Business
Transition to IFRS
Transition to IFRS.
About this update from Srt Marine Systems Plc
[{"type":"text","content":"\n \n Software Radio Technology plc \n\n \n\n Transition to International Financial Reporting Standards \n\nSoftware Radio Technology plc ('SRT plc' or 'the Group' or 'the Company'), the\nAIM-listed developer and licensor of sophisticated wireless technology, will be\nreporting its financial results in accordance with International Financial\nReporting Standards ('IFRS') with effect from 1 April 2007. On 5 November 2007\nthe Group will report its interim results for the six months ended 30 September\n2007 under IFRS, including the restated comparatives for the six months to 30\nSeptember 2006.\n\nThis statement presents and explains the conversion of the Group's results as\npreviously reported under UK Generally Accepted Accounting Principles ('UK\nGAAP') onto an IFRS basis for the year ended 31 March 2007.\n\nThe key changes for the Group are as follows:\n\ngoodwill is no longer amortised; and\n\nthe recognition of a liability for employees' unused entitlement to annual\nleave\n\nThe net impact of these changes for the year ended 31 March 2007 is a £50,217\ndecrease in the Group's loss before taxation, and a reduction in the basic loss\nper share from 3.83 pence to 3.76 pence.\n\nThe transition to IFRS has no effect on the cash flows of the business.\n\nFull details are set out in this announcement.\n\nEnquiries:\n\nSoftware Radio Technology plc \nMatthew Rogers, Group Finance Director 01761 409500\n \n \nHanson Westhouse Limited \nTim Feather / Matthew Johnson 0113 246 2610\n \n \n\nTransition to International Financial Reporting Standards\n\n1 Introduction\n\nEU law (IAS Regulation EC 1606/2002) and AIM notice 22 require that the next\nannual consolidated financial statements of the Company, for the year ending 31\nMarch 2008, be prepared in accordance with International Financial Reporting\nStandards and IFRIC interpretations as endorsed by the European Union\n(collectively \"IFRS\").\n\nThe results for the year ended 31 March 2007 have been restated from UK GAAP to\nIFRS, adopting a 1 April 2006 transition date. This announcement presents and\nexplains this restatement. \n\nOur first results to be published under IFRS will be for the half year to 30\nSeptember 2007, which will be reported in an announcement to be issued on 5\nNovember 2007.\n\n\n2 Basis of preparation\n\nThis financial information has been prepared on the ...