As from 2011, the annual financial statements of Norges Bank are prepared in accordance with the Norwegian Accounting Act and the Regulation relating to annual financial statements. The regulation, which is in force as from the 2011 financial year, requires Norges Bank to prepare its financial statements in accordance with the International Financial Reporting Standards (IFRSs) that have been endorsed by the EU (IFRS), but sets out separate requirements for the presentation of the investment portfolio of the GPFG and subsidiaries, which exclusively comprise investments as part of the management of the investment portfolio. The regulation also requires Norges Bank's financial statements to include the financial reporting of the investment portfolio of the GPFG and that they are prepared in accordance with IFRS.
Norges Bank’s monthly balance sheet has also been restated in accordance with IFRS. Norges Bank will publish full annual financial statements for 2011 in English with a detailed description of the transition to IFRS. Principal transition effects are related to pensions as well as to changes in presentation format, which is now in accordance with IFRS. International reserves in accordance with the previous presentation format will appear in Note 9 to the annual financial statements and presented as a net amount in the notes to the monthly balance sheet.