| Miscellaneous | |
| * Asterisks denote mandatory information | |
| Name of Announcer * | THE ISRAEL ELECTRIC CORPORATION LTD. |
| Company Registration No. | 520000472 |
| Announcement submitted on behalf of | THE ISRAEL ELECTRIC CORPORATION LIMITED - BONDS |
| Announcement is submitted with respect to * | THE ISRAEL ELECTRIC CORPORATION LIMITED - BONDS |
| Announcement is submitted by * | Shai Elmalech |
| Designation * | Adv. |
| Date & Time of Broacast | 24-May-2012 01:12:14 |
| Announcement No. | 00002 |
| Price Sensitivity | No |
| >> Announcement Details | |
| The details of the announcement start here ... |
| Announcement Title * | Immediate report |
| Description | A notification is hereby given by the Israel Electric Corporation Ltd. (the Company) that on 22 May, 2012, the Minister of Finance extended the validity of the Government Companies Regulations (Principles for preparing Financial Statements of The Israel Electric Corporation Ltd.) (Temporary Order) - 2004 (the Regulations), and the amendments thereto, until 31 December, 2014. According to the Regulations, the financial statements of the Company shall be prepared according the International Financial Reporting Standards (IFRS), subject to 2 exceptions: 1. The Company's financial statements shall be adjusted to the changes in NIS purchasing power (according to principles determined in announcements 36, 40, 50 and 56 of the Institute of Certified Public Accountants in Israel). 2. The Company shall apply the accounting standards of the US Financial Accounting Standards Board (FASB), as listed in chapter RE6 regarding regulated activities, in the consolidated version of the standards of the FASB, including the amendments, clarifications and additions thereto. For further information regarding the consequences of full implementation of IFRS on the Company, and for the Government Companies Authority's and the Company's positions regarding the full implementation of IFRS by the Company - see Note 3e for the Compnany's consolidated financial statements for the year ended on 31 December, 2011. |
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