Notes to the consolidated financial statements of Aegon N.V.  Note 2 130 2.1.1 Adoption of new IFRS accounting standards IFRS 11 Joint Arrangements IFRS 10 Consolidated Financial Statements IFRS 13 Fair Value Measurement IAS 1 Financial Statement Presentation – Presentation of Items of Other Comprehensive Income The amendments require the grouping of items within other comprehensive income that may be reclassified to the profit or loss section  of the income statement. The amendments also reaffirm existing requirements that items in other comprehensive income and profit or  loss should be presented as either a single statement or two consecutive statements. The amendment affects presentation only and  changes are included in the statement of comprehensive income as Aegon presents two consecutive statements. IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements. IFRS 13 provides guidance on how to  measure fair value under IFRS when fair value is required or permitted. The application of IFRS 13 has not impacted the fair value  measurements carried out by the Group, which is described in note 3. IFRS 13 requires specific disclosures on fair values, some of which  replace existing disclosure requirements in other standards, including IFRS 7 Financial Instruments: Disclosures. In accordance with the  transitional provisions of IFRS 13, comparatives are not presented. Aegon provides these disclosures in note 3. IFRS 12 provides disclosure requirements on interests in subsidiaries, associates, joint ventures, and structured entities. This standard  affects disclosure only and has therefore no impact on Aegon’s financial position or performance. Aegon has included the required  disclosures in notes 4, 25, 26 and 27. In accordance with the transitional provisions of IFRS 12, comparatives for disclosures regarding  unconsolidated structured entities are not presented.  IFRS 12 Disclosure of Interests in Other Entities IFRS 11 replaces IAS 31, “Interests in Joint Ventures” and SIC-13, “Jointly-Controlled Entities — Non-Monetary Contributions by  Venturers”. IFRS 11 removes the option to account for joint arrangements using proportionate consolidation. Instead, joint  arrangements that meet the definition of a joint venture under IFRS 11 must be accounted for using the equity method. Aegon has  assessed the nature of its joint arrangements and determined them to be joint ventures. Therefore Aegon has changed its accounting  treatment for joint ventures from proportionate consolidation to equity accounting. The impact of the adoption of IFRS 11 on the  financial position of Aegon is described in note 2.1.2. For the corresponding accounting policy refer to note 2.10. IFRS 10 replaces all the guidance on control and consolidation in IAS 27, “Consolidated and Separate Financial Statements”, and  SIC-12, “Consolidation – Special Purpose Entities”. The application of this new standard impacted the financial position of Aegon  by consolidating one securitization vehicle that was previously not consolidated. In addition, for several investment funds the  consolidation conclusion has been evaluated which resulted in changes compared to previous years (note 3). The impact of the  adoption of IFRS 10 on the financial position of Aegon is described in note 2.1.2. For the corresponding accounting policy refer to  note 2.2. The amendments to IFRS 7 enable users of the financial statements to evaluate the effect or potential effect of netting arrangements,  including rights of set-off associated with the entity’s recognized financial assets and recognized financial liabilities, on the entity’s  financial position. The amendment affects disclosure only and is included in note 53. IFRS 7 Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities The nature and the impact of each new standard/amendment that has been applied for the first time in 2013 is described below: Aegon adopted new and amended standards that require restatement of previous financial statements. These include IFRS 10  “Consolidated Financial Statements”, IFRS 11 “Joint Arrangements”, IAS 19 “Employee Benefits” and IAS 1 “Presentation of Financial  Statements”. Application of IFRS 13 “Fair Value Measurement” is required prospectively as of the beginning of the annual reporting  period. Annual Report 2013