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3.1 Changes in accounting policies
For 2016 Hannover Re changed the disclosure of overnight money deposits in order to better reflect the extremely shortterm and highly liquid nature of this asset class. These assets are now allocated to the balance sheet item “Cash and cash equivalents”, whereas in previous years they had been recognised under the balance sheet item “Short-term investments”
This represents a change in an accounting policy, which pursuant to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” is to be performed retrospectively with restatement of the comparative figures for previous periods. The effects of this change on the individual items of the consolidated balance sheet and the consolidated cash flow statement are shown in the following table. There were no implications for the consolidated statement of income.
| Restatements pursuant to IAS 8 | ||
| in EUR thousand | 1.1.2015 | 31.12.2015 |
|---|---|---|
| Consolidated balance sheet | ||
| Short-term investments | (81,621) | (28,391) |
| Cash and cash equivalents | 81,621 | 28,391 |
| in EUR thousand | 1.1. – 31.12.2015 | |
| Consolidated cash flow statement | ||
| Cash and cash equivalents at the beginning of the period | 81,621 | |
| Cash flow from investing activities | (59,479) | |
| Exchange rate differences on cash | 6,249 | |
| Cash and cash equivalents at the end of the period | 28,391 | |