Transition to IFRS

Since 1 January 2015 VVO Group prepares its consolidated financial statements, including the Interim Reports, in accordance with International Financial Reporting Standards (IFRSs). For periods up to and including the year ended 31 December 2014, VVO has drawn up its consolidated financial statements in accordance with Finnish Accounting Standards (FAS). The Group’s date of transition to IFRS was 1 January 2014. VVO has applied IFRS 1 (First-time Adoption of International Financial Reporting Standards) in the transition.

The transition from FAS to IFRS has affected the reported financial position, financial performance and cash flows of VVO Group. The most significant impacts relate to the following:

  • Measurement of investment property
  • Recognition of deferred taxes
  • Measurement of financial instruments
  • Changes in consolidation methods

The effects of the transition to IFRS are presented in the Interim Report for the first quarter. The presented figures are unaudited.