Finanstilsynet | 3
2 Periodic financial reporting
Issuers of transferrable securities quoted on Oslo Børs or Oslo Axess with Norway as their home state are required to prepare and publish an annual report, a half-yearly report and quarterly interim financial reports (only share issuers) within specific time limits.
2.1 Accounting language
The basic rule is that annual, half-yearly and quarterly interim financial statements are prepared in accordance with IFRS. Financial statements can also be prepared in accordance with Japanese GAAP or US GAAP, since the EU Commission has concluded that the above GAAPs provide information that is as good as that provided under IFRS.
For financial years starting before 1 January 2012, third country issuers can prepare financial statements in accordance with Chinese GAAP, Canadian GAAP, South-Korean GAAP or Indian GAAP. This is a time-limited provision pending conversion of these GAAPs to IFRS.
The above items are regulated in the Securities Trading Regulations section 5-11.
Further, the EU Commission has noted that Australia, Hong Kong, New Zealand, Singapore and South Africa, among others, have already implemented IFRS in their legislations. However, Finanstilsynet would point out that in the above cases the notes to the financial statements must contain an explicit and unreserved statement of compliance with all requirements of international financial reporting standards in accordance with IAS 1 Presentation of Financial Statements.
Finanstilsynet has also understood that the accounting language used in the consolidated financial statements can be used in the financial statements of the parent company.