realising gains from short-term fluctuations in traders’ prices or margins at fair value through profit and loss.

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Day 1 profit

Source: Interim Report 2010, chapter Notes to the interim financial information, page 54

Discrepancies between the transaction price and fair value may arise if valuation techniques are applied at the time of the transaction.

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Available-for-sale financial assets

Source: Interim Report 2010, chapter Notes to the interim financial information, page 54

Available-for-sale financial assets are initially recognised at costs and immediately revalued at fair value based on quoted bid prices or values derived from cash flow models.

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Held-to-maturity financial assets

Source: Interim Report 2010, chapter Notes to the interim financial information, page 55

Financial assets with fixed terms and cash flows are classified as held-to-maturity financial assets. ,

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Repurchase agreements and reverse repurchase agreements

Source: Interim Report 2010, chapter Notes to the interim financial information, page 55

Financial assets that are sold subject to related sale and repurchase agreements are included in the financial statements under ‘Trading financial assets’ and ‘Available-for-sale financial assets’.

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2.29 Financial guarantees

Financial guarantees are initially measured at fair value and subsequently at the higher of two amounts, i.e. the amount Rabobank would reasonably have to pay at the reporting date to settle the obligation or transfer it to a third party and the initial carrying amount less amortisation.
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