Business
Adoption of IFRS
Adoption of IFRS.
About this update from Telecom Plus Plc
[{"type":"text","content":"\n Telecom Plus PLC\n09 December 2005\n\n Telecom plus PLC\n\n Adoption of International Financial Reporting Standards\n\nThe purpose of this document is to provide guidance on the impact of\nInternational Financial Reporting Standards as adopted for use in the EU (IFRS)\non the financial results of Telecom plus PLC when they are adopted for the year\nending 31 March 2006.\n\nThis document is for guidance only and the effects detailed may be amended as a\nresult of further interpretive guidance from the International Accounting\nStandards Board (IASB) or to reflect industry practice.\n\nThe financial information presented in this document is unaudited.\n\nThe principal changes to Telecom plus PLC's reported financial information under\nUK GAAP arising from the adoption of IFRS are summarised below. The financial\nimpact of these changes are detailed in the Appendices.\n\n\nBackground\n\nThe Group currently prepares its financial statements under UK Generally\nAccepted Accounting practice ('UK GAAP'). For the year ending 31 March 2006, the\nGroup will be required to prepare its interim and annual reports, including\ncomparatives, for previous periods under IFRS.\n\nThis document details the principal differences arising from this transition on\nthe opening balance sheet as at 1 April 2004 ('date of transition') and on the\nincome statement (previously the profit and loss account under UK GAAP), balance\nsheet and cash flow statements for the six months ended 30 September 2004 and\nthe year ended 31 March 2005.\n\nThe revised accounting policies are also detailed in this document.\n\nIFRS 1 exemptions\n\nIFRS 1, First-time Adoption of International Financial Reporting Standards,\nestablishes exemptions from the full requirements of IFRS for companies\ncomplying with them for the first time. Telecom plus PLC intends to elect to use\nthe following exemptions and the financial information in this document has been\nprepared on this basis.\n\n(a) Business combinations: those prior to the transition date have not been\nrestated onto an IFRS basis.\n\n(b) Share based payments: the Group is not applying the IFRS requirements to\nequity instruments such as share options granted on or before 7 November 2002.\n\n(c) Financial instruments: the Group has not restated its comparatives to\nreflect the requirements of IAS39 - Financial Instrumen...