Marine Link
Sunday, October 22, 2017

Norway's financial watchdog questions Statoil's 2012 accounts

March 11, 2014

Oil firm Statoil 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 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

Maritime Reporter Magazine Cover Oct 2017 - The Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News