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43.1 Accounting policy

Annual Report 2018 > RESULTS 2018 > Supplementary Information and Notes > 43. Other provisions > 43.1 Accounting policy
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Provisions are liabilities the amount or payment date of which are uncertain. Provisions are established on the basis of a current obligation following from past events, whose fulfillment will cause an outflow of resources embodying economic benefits. The provision amount is calculated on the basis of a reliable estimate of such outflow as at the balance sheet date.

Provisions for granted guarantees and sureties are calculated as the difference between the expected value of the balance sheet exposure which will result from a granted off-balance sheet liability and the present value of expected future cash flows obtained from the balance sheet exposure resulting from the granted liability.

The provision of restructuring costs if established only when general criteria for recognition of provisions are satisfied, and additionally specific criteria for provisions of restructuring costs, such as holding a detailed, formal restructuring plan and evoking a justified expectation of the parties to which the plan pertains that restructuring actions will be taken (through commencement of implementation of the plan or announcement of its key elements).

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