SCOR RESTATES 2002 AND 2003 US GAAP AFTER IFRS REVISION

France-based reinsurer Scor has revealed that, in the course of implementing International Financial Reporting Standards (IFRS) in order to comply with EU and French regulatory requirements, it had identified “a number of errors” in its US GAAP consolidated financial statements for 2002 and 2003. The total impact of the restatements will be to decrease the net loss in US GAAP by 68m euro in 2002 and by 65m euro in 2003; to increase US GAAP assets relating to capital leases and debt by 90m euro in 2002 and by 101m euro in 2003, and to decrease US GAAP shareholders’ equity by 67m euro in 2002 and by 72m euro in 2003.