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HUANENG POWER ANNOUNCES CHANGE TO FINANCIAL STATEMENTS DISCLOSURE.
(Full text of a statement. Contact details below.)
BEIJING, Mar. 1 /PRNewswire Asia-AsiaNet/ -- Huaneng Power International, Inc. (the "Company") (NYSE: HNP) (SEHK: 902) announced today that starting from the fiscal year 2000, the Company's published annual financial statements to international investors will only be prepared in accordance with International Accounting Standards ("IAS"). In addition, in order to meet the United States reporting requirements, under the applicable rules of the Securities Exchange Commission of the United States (the "US SEC"), reconciliation of net income and net assets from IAS to United States generally accepted accounting principles ("US GAAP") will be provided in the notes to the financial statements prepared under IAS.
This represents a change from the previous practice of the Company whereby a separate set of financial statements prepared in accordance with US GAAP were published for the North American shareholders. The main reasons for this change are:
1. The Company expects that its public offering of A shares on the Shanghai Stock Exchange will be completed within this year. As alocally listed company in the PRC, the Company will be required ...
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Source: HighBeam Research, HUANENG POWER ANNOUNCES CHANGE TO FINANCIAL STATEMENTS DISCLOSURE.