RBS 2005 Annual Report Download - page 218
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216
Notes on the accounts
Opening balance sheet at 1 January 2004 – Company Valuation
of Total
UK GAAP Dividends subsidiaries adjustments IFRS
£m £m £m £m £m
Assets
Loans and advances to banks 4,257 — — — 4,257
Loans and advances to customers 382 — — — 382
Investments in Group undertakings 32,354 — (16,857) (16,857) 15,497
Prepayments, accrued income and other assets 355 — — — 355
Total assets 37,348 — (16,857) (16,857) 20,491
Liabilities
Deposits by banks 156 — — — 156
Debt securities in issue 1,877 — — — 1,877
Accruals, deferred income and other liabilities 1,377 (1,059) — (1,059) 318
Subordinated liabilities 5,393 — — — 5,393
Shareholders’ equity 28,545 1,059 (16,857) (15,798) 12,747
Total liabilities and equity 37,348 — (16,857) (16,857) 20,491
Reconciliation of shareholders’ funds as at 1 January 2004 Group Company
£m £m
UK GAAP shareholders’ funds 26,098 28,545
Standards applicable to all periods:
Valuation of subsidiaries — (16,857)
Proposed dividend 1,059 1,059
Software development costs 814 ––
Leasing (276) ––
Share-based payments (6) ––
Other (72) ––
Tax effect on adjustments (167) ––
Deferred tax (109) ––
Shareholders' funds under IFRS 27,341 12,747
Notes on the accounts continued
45 Transition to IFRS (continued)