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Monday, December 5, 2016

Norway's financial watchdog questions Statoil's 2012 accounts

March 11, 2014

Oil firm Statoil (STO) did not respect International Financial Reporting Standards (IFRS) on three points when it reported its 2012 accounts, according to the Nordic country's financial watchdog, the firm said on Tuesday.

Statoil, which says its financial reporting is in line with IFRS, said it would comply on two points, related to the use of reliability intervals in impairment tests and the identification of a cash generating units relating to onshore activities in the United States.

The firm would appeal the third point to the Norwegian finance ministry, related to the timing of the provision for a contract for import capacity for liquefied natural gas (LNGLF) to the U.S.

"Statoil's equity as of 2013 will not be impacted by the outcome of the appeal," the firm said in a statement. "If the appeal is not successful, Statoil's net income for 2013 will be improved with a corresponding negative impact in previous periods."

 

Reporting by Gwladys Fouche



 
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