Business
Re. Transition to IFRS
Re. Transition to IFRS.
About this update from Cml Microsystems Plc
[{"type":"text","content":"\n CML Microsystems PLC\n15 November 2005\n\n\nCML Microsystems Plc\n\nTransition to International Financial Reporting Standards\n\n\nIntroduction\n\nCML Microsystems Plc ('CML' or 'the Group') has historically prepared its\nconsolidated financial statements under UK Generally Accepted Accounting\nPractice (UK GAAP). Following the adoption by the United Kingdom of a European\nUnion (EU) Regulation issued on 19th July 2002, the Group is required to prepare\nits financial statements in accordance with International Accounting Standards\n(IAS) and International Financial Reporting Standards (IFRS) from 1st April\n2005. Accordingly the interim results for the period ended 30th September 2005\nwill be the Group's first results to be prepared and reported under IFRS.\nThe Group's financial performance and position is altered by the adoption of\nIFRS, however, there is no change to the cash flows of the Group. This document\nexplains how the Group's reported UK GAAP financial results for the year ended\n31st March 2005 and its financial position as at that date would have been\nreported under IFRS. Although this document has been prepared in accordance with\nour current understanding of IFRS the accounting policies applied assume that\nall existing standards in issue from the International Accounting Standards\nBoard ('IASB') will be fully endorsed by the EU. Since these standards are\nsubject to ongoing amendment by the IASB and subsequent endorsement by the EU\nthese first IFRS statements are subject to possible change. This document\nincludes:\n\n • the Group's consolidated Income statements for the period ended 30th\n September 2004 and year ended 31st March 2005;\n • the Group's consolidated balance sheets at 30th September 2004 and 31st \n March 2005 ;\n • the Group's consolidated cash flow statements for the period ended 30th\n September 2004 and the year ended 31st March 2005;\n • the Group's consolidated statement of changes in equity for the year ended\n 31st March 2005 and the period ended 30th September 2004;\n • a reconciliation of the Group's consolidated Income statements for the\n period ended 30th September 2004 and year ended 31st March 2005, from those\n prepared under UK GAAP to IFRS;\n • a reconciliation of the Group's consolidated balance sheets at 31st March\n 2004, 30th September 2004 and 31st March ...