Business
IFRS Statement
IFRS Statement.
About this update from Topps Tiles Plc
[{"type":"text","content":"\n Topps Tiles PLC\n02 February 2006\n\n\n\nTransition to International Financial Reporting Standards\n\n\nTopps Tiles Plc\n\n\nIn accordance with IFRS 1 , First-time adoption of International Financial\nReporting Standards ('IFRS'), Topps Tiles Plc, ('Topps'), today restates it's\nNet Assets as at 1 October 2005, 2 April 2005 and 2 October 2004, together with\na reconciliation from UK Generally Accepted Accounting Principles (UK GAAP) to\nIFRS.\n\nThe principal impact of adoption of reporting financial information under IFRS\nhas been in the following areas:\n\n •The recognition of certain operating lease incentives received over the\n entire term of a lease rather than up to the period of the first rent\n review;\n •Goodwill amortised during 2004/05 has been credited back to the income s\n tatement hence increasing Goodwill in the net assets;\n •The timing of the recognition of dividends payable to shareholders;\n •A charge has been made to the income statement in relation to share based\n payments and a new reserve has been created within the Net Assets statement;\n and\n •The recognition of the fair value of forward foreign currency contracts\n and embedded derivatives; and\n •Presentational issues with respect to Joint Ventures.\n\n\nSummary of impact on retained earnings (cumulative) 2004/05 2003/04\n £'000 £'000\n\nLease incentives (increase deferred income) (554) (560)\nGoodwill amortisation (increase goodwill) 34 -\nDiviends proposed at year end (reduce creditors) 13,576 13,593\nShare based payments (reduce reserves) (100) (35)\nFinancial instruments (increase financial liability) (25) -\nTax effect on above 175 168\nDeferred Tax on share options 371 852\n\nTotal increase in retained earnings 13,477 14,018\n\n\n\nRestatement of financial information for 2005 under IFRS\n\n\nIntroduction\n\nHistorically Topps Tiles Plc has prepared its consolidated financial statements\nin accordance with UK GAAP. For accounting periods commencing after 1 January\n2005 it is mandatory to prepare them in accordance with IFRS.\n\nThis first full year results to be produced under IFRS will be for the year\nending 30 September 2006 and the first interim reporting period will be the 6\nmonths to 1 April 2006.\n\nThis announcement explains the principal changes in Topps accounting policies as\na result of the new standards.\n\n\n...