Home / Knowledge / News / Textiles / Recticel adopts new JV reporting standards before time
Recticel adopts new JV reporting standards before time
05
Oct '13
The International Accounting Standards Board (IASB) issued the new IFRS 11 Standard in May 2011.

This standard has been adopted by the European Union in April 2013, for application as from 01 January 2014 at the latest.

On 30 September 2013, the Recticel Board of Directors has decided to formally adopt the new Reporting Standard IFRS 11 – Joint Arrangements – as from 01 January 2013. The application of the new IFRS 11 requires the integration of joint ventures on the basis of the equity method. 

As a result of this change, Recticel will adapt its financial statements as from 01 January 2013, implying a mandatory restatement of its comparative 2012 financial statements.

According to this new standard, joint ventures currently integrated by application of the proportionate consolidation method will be assimilated to joint arrangements with an interest in the net assets, to which the equity method applies.

The change in consolidation method relates to Recticel’s joint ventures Eurofoam, Proseat and Kingspan Tarec Industrial Insulation (KTII).

Recticel


Must ReadView All

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search