OAO Rosneft, Russia’s largest oil producer, restated 2011 results after switching its accounts to International Financial Reporting Standards from U.S. Generally Accepted Accounting Principles in line with a Russian law on financial transparency.
Net income was 316 billion rubles ($10.8 billion) in 2011, 49 million rubles less that previously reported, Rosneft said today. The difference was due to increased depreciation, depletion and amortization under IFRS, Rosneft said.
To contact the reporter on this story: Will Kennedy in London at email@example.com
To contact the editor responsible for this story: Will Kennedy at firstname.lastname@example.org