Shell adopting International Financial Reporting Standards

12/13/2004
Royal Dutch/Shell Group announced plans to adopt International Financial Reporting Standards (IFRS), effective Jan. 1, 2005.The change was prompted by a European Union requirement that most publicly traded companies start using IFRS next year. The EU is striving to increase corporate transparency.Tim Morrison, Shell's controller, told analysts during a recent conference call that the change will cut asset values on Shell's balance sheet by $4.7 billion and that debt will increase by $200 million. The changes relate mostly to pensions."There is no impact on the actuarial position or funding of the pension funds, which continue to be well funded," Morrison said. "It's basically ...
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