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COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE accounting estimates are recognised in the period in which the changes occur. If the changes also apply to future periods, the effect is distributed over present and future periods. 7.2 Transition from NGAAP to IFRS 7.2.1 Introduction The interim report as of 30 September 2006 (appendix 3) is prepared in accordance with IAS 34. The accounting principles described in section 7.1. has been applied in the preparation of the consolidated financial statements as of 30 September 2006, the restatement of the figures for 2004 and 2005 and the calculation of IFRS opening balances at 1 January 2004, which is the Group’s date of transition from NGAAP to IFRS. Preparation of IFRS opening balances has involved some adjustments to previous accounting figures prepared under NGAAP. The effect of the transition from NGAAP to IFRS on the Group’s financial statements is detailed below. 7.2.2 Transition from NGAAP to IFRS IFRS 1, First-time adoption of International Financial Reporting Standards has been adopted in preparing Comrod AS Group opening balance sheet at 1 January 2004. For Comrod AS Group the most important effects of the transition are described below. Pensions All accumulated, unrecognised actuarial gains/losses relating to retirement benefit obligation at 1 January 2004 have been recognised as an equity adjustment. Changed assumptions for calculation of future pension costs under IFRS involve an increase in the calculated pension expense for 2004. Financial derivatives Under NGAAP, foreign currency instruments (forwards) which met the hedging criteria were not recognised, while only unrealised losses on other foreign currency transactions were recognised. Under IFRS, all foreign currency transactions are measured at fair value and recognised in the balance sheet. Fair value changes relating to foreign currency transactions which meet the hedging criteria are recognised directly in equity until the object of the hedge transaction is realised, or the hedging is evaluated not to be effective. Both IAS 32 and IAS 39 have been implemented with effect from 1 January 2004. Reclassification of long-term debt Under IFRS the first year instalment of long-term debt is classified as short-term debt. Dividends and Group Contributions Dividends and Group Contributions are under IFRS not recognised until the entity has an obligation to pay the dividend or group contribution, which generally is not until these are approved by the General Assembly. Under NGAAP dividends and group contributions were provided for at the balance sheet date in the year prior to the approval of the general assembly. Deferred tax Deferred tax assets and liabilities will be affected by the transition to IFRS due to changes in other balance sheet values as described in this section. Amortisation of goodwill Amortization of goodwill is not permitted under IFRS. Instead, goodwill is subject to impairment review, both annually and when there are indications that the carrying value may not be recoverable. 65
COMROD COMMUNICATION <strong>ASA</strong> – LISTING ON THE OSLO STOCK EXCHANGE There has been no goodwill recognised in Comrod AS Group’s financial statements until the acquisitions performed in 2006, consequently this difference will appear in the 2006 financial statements, only. Gains on sale of property, plant & equipment Under IFRS, gains on sale of property, plant and equipment is classified as a cost reduction. Share-based payment transactions Under NGAAP Share-based payment transactions has not, until the year 2005, been recognised in the Income Statement. In accordance with IFRS 2, the fair value of all options granted after 7.11.02 is recognised over the vesting period. The fair value per option is calculated using an option pricing model (Black & Scholes). Costs are recognised in profit and loss as payroll expenses together with a corresponding increase in other paid-in capital. 66
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