Business
Restatement under IFRS
Restatement under IFRS.
About this update from Fih Group Plc
[{"type":"text","content":"\n Falkland Islands Holdings PLC\n31 October 2007\n\n\nFalkland Islands Holdings plc\n\nRestatement of primary financial information for 2006/7 under International\nFinancial Reporting Standards\n\nCONTENTS\n\n \n1. Introduction\n\n2. Transitional arrangements\n\n3. Accounting policies\n\n4. Explanation of restatements\n\n5. Impact of adoption of IFRS\n\n6. Restatements\n\n \n6.1 Consolidated balance sheet at 1 April 2006 (Transition date)\n6.2 Consolidated balance sheet at 30 September 2006\n6.3 Consolidated balance sheet at 31 March 2007\n6.4 Consolidated income statement for the half-year ended 30 September 2006\n6.5 Consolidated income statement for year ended 31 March 2007\n\n\nFalkland Islands Holdings plc\n \n1. Introduction\n\nFalkland Islands Holdings plc and its subsidiaries ('the Group') has, for\naccounting periods up to 31 March 2007, prepared its consolidated financial\nstatements under UK Generally Accepted Accounting Principles ('UK GAAP'). The\nnext annual consolidated financial statements of the Group, for the year ending\n31 March 2008, are required by AIM rules to be prepared in accordance with\nInternational Financial Reporting Standards ('IFRS') as adopted by the European\nUnion ('adopted IFRS'). The Group's first published results under IFRS will be\nthe 2007 Interim Report for the six months ended 31 September 2007. The date\nfor the transition to IFRS was 1 April 2006, being the start of the period of\ncomparative information.\n\nThis announcement explains how the Group's previously reported financial\nperformance and position under UK GAAP are reported under IFRS. Set out in\nsection 6 is information previously published under UK GAAP as restated under\nIFRS, as follows:\n \n• Reconciliation of consolidated balance sheets previously published under UK \n GAAP as restated under IFRS as at 1April 2006, 30 September 2006 and \n 31 March 2007; and\n\n• Reconciliation of consolidated profit and loss accounts under UK GAAP to \n income statements under IFRS for the six months ended 30 September 2006\n and the year ended 31 March 2007.\n\nDetailed explanations of the adjustments from previously published UK GAAP\nstatements to the revised IFRS presentation are included in section 4 (below).\n\nThe financial information in this announcement has been prepared on the basis of\nthe recognition and measurement ...