The consolidated financial statements require the Management Board to make discretionary decisions, estimates and assumptions that relate to the application of accounting policies and the amounts stated for the assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recorded prospectively.
The items below carry a not insignificant level of risk that significant adjustments to assets or liabilities may be necessary in the following year:
- Deferred acquisition costs
- Shares in associates/investments – insofar as the valuation does not take place based on stock exchange prices or other market prices
- Technical provisions
- Provisions for pensions and similar obligations
Sensitivity analyses are shown in the Risk report in relation to the most significant uncertainties surrounding estimates.