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Securitas AB Restates Segment Comparatives Due to Organizational Changes and Adoption of IAS 19 Revised


Friday, 19 Apr 2013 04:00am EDT 

Securitas AB announced that it has restated segment comparatives due to organizational changes and adoption of IAS 19 (revised). The Company published restated comparative figures for the business segments and for the Securitas Group for the full year 2011, the quarters, half-year, first nine months and full year for 2012. The restatement is done to reflect the organizational changes in the Group that took place on January 1, 2013 and to consider the impact from the adoption of the changes in IAS 19 (revised) that took place on the same date. IAS 19 (revised) IAS 19 (revised) applies to financial years beginning January 1, 2013 or later. It is adopted by the Securitas Group as of the financial year 2013. The impact on the Group from the revised standard is that interest cost and expected return on assets were replaced by a net interest cost which is calculated by applying the discount rate to the net defined benefit obligation (or asset). Further, past service costs are recognized immediately instead of being accrued over the vesting period. The effect on the Group's financial statements is that the costs recognized for 2011 and 2012 related to defined benefits to employees increase. The actual benefits and the cash contributions for these plans are not impacted by IAS 19 (revised).