Business
IFRS Restatement
IFRS Restatement.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n Hargreaves Services PLC\n14 February 2008\n\n\nFor immediate release 14 February 2008\n\n\n Hargreaves Services plc\n\n Restatement of financial information under International Financial Reporting\n Standards\n\n\nIntroduction\n\nHargreaves Services Plc ('the Group') has historically prepared its consolidated\nfinancial statements under UK Generally Accepted Accounting Practice ('UK \nGAAP'). The AIM rules require the adoption of Adopted IFRS as adopted by the \nEU ('Adopted IFRS')(1).\n\nAdopted IFRS will apply for the first time in the Group's financial statements\nfor the year ending 31 May 2008. Accordingly the financial results for the 6\nmonths ended 30 November 2007 will be prepared and reported under Adopted IFRS.\nAs the Group publishes comparative information in its Annual Report and Interim\nStatement the date of transition to Adopted IFRS is 1 June 2006.\n\nTo explain how the Group's reported performance and financial position are\naffected by this change, information previously published under UK GAAP is\nrestated under Adopted IFRS in the attached appendices as follows:\n \n• Appendix 1 - Adopted IFRS accounting policies;\n\n• Appendix 2 - Financial information on an Adopted IFRS basis for the 6 \n months ended 30 November 2006 and the year ended 31 May 2007 and\n the transition balance sheet at 1 June 2006;\n\n• Appendix 3 - Reconciliations of consolidated income statement, consolidated \n balance sheet and consolidated statement of cash flows for the year ended \n 31 May 2007 with explanations of the adjustments made;\n\n• Appendix 4 - Reconciliations of consolidated income statement, consolidated \n balance sheet and consolidated statement of cash flows for the 6 months \n ended 30 November 2006, with explanations of the adjustments made;\n \n• Appendix 5 - Reconciliation of transition consolidated balance sheet at 1 \n June 2006, with explanations of adjustments made.\n\nThis unaudited financial information has been prepared on the basis of Adopted\nIFRSs expected to be applicable at 31 May 2008. These are subject to ongoing\nreview and endorsement by the EU or possible amendment by interpretive guidance\nfrom the IASB and are therefore still subject to change. We will update our\nrestated information for any such changes when they occur.\n\nThe adoption of IFRS has an impact on the presentation of...