Rapala VMC updates IFRS segment reporting to reflect changing business model.
Update to IFRS Segment Reporting
Rapala VMC, a leading manufacturer of fishing tackle and outdoor recreation products, has announced an update to its International Financial Reporting Standards (IFRS) segment reporting. The change, effective from December 2024, will see the removal of reporting segments “Group Products” and “Third Party Products” from the company’s financial statements.
Reasons Behind the Change
The decision to update the reporting segments is driven by the company’s evolving business model.
The company’s products are used by both professional anglers and recreational anglers worldwide.
The History of Rapala VMC Group
Rapala VMC Group has a rich history that spans over 90 years. The company was founded in 1936 by Arvo Keisala in Finland. Initially, the company focused on producing fishing lures, and its first product was the Rapala, a wooden lure that was designed to mimic the appearance and movement of a baitfish. The Rapala quickly gained popularity among Finnish anglers, and the company began to expand its product line to include other types of fishing lures.
The Evolution of Rapala VMC Group
Over the years, Rapala VMC Group has undergone significant changes and transformations. In the 1950s, the company introduced its first metal lure, which was a significant innovation in the industry.
www.rapalavmc.com
