General accounting principles and application of International Financial Reporting Standards (IFRS)
As the parent company of the Talanx Group, Talanx AG has drawn up consolidated financial statements pursuant to § 290 of the German Commercial Code (HGB). The consolidated financial statements were prepared on the basis of § 315a Para. 1 of the German Commercial Code (HGB) pursuant to Article 4 of Regulation (EC) No. 1606/2002 in accordance with International Financial Reporting Standards (International Financial Reporting Standards – IFRS ) in the form adopted for use in the European Union. The standards and rules specified in § 315a Para. 1 of the German Commercial Code (HGB) were observed in full. The consolidated financial statements are published in the Federal Gazette.
Since 2002 the standards adopted by the International Accounting Standards Board (IASB) have been referred to as IFRS. The standards approved in earlier years still bear the name IAS (International Accounting Standards). Standards are cited in our Notes accordingly; in cases where the Notes do not make explicit reference to a particular standard, the term IFRS is used. Insurance-specific transactions for which IFRSs do not contain any separate standards are recognised in compliance with IFRS 4 “Insurance Contracts” according to the pertinent provisions of United States Generally Accepted Accounting Principles (US GAAP) as at the initial application of IFRS 4 on 1 January 2005.
The consolidated financial statements reflect all IFRSs in force as at 31 December 2013 as well as the interpretations then issued by the IFRS Interpretations Committee (IFRS IC, formerly known as the International Financial Reporting Interpretations Committee [IFRIC]) and the previous Standing Interpretations Committee (SIC), application of which was mandatory for the 2013 financial year and which were adopted by the EU. In addition, the German Accounting Standards (DRS) adopted by the German Accounting Standards Committee (DRSC) have been observed insofar as they do not conflict with currently applicable IFRS standards.
The consolidated financial statements were drawn up in euros (EUR). The amounts shown have been rounded to EUR millions (EUR million), unless figures are required in EUR thousands (EUR thousand) for reasons of transparency. This may give rise to rounding differences in the tables presented in this report. Figures in brackets refer to the previous year.