Hurricane death toll rises to 14 in Moscow, Moscow RegionWorld May 30, 9:52
One serviceman killed after An-26 plane makes hard landing in western RussiaWorld May 30, 9:15
Hurricane in central Russia damages over 180 roofs, nearly 2,000 carsWorld May 30, 8:59
Traces of Barents Sea plankton, bacteria from Madagascar found on ISS surfaceScience & Space May 30, 7:39
North Korean media boast successful ballistic missile launchWorld May 30, 7:03
At least 10 killed as militants shell Syria’s Deir ez-Zor — SANAWorld May 30, 5:49
Over 30,000 people in three Russian regions remain without electricity after stormWorld May 30, 5:28
Putin visits Russian cultural center in ParisSociety & Culture May 30, 3:37
Search engine Yandex denies transfer of Ukrainians' personal data to Russian intelligenceWorld May 30, 0:11
LONDON, February 3. /TASS/. Rosneft, a Russian oil producer, has reassessed currency risks due to ruble volatility, according to the company.
"Starting October 1, 2014, Rosneft adopted IFRS hedge accounting to increase recognition and measurement accuracy of foreign currency influence in the consolidated financial statement of the company," the company reported.
To prepare the consolidated financial statement, the company "is converting credits and loans denominated in foreign currency, into Russian rubles using exchange rates as at the end of the accounting period. "All exchange rate differences on credits and loans before October 1, 2014 denominated in foreign currency have been reflected in the profit and loss account in the IFRS statement", according to the company.
Rosneft gains revenue in foreign currency and attracts financing in dollars, which is a risk insurance measure. "After the operation has been hedged and the revenue stated, the exchange rate differences are temporarily reflected in the capital and will be further stated in the period account. Consequently, we will have a more uniform reflection of credits and loans currency effects in the future revenue. As a result, the company acknowledges a real threat for the currency it is being influenced in," the company said.