15 Oct 2014 09:55

Mechel to abandon interim consolidated reporting, switch from US GAAP to IFRS

MOSCOW. Oct 15 (Interfax) - Mechel intends to switch from US GAAP financial reporting to International Financial Reporting Standards, the Russian steel and coal company's CFO, Andrei Slivchenko said in a conference call.

"In the transition period, which will take about two years, we will prepare two financial statements - to US GAAP and IFRS," Slivchenko said.

He said the company also intends to stop preparing official interim consolidated financial results.