Evraz Changed Accounting Policies
OREANDA-NEWS. February 01, 2011. 31 January 2011 – Evraz Group S.A. (LSE: EVR) (“Evraz” or the “Company”) has resolved to change its accounting policies regarding the measurement of certain classes of property, plant and equipment.
As of 1 January 2009, Evraz made a voluntary change to its accounting policies to account for selected classes of property, plant and equipment (land, buildings and constructions, machinery and equipment) under the revaluation model instead of the cost model. Evraz continued to apply the cost model for other classes of property, plant and equipment.
However, as most companies in the industry apply the cost model of accounting, the Company’s consolidated financial statements have become non-comparable with its peers. Accordingly, Evraz has resolved to revert to the cost model of accounting for all classes of property, plant and equipment as it provides more relevant and reliable information about the Company's financial position and financial performance.
Комментарии