In 2001 the EU Commission resolved that all listed companies within the European Union must apply International Financial Reporting Standards (IFRS) in their consolidated accounts by 1st of January 2005. Under the European Economic Area (EEA) agreement, this change will also apply to Norwegian companies listed at Oslo Stock Exchange.
Aker Yards will convert from Norwegian Accounting Standards (NGAAP) to International Financial Reporting Standards (IFRS) with reporting effect from Q1 2005. Aker Yards has prepared the opening balance sheet at the date of transition to IFRS, which is 1 April 2004 since Aker Yards was established on this date. In addition, proforma opening balance sheet as of 1 January 2004 has been prepared.
The intention of this transition report is to give the reader a guide to how the transition from NGAAP to IFRS will impact Aker Yards consolidated financial statements. The report including IFRS reconciliations and disclosures have not been audited.
The full document is attached.