The International Accounting Standards Board (IASB) issued the new IFRS 11 Standard in May 2011.
This standard has been adopted by the European Union in April 2013, for application as from 01 January 2014 at the latest.
On 30 September 2013, the Recticel Board of Directors has decided to formally adopt the new Reporting Standard IFRS 11 – Joint Arrangements – as from 01 January 2013. The application of the new IFRS 11 requires the integration of joint ventures on the basis of the equity method.
As a result of this change, Recticel will adapt its financial statements as from 01 January 2013, implying a mandatory restatement of its comparative 2012 financial statements.
According to this new standard, joint ventures currently integrated by application of the proportionate consolidation method will be assimilated to joint arrangements with an interest in the net assets, to which the equity method applies.
The change in consolidation method relates to Recticel’s joint ventures Eurofoam, Proseat and Kingspan Tarec Industrial Insulation (KTII).
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