Russian top diplomat says Trump looks 'more determined to fight terrorism than Obama'Russian Politics & Diplomacy December 09, 14:42
Lavrov calls media speculations about Russia’s attempts to destabilize Germany 'nonsense'Russian Politics & Diplomacy December 09, 14:40
McLaren’s report: Doping cover-up in Russia was unprecedentedSport December 09, 14:23
Nearly 11,000 people leave Aleppo’s areas controlled by militants over past 24 hoursWorld December 09, 14:09
Terrorists in eastern Aleppo surrounded — LavrovRussian Politics & Diplomacy December 09, 14:04
South Korean president transfers power to prime ministerWorld December 09, 13:56
Russian top diplomat praises OSCE contribution to settlement in UkraineRussian Politics & Diplomacy December 09, 13:44
Peskov says top-notch lawyers hammered out Rosneft’s privatization dealBusiness & Economy December 09, 13:37
Press review: McLaren’s second round of anti-doping crusade and trilateral gas talksPress Review December 09, 13:00
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.