SKF to Change Accounting Principle for Postemployment Benefit Obligations

Resource from: CBCC Likes:2939

Mar 12,2009

The SKF Group has decided to change the method of recognizing actuarial gains and losses (as allowed by IAS 19 "Employee benefits") for their post employment defined benefit plans. Effective from 1 January 2009, actuarial gains and losses will be immediately recognized in equity, and consequently never recycled to the income statement. The method used up through 2008 allowed such gains and losses to be deferred off-balance and amortized into the income statement when their cumulative amount exceeded a certain limit. The Group believes that immediate recognition of these actuarial gains and losses will improve transparency about the Group's obligations towards current and former employees. The cumulative effect of this change at 1 January 2009 will be a net reduction of equity of approximately SEK 950 million, representing the accumulated actuarial gains and losses and certain social charges of approximately SEK 1,400 million, less deferred taxes of approximately SEK 450 million.

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