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FSA identifies three accounting areas in Statoil 2012 financial statement that don't comply with IFRS-DJ

Tuesday, 11 Mar 2014 03:00am EDT 

Statoil ASA:Says Finanstilsynet (The Financial Supervisory Authority of Norway, FSA) has completed a periodic review of its 2012 financial statements and identified three issues where its practice do not to comply with International Financial Reporting Standards (IFRS)-DJ.Says its view is that the company's practice has been in line with IFRS.Says it has decided to adapt its future practices in line with Finanstilsynet's view for two of the issues but will appeal the third issue to the Ministry of Finance.Says two changes that it is taking note of relate to the calculation of value in use estimates applied for impairment purposes and the definition of cash generating units.Says it has assessed the impact of the two issues on its previous statements and concluded that the issues in sum are not material for the historical periods in question.Says Finanstilsynet's conclusions will not result in any changes to previously published accounts.Says the third issue relates to the timing of provision for a contract for import capacity for LNG to the United States.If the appeal is not successful, Statoil's net income for 2013 will be improved with a corresponding negative impact in previous periods.Finanstilsynet has also recommended that Statoil present its business area Development & Production North America as a separate segment in its future financial reporting. 

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19 Dec 2014