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IFRS
IFRS.
About this update from Itm Power Plc
[{"type":"text","content":"\n ITM Power PLC\n31 October 2007\n\n\nFor Immediate Release 31 October 2007\n\n ITM Power Plc\n\n ('ITM' or 'the Company')\n\n First Time Adoption of International Financial Reporting Standards ('IFRS')\n\n\nITM Power plc, (AIM:ITM) the AIM listed developer of low-cost hydrogen \ntechnologies, announces its first time adoption of International Financial \nReporting Standards ('IFRS').\n\nThe Company previously prepared its financial statements under UK Generally \nAccepted Accounting principles ('UK GAAP') until 30 April 2007. From 1 May 2007, \nin line with AIM listing requirements, the Company will prepare its consolidated \nfinancial statements in accordance with IFRS.\n\nIn January 2008 the Company will publish its interim results for the six months \nto 31 October 2007 which will be the first results to be prepared under IFRS and \nwill include IFRS comparative financial information for the six months to \n31 October 2006. In July 2008 the Company will present its first annual report \nand accounts under IFRS for the year ended 30 April 2008 which will include \ncomparative IFRS financial information for the year ended 30 April 2007.\nManagement has performed an assessment of the impact of IFRS and has not \nidentified any material differences resulting from the transition to IFRS other \nthan certain presentational changes which do not impact the Company's previously \nreported losses. The Company has therefore not provided a reconciliation of UK \nGAAP to IFRS financial information.\n\n\nFor further information please contact:\n\nITM Power Plc 01799 542 222\nMarcus Scott, Chief Financial Officer\n\nPanmure Gordon & Co. 020 7459 3600\nKatherine Roe\n\nBuchanan Communications 020 7466 5000\nBen Willey\nRichard Darby\nBen Romney\n\n\n\nNotes to the Editors:\n\nITM Power is a developer of low-cost hydrogen technologies. The Company has\ndeveloped new materials and processes that dramatically reduce the cost of fuel\ncells and electrolysers. The patented membrane materials used in the devices\nhave higher performance and are 1% of the cost of the industry standard\nmaterials.\n\nElectrolysers work by converting water and electricity into hydrogen and oxygen.\nThe hydrogen produced can be used as a replacement for fossil fuels and\nfacilitate zero carbon housing and pollution free motoring.\n\nITM Power was founded in 2000...