Rosneft is to begin preparing its consolidated financial reporting in accordance with International Financial Reporting Standards (IFRS) starting from the first quarter of 2012. The Company previously compiled its financial reporting in accordance with US GAAP.
Rosneft is switching to IFRS to meet the requirements of the federal law On Consolidated Financial Reporting and as part of a government initiative to bring Russian accounting principles closer to IFRS. This switch is also in line with international best practice.
To ensure the consistency of previous reporting periods and compliance with Russian and international legal requirements, Rosneft plans to publish its IFRS consolidated financial reporting for the twelve months of 2011, 2010 and 2009 on March 1, 2012.