SCA announces changes in financial reporting for 2014 due to new and amended reporting standards; cash flows, income statements and balance sheets for 2012 and 2013 have been recalculated to reflect changes in new reporting standards
March 10, 2014
– As described in the year-end report 2013, effective January 1, 2014, SCA applies the following new and amended reporting standards: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities, IAS 27 Separate Financial Statements, and IAS 28 Investments in Associates and Joint Ventures.
These standards are applied retrospectively, which entails that the cash flows, income statements and balance sheets for 2012 and 2013 have been recalculated to reflect the changes in the new and amended reporting standards. It is mainly IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements that have affected the recalculations. The other standards are not judged to have any material impact on the Group’s or parent company’s result or financial position.
For SCA, this entails that some joint ventures have been reclassified to subsidiaries. For the joint ventures that have not been reclassified as subsidiaries the equity method is applied. A few individual companies have been classified as joint operations for which proportionate consolidation is applied.
Please find below recalculated cash flows, income statements and balance sheets for 2012 and 2013.
SCA discloses the information provided herein pursuant to the Securities Markets Act. Submitted for publication on March 10, 2014, at 08.30 CET.