24. Changes in accounting policy
In 2005 Heineken adopted IAS 32 and IAS 39 Financial instruments.
In 2004 under IFRS, Heineken did not recognize derivatives. In accordance with IAS 32 and IAS 39 derivatives should be recognised at fair value.
The changes in accounting policy had the following impact on the opening balance of 1 January 2005.
| In millions of EUR | Balance 31 December 2004 | Effect of policy change | Balance 1 January 2005 |
| Deferred tax assets | 269 | 9 | 278 |
| Investments | 632 | 37 | 669 |
| Inventories | 782 | (14) | 768 |
| Trade and other receivables | 1,646 | 68 | 1,714 |
| Loans and borrowings | (23) | (23) | (46) |
| Deferred tax liabilities | (384) | (20) | (404) |
| Trade and other payables | (2,025) | (13) | (2,038) |
| Recognised directly in equity | (44) | ||
