SKF-Capital Gain And Change In Option Accounting(Pic)
Fully restated consolidated and divisional information for the quarters will be presented as part of the full year report which will be published on 26 January, 2005.
Clarification of accounting change
The change in accounting relates only to option program 2003 and the contract with the financial institution covering all option programs. The accounting for the option programs 2001 and 2002, which vested prior to 2005 is not affected, since SKF made an election in the first time adoption of IFRS not to restate for these programs.
The cost for exercise of option program 2003 was recorded in the operating profit during the first three quarters of 2005. Now, the option program 2003 is considered to be an equity instrument where the exercise is recorded directly against equity under IFRS 2, Share Based Payments.
The contract with the financial institution was considered as a financial liability under IAS 32, Financial Instruments, Presentation and Disclosures. It was initially recorded as a change in accounting principle at January 1 2005, in the net amount of MSEK 35, with changes during the first three quarters 2005 recorded as a financial expense. Now, the contract with the financial institution is considered an executory contract, which is not to be recorded under IAS 37, Provisions.
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