NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 2.1.1 - 2.3 90 NOTE 2.1.2 FUTURE ADOPTION OF NEW IFRS  ACCOUNTING STANDARDS IFRS 9 ‘Financial Instruments’ Improvements to IFRS (2010) Not yet endorsed by the European Union. ■ Amendments to IAS 39 Financial Instruments – Eligible  hedged items. ■ IFRIC 17 Distributions of non-cash assets to owners. ■ IFRIC 18 Transfers of assets from customers. ■ IFRS 1 (revised) First time adoption of IFRS – additional  exemptions. ■ Amendment to IFRS 2 Share Based Payments (Group cash  settled and share based payment transactions. ■ Amendment to IAS 32 Classification of Rights Issues. ■ IAS 24 (revised) Related Party Disclosures. ■ IFRIC 14 (amendment ) Prepayment of a minimum funding  requirement. ■ IFRIC 19 Extinguishing financial liabilities with equity  instrument. ■ IFRS 1 (amendment) First Time Adoption – Limited Exemption  from Comparative IFRS 7 Disclosures for First Time Adopters. ■ IFRS 9 Financial Instruments$^{ 1}$. ■ IFRS 7 (amendment) Financial Instruments - Disclosures  (adopted October 2010). ■ Improvements to IFRS (2010). IAS 27 (revised) ‘Consolidated and separate fi nancial  statements’ and consequential amendments to IAS  28 ‘Investments in Associates’ and IAS 31 ‘Interests  in Joint Ventures’ The revised IAS 27, applicable prospectively to all new  transactions undertaken with non-controlling interest (minority  interest) after January 1, 2010, requires the recording of the  effect of all transactions in equity if there is no change in  control. Where an interest is disposed and control (or significant  influence or joint control) is lost, any remaining interest in the  entity is re-measured to fair value and a gain or loss is  recognized in profit and loss. In the past, the effect of  transactions with non-controlling interests were accounted  for as partial acquisitions and disposals and reflected either as  goodwill or within the profit and loss account. The adoption of  IAS 27 (revised) had no impact during the current period as  there were no transactions with non-controlling interests and  no disposals where an interest in an entity was retained after  the loss of control (or significant influence or joint control) of  that entity. Improvements to IFRS (2009) The IASB issued, in April 2009, a number of minor amendments  to IFRS which resulted from the IASB’s 2009 annual  improvements project. These amendments, which were  effective either from July 1, 2009 or January 1, 2010, deal with  minor changes to the wordings used in the individual standards  and seek to remove editorial and other inconsistencies in  the literature. AEGON adopted all the relevant changes from  the improvements project to its accounting policies.  The improvements project did not result in any changes to  the classification, measurement or presentation of any items  in the financial statements. In addition, the following new standards, amendments to  existing standards and interpretations are mandatory for  the first time for the financial year beginning January 1, 2010  but are not currently relevant for the Group: In addition to the above, the following standards, amendments  to standards and interpretations have been published and are  mandatory for accounting periods beginning on or after  January 1, 2011 or later periods but are not material for the  Group’s operations: This set of improvements to IFRS issued by the IASB in May  2010 makes a number of minor amendments to 7 different  standards and interpretations. These amendments, which are  effective for accounting periods beginning on January 1, 2011,  will all be applied by AEGON in its 2011 financial statements  to the extent they are relevant. None of these amendments  are expected to have a material change to the classification,  measurement or presentation of any items in AEGON’s financial  statements. IFRS 9 Financial Instruments addresses classification and  measurement of financial assets, is available for early adoption  immediately but mandatory only for accounting periods  beginning on or after January 1, 2013. IFRS 9 replaces the  multiple classification and measurement models in IAS 39  with a single model that has only two classification categories:  amortized cost and fair value. IFRS 9 represents the first stage  in the IASB’s planned replacement of IAS 39. IFRS 9 is expected  to have a significant impact on the Group’s financial statements  because it will likely result in a reclassification and re- measurement of AEGON’s financial assets. However the full  impact of IFRS 9 will only be clear after the remaining stages  of the IASB’s project on IAS 39 are completed and issued.  The following standards, amendments to existing standards  and interpretations, published prior to January 1, 2011, were not  early adopted by the Group and will be applied in future years: