Business
Further re IFRS Conversion
Further re IFRS Conversion.
About this update from Artisanal Spirits Company Plc
[{"type":"text","content":"\n Artisan (UK) PLC\n19 October 2006\n\n\n\nARTISAN (UK) PLC\n\nIFRS Conversion\n\nRestatement of financial information for the 6 months ended 30 September 2005\nand the year ended 31 March 2006 under International Financial Reporting\nStandards\n\n\nIntroduction\n\nFor all accounting periods up to and including the year ended 31 March 2006\nArtisan has prepared its financial statements under UK Generally Accepted\nAccounting Principles (UK GAAP). For accounting periods from 1 April 2006, the\nGroup has decided to prepare its consolidated financial statements in accordance\nwith International Financial Reporting Standards (IFRS).\n\nArtisan's first results on this basis will be its interim results for the six\nmonths ended 30 September 2006. The Group's first annual report under IFRS will\nbe for the fifteen month period ended 30 June 2007. As comparative figures are\nprovided when results are reported, the effective date for transition to IFRS is\n1 April 2005.\n\nThis summary provides an analysis of the effects of the change from UK GAAP to\nIFRS on Artisan's financial statements, including:\n\n • Summary of the basis of preparation of the IFRS information\n • Summary of the impact of IFRS adoption on Artisan's key financial\n performance indicators\n • Summary of the significant changes in accounting policies\n • Accounting policies revised under IFRS (Appendix 1)\n • Restated Income Statement and Balance Sheets for the 6 months ended 30\n September 2005 and the year ended 31 March 2006 (Appendix 2)\n • Reconciliations of profit and equity for those periods (Appendix 3)\n\nThe transition to IFRS will leave:\n\n • Cash flows unaffected\n • Banking arrangements unaffected\n\n\nBasis of preparation of IFRS information\n\nThis financial information has been prepared in accordance with IFRS as endorsed\nby the EU. A summary of the Group's significant accounting policies is detailed\nin Appendix 1.\n\n\nThe endorsed IFRS that will be effective (or available for early adoption) in\nthe financial statements for the fifteen month period to 30 June 2007 are still\nsubject to change and to additional interpretation and therefore cannot be\ndetermined with certainty. Accordingly, the accounting policies for the period\nwill only be determined finally when the consolidated financial statements are\nprepared for the period ...