RBS 2006 Annual Report Download - page 222
Download and view the complete annual report
Please find page 222 of the 2006 RBS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1
-
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
-
249
-
250
-
251
-
252
-
253
-
254
-
255
-
256
-
257
-
258
-
259
-
260
-
261
-
262
RBS Group • Annual Report and Accounts 2006 221
Financial statements
Selected figures in accordance with US GAAP
The following tables summarise the significant adjustments to consolidated net income available for ordinary shareholders and
shareholders’ equity which would result from the application of US GAAP instead of IFRS. Where applicable, the adjustments
are stated gross of tax with the tax effect shown separately in total.
2006 2005 2004
Consolidated statement of income £m £m £m
Profit attributable to ordinary shareholders – IFRS 6,202 5,392 4,856
Adjustments in respect of:
Acquisition accounting — —66
Property revaluation and depreciation (470) (90) (65)
Leasehold property provisions 46 (26) (19)
Loan origination (91) 55 (85)
Pension costs (387) (363) (283)
Sale and leaseback transactions (84) ——
Long-term assurance business (12) 10 (17)
Extinguishment of liabilities — — (94)
Financial instruments 196 (556) (628)
Derivatives and hedging (454) (119) 73
Liabilities and equity 177 74 —
Implementation timing difference – intangibles (62) (66) (95)
Other (31) (59) (40)
Taxation 410 223 240
Net income available for ordinary shareholders – US GAAP 5,440 4,475 3,909
Income statement presentation under US GAAP does not differ significantly from IFRS except that under US GAAP impairment losses
are included in total income.
2006 2005
Consolidated shareholders’ equity £m £m
Shareholders’ equity – IFRS 40,227 35,435
Adjustments in respect of:
Acquisition accounting 494 517
Property revaluation and depreciation (873) (403)
Leasehold property provisions 84 38
Loan origination 520 614
Pension costs (168) 2,367
Pension costs – acquisition accounting (1,555) (1,555)
Sale and leaseback transactions (84) —
Long-term assurance business (59) (47)
Financial instruments (2,558) (259)
Derivatives and hedging 55 260
Liabilities and equity 1,491 2,298
Implementation timing difference – intangibles 1,753 1,919
Other (34) —
Taxation 784 (955)
Shareholders’ equity – US GAAP 40,077 40,229
Total assets under US GAAP of £770.8 billion (2005 – £700.4 billion) compared with total assets under IFRS of £871.4 billion
(2005 – £776.8 billion) primarily reflect the effect of certain arrangements that can be netted under US GAAP, together with the
effects of adjustments made to shareholders’ equity.