The consolidated financial statements of Norsk Hydro ASA and its subsidiaries are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), that are also approved by the European Union and Norwegian authorities and effective as of 31 December 2007.
|Income from continuing operations
|Net cash provided by continuing operating activities
The financial statements for the fiscal year ended 31 December 2007 are Hydro’s first IFRS financial statements. Hydro’s date of transition to IFRS is 1 January 2006.
Prior to adoption of IFRS, Hydro’s primary financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP).
The financial statements have been prepared on a historical cost basis except as regards certain assets, liabilities and financial instruments, which are at fair value.
The functional currency of Norsk Hydro ASA is the Norwegian krone (NOK). The Hydro group accounts are presented in NOK.
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