SRV’s financial year is the calendar year. SRV publishes its Financial Statements and three Interim Reviews during the year.
Adoption of International Financial Reporting Standards (IFRS)
The company adopted the International Financial Reporting Standards as adopted by the European Union (“IFRS”) for financial reporting purposes in 2006. The opening balance sheet was prepared on the transition date on 1 January 2005. Previously, the company reported its financial statements in accordance with the Finnish Accounting Standards (“FAS”).
Further information on the main effects of the transition to IFRS reporting is presented in the note “Transition to IFRS” (note 30) in the 2006 consolidated financial statements.
Critical accounting policies: See Notes to the Consolidated Financial Statements from the most recent Annual report.