Why has ThyssenKrupp changed its accounting from US GAAP to IFRS in fiscal year 2005/2006?
In July 2002 the European Parliament and the Council adopted Regulation No. 1606/2002 on the Application of International Accounting Standards (IAS). This regulation requires companies publicly traded and domiciled in the European Union to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) for fiscal years starting on or after January 01, 2005. Accordingly, ThyssenKrupp AG is required to prepare its consolidated financial statements for fiscal year 2005/2006 in accordance with IFRS.
