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112 NOTES / OTHER DETAILS AND RISK REPORT
gations procedure. Future developments of salaries and pensions are taken into account in the calculation. The
discount factor is oriented according to the capital market.
Deferred taxes According to the Austrian Commercial Code, deferred tax liabilities that arise through differences
between the result under commercial law and the tax result are entered as liabilities, while there is an option for
the entry of deferred assets on the assets side. Pursuant to IAS 12, deferred taxes are formed according to temporary
balance sheet differences. Deferred tax assets or liabilities therefore arise differently under the IFRS balance
sheet approach and the Austrian tax assessment system – irrespective of the time of their release.
Equity Minority interests are entered in a separate balance sheet item. The Bank's own shares are shown in the
trading portfolio but are deducted from equity capital for the calculation of profit per share. The equity capital
item includes the hedging reserve, which contains the changes in derivative transactions on the banking book.
Changes in the fair value of real-estate investments, which have no effect on the Income Statement and are due
to initial consolidation, are shown in equity capital pursuant of IAS 40.
Real estate investments Real estate that is not used for the Bank's own business operations and is not leased is
recorded according to the Austrian Commercial Code at acquisition cost and according to IAS 40 at fair value.
Changes in fair values under IFRS are reported with effect on the Income Statement.
(69) Date of release for publication
These Annual Financial Statements will be presented to the Supervisory Board on 31 March 2005 for its determination
and approval.
The Board of Management of Investkredit Bank AG
Wilfried Stadler Klaus Gugglberger
Vienna, February 2005