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March 11, 2014
05:32 EDTSTOFinanstilsynet finds Statoil's FY12 statements not in accordance with IFRS
Finanstilsynet, the Financial Supervisory Authority of Norway, has completed a periodic review of the consolidated financial statements of Statoil ASA or 2012. The review has covered selected areas of Statoil's financial reporting for 2012. Finanstilsynet has identified three issues where it considers Statoil's practice not to be in accordance with IFRS. Statoil's view is that the company's practice has been in line with IFRS. Having considered the three issues, Statoil has nevertheless decided to adapt its future practices in line with Finanstilsynet's view for two of the issues, as Statoil considers Finanstilsynet's view also to reflect an acceptable solution. Statoil will appeal the third issue to the Ministry of Finance. Both the current auditor, KPMG, and the auditor in the period up to and including 2011, concurred with Statoil's assessments as part of their audits of the financial statements. The changes following from Finanstilsynet's evaluation of the two issues that Statoil is taking note of, will be reflected in the accounts for 2013. These relate to the calculation of value in use estimates applied for impairment purposes and the definition of cash generating units. Statoil has assessed the impact of the two issues on its previously published financial statements in accordance with IAS 8, and has concluded that the issues in sum are not material for the historical periods in question. Finanstilsynet's conclusions regarding these issues will consequently not result in any changes to previously published accounts.
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July 14, 2014
11:45 EDTSTOStatoil downgraded to Equal Weight from Overweight at Morgan Stanley
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