Business
IFRS Statement
IFRS Statement.
About this update from Ms International Plc
[{"type":"text","content":"\n MS International PLC\n24 November 2005\n\n\n\n MS INTERNATIONAL plc\n\n IFRS\n\nMS INTERNATIONAL plc provides the following restatement of financial information\nfor the half year ended 30th October 2004, the full year ended 30th April 2005\nand the opening balance sheet at 1st May 2004 under International Financial\nReporting Standards in accordance with investor relations best practice.\n\nThe Group currently prepares its primary financial statements under UK Generally\nAccepted Accounting Practice (UK GAAP). From 2005 onwards the Group will be\nrequired to prepare its consolidated financial statements in accordance with\nInternational Financial Reporting Standards (IFRS) as adopted by the European\nUnion. This change applies to all financial reporting for accounting periods\nbeginning on or after 1st January 2005 and consequently, the Group's first\npublished IFRS results will be its interim results for the half year ended 29th\nOctober 2005. The Group's first Annual Report under IFRS will be for the year\nending 29th April 2006. The date for transition to IFRS is 1st May 2004, which\nis the start of the earliest period of comparative information.\n\nThe financial information in this statement has been prepared in accordance with\nthe IFRS, including the interpretative guidance issued by the International\nAccounting Authority Standards Board (IASB) and the International Financial\nReporting Interpretations Committee (IFRIC), expected to be applicable as at\n31st December 2005. The financial information for the full year ended 30th April\n2005 and the opening balance sheet at 1st May 2004 has been audited by Ernst &\nYoung LLP.\n\nTo explain how the Group's reported performance and financial position are\naffected by this change, information previously published under UK GAAP has been\nre-presented under IFRS and then restated under the Group's IFRS accounting\npolicies in the attached appendices as follows:\n\nAppendix 1 Accounting policies revised under IFRS\n\nAppendix 2 Financial information for the full year ended 30th\nApril 2005 and the half year ended 30th October 2004, together with\nreconciliations of profit and equity. \n\nAppendix 3 Balance sheet at the transition date of 1st May 2004\n\nAppendix 4 Movement on reserves and reconciliation of movement\nin shareholders' funds from 1st May 2004 to 30th April 20...