Business
International Financial Repor
International Financial Repor.
About this update from Renew Holdings Plc
[{"type":"text","content":"\n RNS Number : 6298U Renew Holdings PLC 16 May 2008 \n \nThe following replaces the Renew Holdings plc announcement released today at 7am RNS 6056U. The announcement was released under the wrong headline. All other details remain unchanged.\n\n\nRenew Holdings plc\n('Renew' or the 'Group')\n\nInternational Financial Reporting Standards\n\nIn prior years, Renew Holdings plc ('Renew' or 'the Group') prepared its financial statements under UK Generally Accepted Accounting Practice ('UK GAAP'). The Group has prepared for the adoption of International Financial Reporting Standards('IFRS'), following the adoption of a European Union Regulation issued on 19 July 2002. The date of transition to IFRS for Renew was 1 October 2006 and from that date the Group is required to prepare its consolidated financial statements in accordance with IFRS. Consequently the Group's first results to be reported under IFRS will be the interim results for the period ended 31 March 2008 which will be issued on Tuesday 20 May 2008. These interim results will include comparative results for the period ended 31 March 2007 and for the year ended 30 September 2007 which will be restated to IFRS from UK GAAP.\n\nOverview of impact\n\nThe effect of adoption of IFRS in respect of the Group's 2007 financial statements is set out in detail later in this announcement. The following table summarises the impact of IFRS on key elements of the Group's results. There will be other differences principally in disclosures of various financial information.\n\n\n\n\n\n\n\nReconciliation on transition to IFRS\n\n\n30 Sept\n\n\n31 March\n\n\n01 Oct\n\n\n\n\n\n\n\n2007\n\n\n2007\n\n\n2006\n\n\n\n\n£000\n\n\n£000\n\n\n£000\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTotal equity under UK GAAP\n\n\n10,145\n\n\n6,977\n\n\n5,316\n\n\n\n\nEmployee benefits\n\n\n(626)\n\n\n(500)\n\n\n(512)\n\n\n\n\nAmortisation of goodwill\n\n\n356\n\n\n159\n\n\n -\n\n\n\n\nAmortisation of intangible asset\n\n\n(41)\n\n\n-\n\n\n -\n\n\n\n\nIncome taxes\n\n\n175\n\n\n154\n\n\n154\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEquity under IFRS\n\n\n10,009\n\n\n6,790\n\n\n4,958\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProfit under UK&nb...