BusinessCompany NewsING reports sharp loss after £8.9bn ‘accountancy charge’

ING reports sharp loss after £8.9bn 'accountancy charge'

Dutch bank ING, Europe's biggest insurer, has shocked financial markets with an unexpected net loss of 9.6bn euro (£6.5bn) for 2002 after adopting US accounting rules.

A change in US rules for forced ING to make a 13.1bn euro (£8.9bn) write down on newly acquired assets, worth 16.6bn euro (£11.2bn) on December 2001. US GAAP no longer accepts amortisation of goodwill from 2002. Instead, is requires a re-evaluation of goodwill each year, and a write down for a loss in value.’Under the new US GAAP goodwill requirements, and given the sharp decline in market conditions, total goodwill impairments amounted to 13.1bn euro at 1 January 2002,’ ING stated.An ING spokeswoman said it had always produced two sets of figures, as it is listed both on the Amsterdam and New York stock exchanges. ING dismissed the write-down as an ‘accountancy charge’, but its shares slumped 6.4%.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor