Business
IFRS Restatement
IFRS Restatement.
About this update from Petards Group Plc
[{"type":"text","content":"\n Petards Group PLC\n28 September 2007\n\nPetards Group plc\n\nRestatement of financial information under International Financial Reporting\nStandards\n\nIntroduction\n\nPetards Group plc (the 'Group') has historically prepared its consolidated\nfinancial statements under UK Generally Accepted Accounting Practice ('UK GAAP\n'). The AIM rules require the adoption of Adopted IFRS as adopted by the EU \n('Adopted IFRS') (1).\n\nIFRS will apply for the first time in the Group's financial statements for the\nyear ending 31 December 2007. Accordingly the financial results for the 6\nmonths ended 30 June 2007 have been prepared and reported under IFRS. As the\nGroup publishes comparative information in its Annual Report and Interim\nStatement the date of transition to IFRS is 1 January 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 IFRS in the attached appendices as follows:\n\n• Appendix 1 - IFRS accounting policies;\n\n• Appendix 2 - Financial information on an IFRS basis for the 6 months\n ended 30 June 2006 and the year ended 31 December 2006 and the transition\n balance sheet at 1 January 2006;\n\n• Appendix 3 - Reconciliations of consolidated income statement and\n consolidated balance sheet for the year ended 31 December 2006 with \n explanations of the adjustments made;\n\n• Appendix 4 - Reconciliations of consolidated income statement and\n consolidated balance sheet for the 6 months ended 30 June 2006, with\n explanations of the adjustments made;\n\n• Appendix 5 - Reconciliation of transition consolidated balance sheet\n at 1 January 2006 with explanations of the adjustments made.\n\nThis unaudited financial information has been prepared on the basis of IFRSs\nexpected to be applicable at 31 December 2007. 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 the Group's accounts\nbut does not change the underlying business performance. There are no changes\nto the business model, strategy, risk management processes or cash flows.\n\n\nBas...