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MOL to use IFRS for unconsolidated reports

Analysis

Hungarian oil and gas company MOL announced yesterday that it would start using the International Financial Reporting Standards (IFRS) in its unconsolidated annual reports from January 1, 2016.

The company has already begun drawing up its consolidated annual reports based on IFRS.

A government resolution in June 2015 made it possible for Hungarian companies listed on a regulated market in any country within the European Economic Area to use IFRS for unconsolidated reporting from January 1. The use of IFRS for such companies will be mandatory from the beginning of 2017.

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