Business
Adoption of IFRS-Replacement
Adoption of IFRS-Replacement.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n Serabi Mining plc\n13 March 2007\n\nThe following replaces RNS release 8027S, released at 07.00 this morning. The\ntables have now been included.\n\n\n\nSERABI MINING plc ('Serabi' or 'the Company')\nAdoption of IFRS and Restatement under IFRS\n\n\n\nAn EU directive requires Serabi to adopt IFRS from 1 January 2006. Serabi has\nvoluntarily chosen to adopt the provisions of the International Financial\nReporting Standards. The adoption is with effect from 1 January 2006.\n\n\n\nAs a result of this change the Company is required to restate previously\nreported results and the accompanying information sets out the revised Income\nStatement, Balance Sheet and Cash Flow Statement for the previous financial\nperiod (3 months ended 31 December 2005) together with the notes explaining the\neffect of the transition.\n\n\n\nThe Company had already adopted the provisions of IFRS 2 (Share-based Payments)\nfor the purposes of its previously reported figures. The principal effect of the\nIFRS is therefore in respect of foreign exchange impacts, as a result of a need\nto vary the Company's previous UK GAAP compliant policy on translation of non\nmonetary assets denominated in foreign currencies to comply with IFRS. The\noverall effect of the restatement under IFRS has been to increase Equity\nShareholder Funds by US$1.98 million as at 31 December 2005 to US$28.6 million.\nThere has been no effect on the previously reported Income Statement.\n\n\n\nEnquiries\n\nSerabi Mining plc\nGraham Roberts Tel: 020 7220 9550\nChairman Mobile: 07768 902475\n\n\nClive Line Tel: 020 7220 9553\nFinance Director Mobile: 07710 151 692\n\n\nE-mail: [email protected]\nWebsite: www.serabimining.com\n\n\n\n\n\nSERABI MINING PLC\nPreviously published financial information restated under IFRS\n\n\n\nConsolidated Income Statement\n(restated under IFRS)\n(expressed in US$)\n 3 months to 31\n December 2005\nAdministration expenses (621,422)\nOption costs (422,298)\nDepreciation of plant and equipment (339,552)\nLoss before interest and taxation (1,383,272)\nForeign exchange loss (35,703)\nInterest payable (69,929)\nInterest receivable 21,044\nLoss before taxation (1,467,860)\nTaxation -\nLoss after taxation (1,467,860)\nEarnings per share (basic and diluted) (1.42)\n\n\n\nStatement of Recognised Income and Expense\n(restated under IFRS)\n(expressed in US$)\n\n\...