BusinessCompany NewsPremier Oil to report in US dollars

Premier Oil to report in US dollars

Premier Oil, the exploration and production company, is to switch from sterling to the US dollar as the group's reporting currency.

Link: Buck the Trend

The majority of Premier’s revenue and expenditure is carried out in US dollars, despite being a UK company headquartered in London.

The company said by adopting the US dollar for reporting purposes, the board believes the accounts will give a clearer picture of the performance of the company’s business, minimising the impact of US dollar/sterling exchange rate fluctuations.

The change will take effect in the results for the year ended 31 December 2004, to be announced in March 2005.

FD John van der Welle said reporting twice a year to shareholders in sterling put an ‘artificial overlay’ on its results. ‘We even submit tax returns to the UK’s Inland Revenue in dollars,’ reported The Financial Times.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor