As of January 1, 2005, the Company is preparing its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS).
Akzo Nobel used to prepare its financial statements under Generally Accepted Accounting Principles in the Netherlands (NL GAAP). But because of the transition to the new system, the “old” figures have been restated according to IFRS reporting standards to ensure that comparative 2004 figures are available.
“In December 2004, Akzo Nobel was one of the first companies to publish fully restated figures for the first three quarters of 2004,” explained Akzo Nobel CFO Rob Frohn. “The publication of these full-year restated figures enables the financial community to prepare itself for the publication of our first-quarter 2005 results.”
The changes in the restated figures are mainly attributable to accounting for pensions and other post-retirement benefits, different recognition of deferred taxes on inter-company profit, deferred recognition of the payment received from Pfizer for the asenapine cooperation, and accounting for goodwill.
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