Tieto posts comparison figures for 2008

Source: Tieto

Tieto's new business structure and operating model took effect at the beginning of 2009.

The new structure is based on country operations, industries and service lines. In line with Tieto's new operating model, internal reporting and the IFRS requirements, Tieto has adopted new financial reporting structure at the beginning of 2009. The countries will be the main operating segments and the reporting will cover Finland, Sweden and International. Reportable segments are defined based on IFRS8, 'Operating Segments'. On these segments, Tieto will disclose a range of quarterly figures as required by the IFRS.

In addition to country reporting, Tieto will disclose the net sales by customer segments, which are telecom, finance and other segments. In 2008, Tieto reported the net sales by business area and customer segment. Deviating from the IFRS8, Tieto will start to report the Group net sales by products and services in 2010.

The new standard IFRS8, 'Operating Segments', which replaces IAS 14, is adopted by Tieto in 2009. The new standard requires a "management approach", under which segment information is presented on the same basis as that used for internal reporting purposes. The number of reportable segments, as well as the manner in which the segments are reported, will be changed to conform with internal reporting. In a matrix organization, the company shall determine the reportable operating segments so that the company can provide sufficient information to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.

The first interim report of 2009 to be published on 24 April 2009 will be prepared in accordance with the new reporting structure. Tieto's business area based financial reporting for 2008 has been adjusted for the changes.

Read the full statement here:

Download the document now 50 kb (PDF File)

Comments: (0)