Amendment to the rule on the depreciation of tangible fixed assets
Question discussed at the 2009 general meeting
Up to and including the financial year 2008, investments in tangible fixed assets (with the exception of land), including associated costs, were depreciated in full during the year of acquisition. With effect from the financial year 2009, investments in tangible fixed assets, still including associated costs, will be depreciated based on the asset’s probable useful life as allowable for tax purposes.
This change will see the Bank bring its accounting rules in line with the current practice adopted both by other listed companies in Belgium and its partners in the Eurosystem. The introduction by the Bank of a new IT program for managing its tangible fixed assets provided a good opportunity to make this change.
There is no provision for the revaluation of fixed assets which have already been depreciated: the new rule will only apply in future. A number of technical modifications will nevertheless be required. These will be set out in the notes to the annual accounts for the financial year 2009. Great care will be taken to ensure that these changes do not affect the existing reserve fund.