OMA Informs Regarding The Early Adoption Of IFRS Accounting
MONTERREY, Mexico, Oct. 22, 2010 (GLOBE NEWSWIRE) -- Mexican airport operator Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA (Nasdaq:OMAB) (BMV:OMA), announced that it will make early adoption of International Financial Reporting Standards (IFRS) and provided information on the estimated effects of the change.
On January 27, 2009, the National Banking and Securities Commission (CNBV) published amendments to its General Requirements for Issuers of Securities and Other Participants in the Securities Market ( Circular Unica de Emisoras) in the Official Gazette of the Federation to make mandatory the presentation of financial statements prepared in accordance with International Financial Reporting Standards starting with the year ending December 31, 2012, but allowing for early adoption for the years 2008-2011, subject to prior notification to the CNBV and the Mexican Stock Exchange (BMV). The U.S. Securities and Exchange Commission (SEC) allows foreign issuers that present their financial statements in accordance with IFRS to eliminate the reconciliation with U.S. GAAP.
The interpretation of Mexican Financial Reporting Standards INIF-19, "Changes derived from the adoption of International Financial Reporting Standards," requires that issuers adopting IFRS make timely disclosure of the date of the adoption of the same and provide estimates of the effect of the change in the principal line items of the financial statements.In order to comply with this obligation, OMA informs that its Board of Directors approved the early adoption of IFRS for the year ending December 31, 2011, and will consider 2010 as the transition year. Following are the unaudited estimated effects of the change on the opening balance sheet as of January 1, 2010 as a result of the differences between the two accounting standards. The Company will continue its process of quantification, and the estimated figures may change until this process has been concluded and has been reviewed by the Company's external auditors.
|Decrease in Assets||2,378|
|Decrease in Liabilities||80|
|Decrease in net assets||2,298|
|Decrease in Equity:|
|Effects of inflation||1,595|
|Revaluation of investments||783|
|Estimates of financial assets and liabilities||527|
- Website: http://www.oma.aero
- Twitter: http://twitter.com/OMAeropuertos
- Facebook: http://www.facebook.com/pages/OMA/137924482889484
CONTACT: Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. Jose Luis Guerrero Cortes, CFO +52.81.8625.4300 ext.308 email@example.com Zemi Communications Daniel Wilson +1.212.689.9560 firstname.lastname@example.org
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