Business
IFRS Transitional Statement
IFRS Transitional Statement.
About this update from Ebiquity Plc
[{"type":"text","content":"\n Thomson Intermedia PLC\n13 October 2006\n\n13 October 2006\n\n\n\nThomson Intermedia plc\n\n\n\nTransition to International Financial Reporting Standards\n\n\n\nThomson Intermedia plc ('the Group', AIM: THN) will be reporting its financial\nresults in accordance with International Financial Reporting Standards (IFRS) as\nadopted by the European Union from 1 February 2006. The Group will be publishing\nunder IFRS its results for the six months to 31 July 2006 on 18 October 2006.\n\n\n\nThis statement presents and explains the conversion of the results of the Group\nas previously reported under UK Generally Accepted Accounting Principles (UK\nGAAP) onto an IFRS basis for the year ended 31 January 2006.\n\n\n\nThe key changes for the Group are:\n\n• non-amortisation of goodwill\n\n• recognition and amortisation of purchased intangible assets\n\n• inclusion of a fair value charge in relation to employee share schemes\n\n• balance sheet reclassification of internally developed computer\n software to intangible assets.\n\n\n\nThe net impact of these changes for the year ended 31 January 2006 was that\nGroup Operating profit increased by £176,000 to £1.93m and basic earnings per\nshare increased from 6.99p to 7.59p.\n\nFull details are set out in this announcement.\n\n\n\nEnquiries:\n\n\nThomson Intermedia plc 0208 466 5555\nDavid Trendle, Finance Director\n\nCollege Hill\nAdrian Duffield/Ben Way 0207 457 2020\n\n\nRestatement of financial information for International Financial Reporting\nStandards\n\n\n\n1 Introduction\n\n\nFollowing a recent change to AIM rules, requiring AIM listed companies to comply\nwith International Financial Reporting Standards for periods commencing on or\nafter 1 January 2007, in accordance with best practice Thomson Intermedia plc\n(the 'Group') has decided to prepare its financial statements under\nInternational Financial Reporting Standards ('IFRS') with effect from the year\nended 31 January 2006.\n\n\n\nThe financial statements for the year ended 31 January 2006 have been restated\nunder IFRS, adopting a 1 February 2005 transition date. This announcement\npresents and explains the Group's results for the year ended 31 January 2006 as\nconverted from UK GAAP to IFRS.\n\nThe first results to be published under IFRS will be for the 6 months to 31 July\n2006, which will be reported in an annou...