Provider: Wright Reports
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Veidekke ASA Announces New Accounting Policies
Veidekke ASA announced that with effect from the first quarter of 2013, it as made a number of changes to its reporting. The changes include amended accounting policies for pensions and amended classification of profit from joint ventures and associated companies. In addition, Property Denmark will be reported as a part of Property Sweden. With effect from January 1, 2013, the European Union has adopted new accounting rules for pensions - IAS 19 Employee Benefits. The new rules imply that pension obligations must be recorded at fair value. Up until December 31, 2012, Veidekke used the corridor method to record actuarial gains and losses on pensions. This change means that the Group's equity at January 1, 2013 has been reduced by NOK 138 million. The write down was previous estimated at approximately NOK 150 million.
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