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This excerpt taken from the SYT 20-F filed Mar 1, 2006. (2) Cash flow hedges Until December 31, 2004, for IFRS, Syngenta recognized gains and losses on cash flow hedges of inter-company forecast transactions in profit or loss when the hedged transaction occurred. For US GAAP, in accordance with SFAS No. 133 implementation guidance issue H13, Syngenta deferred these gains and losses until the related third party transaction occurred. As disclosed in Note 2 to these financial statements, Syngenta has adopted a revised version of IAS 39 as from January 1, 2005, with the result that gain and loss recognition for IFRS is now also deferred until the third party transaction occurs. This IFRS accounting change has been applied prospectively, so that the IFRS US GAAP net income reconciliation for 2005 contains a reversal of the timing differences reported in 2003 and 2004. US GAAP pre-tax income was higher/(lower) than IFRS by the following amounts in each year: F-85
Gains and losses recognized in US GAAP shareholders’ equity on derivative financial instruments recognized as cash flow hedges were as follows as at December 31, 2005, 2004 and 2003.
This excerpt taken from the SYT 20-F filed Mar 16, 2005. (3) Cash flow hedges Recognition in 2004 net income of US$16 million, (2003: US$9 million) of unrealized gains on derivative financial instruments has been deferred for US GAAP in accordance with the guidance in SFAS 133 implementation issue H13. Gains and losses recognized in shareholders’ equity on derivative financial instruments recognized as cash flow hedges are as follows as at December 31:
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