OREANDA-NEWS. On October 08, 2007 OAO Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) for the three months ended 31 March 2007, reported the press-centre of Gazprom. 

The revised accounting treatment of the non governmental pension fund, NPF Gazfund, has a significant impact on the Group’s financial information for the three months ended 31 March 2007. In connection with the latest developments in the legislation regulating pension funds activity, NPF Gazfund was deconsolidated from the consolidated financial information of OAO Gazprom in the first quarter 2007. As a result of this deconsolidation, the Gazfund investment assets are now accounted for as plan assets on the OAO Gazprom consolidated interim condensed balance sheet under IAS 19 “Employee Benefits”. The principal balance sheet line items affected are short term financial assets, other non-current assets, provisions for liabilities and charges, minority interest and equity including treasury shares. In addition, where NPF Gazfund continues to hold ownership interests in OAO Gazprom subsidiaries (for example, AB Gazprombank (ZAO), OAO Sibur-Holding), those interests are reflected as minority interest in the accompanying financial information.

The aggregate effect of NPF Gazfund deconsolidation results in recognition of income of RR 44,692 million in the line “Deconsolidation of NPF Gazfund” in the Consolidated interim condensed statement of income and the increase in equity of RR 111,015 million in the line “Deconsolidation of NPF Gazfund”.

The table below presents the unaudited consolidated interim condensed statement of income for the three months ended 31 March 2007 and 2006. All amounts are presented in million Russian Roubles, unless otherwise stated.

Full report see here: http://www.gazprom.com/eng/news/2007/10/25500.shtml