Volvo 2005 Annual Report Download - page 60

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56 Volvo Group 2005
Riskhantering
New accounting principles
In this annual report, Volvo has changed its
accounting principles from generally accepted
accounting principles in Sweden (Swedish
GAAP) to International Financial Reporting
Standards (IFRS), as was also done by other
listed companies in Europe during 2005.
Many of the standards are new and we antici-
pate a rapid development of new standards,
including many conceptual changes. Com-
panies, auditors, regulatory authorities and
other external players may, over time, encoun-
ter issues where judgments may have a mate-
rial effect on the future outcome of the com-
pany’s reported financial condition. Over time,
practice or statements from standard setters
or regulatory authorities may develop in a way
that does not correspond with those choices
and judgments concerning the application of
the new principles made by Volvo, which could
result in adjustments to the financial reports
and affect Volvo’s reported financial position.
Volvo works actively to follow development of
the new accounting principles and how these
can affect Volvo’s reporting.