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LONDON-Vodafone Group plc said it will adopt new accounting rules that could mean slightly lower financials in the near term. However, the market seemed neutral on the news, which has been expected given the new European Union standard will require about 7,000 of Europe’s largest companies to restate results.
The new International Financial Reporting Standards will not require Vodafone to amortize goodwill but will require the global carrier to amortize wireless licenses on a straight-line basis.
Vodafone will continue to issue its results through the end of the fiscal year of March 31 using the U.K. Generally Accepted Accounting Practice, but will begin with the new standards for the upcoming fiscal year.
