Amsterdam, 5 January 2018, 07:30 CET - TomTom (TOM2) today reconfirmed that from 1 January 2018, the company will adopt IFRS 15 'Revenue from contracts with customers' and IFRS 16 'Leases' accounting standards.1 IFRS 16 is effective for periods beginning on or after 1 January 2019, however TomTom will early adopt this standard as of 1 January 2018. For both standards TomTom will apply the full retrospective implementation approach in 2018, with restatement of comparative figures for 2017. Restated comparative figures will be made available upon the publication of TomTom’s consolidated financial statements for Q4 2017 and FY 2017 on the 6th of February 2018.
Any forward-looking statements, if applicable, will only be provided using IFRS 15 and IFRS 16 accounting standards, linking in to changes to our planning and budgeting processes.
TomTom Annual Report and Accounts 2017 will be based upon the accounting standards applicable in 2017.
TomTom will organise a webcast on the 9th of January 2018 at 09:30 CET, to provide an explanation of the new accounting standards and the directional impact hereof for TomTom on its financial reporting. Slides of the presentation and a live audio webcast will be available on TomTom’s website. A recording of the audio webcast will be available shortly thereafter.