Accounting Standards

Kemira went over to IFRS reporting as from 1 January 2004. The opening balance sheet at 1 January 2003 and the comparison figures for 2003 have been converted from reporting in accordance with Finnish accounting practice to IFRS. The Group adopted IFRS 1 (First-time Adoption of IFRS) and used the exemptions from the requirements of IAS 19 (Employee Benefits) and IAS 22 (Business Combinations).

Even previously, Kemira’s accounting policy has been based on IAS/IFRS to the extent permitted by Finnish practice. For this reason, the most important changes resulting from the transition to IFRS are related to the reporting of employee benefits under IAS 19 and the measurement of available-for-sale assets under IAS 39 (Financial Instruments).

More information about IFRS reporting in Annual Report 2004