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Rosneft Restates 2011 Results After Switching to IFRS Accounts

March 1 (Bloomberg) -- OAO Rosneft, Russia’s largest oil producer, restated 2011 results after switching its accounts to International Financial Reporting Standards from U.S. Generally Accepted Accounting Principles in line with a Russian law on financial transparency.

Net income was 316 billion rubles ($10.8 billion) in 2011, 49 million rubles less that previously reported, Rosneft said today. The difference was due to increased depreciation, depletion and amortization under IFRS, Rosneft said.

To contact the reporter on this story: Will Kennedy in London at

To contact the editor responsible for this story: Will Kennedy at

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