Bloomberg News

Rosneft to Move to IFRS Accounts in First Quarter From U.S. GAAP

February 24, 2012

Feb. 24 (Bloomberg) -- OAO Rosneft, Russia’s biggest crude producer, will switch to International Financial Reporting Standards from U.S. Generally Accepted Accounting Principles from the first quarter of this year as the government moves the country’s own accounting standards closer to international practice.

Rosneft will publish accounts for 2009-2011 in accordance with IFRS on March 1, the Moscow-based company said today on its website.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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