Business
Impact of IFRS
Impact of IFRS.
About this update from Vp Plc
[{"type":"text","content":"\n Vp PLC\n18 November 2005\n\n\nPress Release 7 November 2005\n\n Vp plc\n\n ('Vp' or 'the Group')\n\n The Impact of International Financial Reporting Standards ('IFRS')\n\nIntroduction\n\nThe European Union ('EU') has approved the application of International\nFinancial Reporting Standards for listed companies for periods beginning on or\nafter 1 January 2005. For Vp the financial statements for the year ended 31\nMarch 2006 will be the first to be prepared in accordance with IFRS adopted for\nuse in the EU. The adoption of IFRS requires the restatement of the comparative\nresults for the year ended 31 March 2005 and the associated interim period. This\nannouncement sets out the effect of this restatement and explains the main\ndifferences between UK GAAP and IFRS as applicable to Vp.\n\nBasis of Preparation\n\nThe financial information presented in this statement has been prepared by\napplying all IFRS and International Accounting Standards ('IAS') that are\nexpected to be applicable to the Group's reporting for the year ended 31 March\n2006. The standards are still subject to ongoing review and possible amendment.\nIn addition, some of them are still subject to endorsement by the EU, in\nparticular the Group has adopted the amendment to IAS19 which allows actuarial\ngains and losses to be reflected in the Statement of Recognised Income and\nExpense. This amendment has not yet been endorsed by the EU. It is therefore\npossible that further standards, amendments, interpretations and/or changes in\npractical application of IFRS could affect the year ended 31 March 2006 and the\nassociated comparative figures. Vp will continue to monitor these changes and if\nappropriate amend its accounting policies.\n\nThe UK GAAP figures presented in this announcement relating to the 31 March 2004\nbalance sheet and for the year ended 31 March 2005 are not the company's\nstatutory accounts. Those accounts, which were prepared under UK GAAP, have\nbeen reported on by the company's auditors and delivered to the Registrar of\nCompanies. The report of the auditors was unqualified and did not contain\nstatements under Section 237(2) or (3) of the Companies Act 1985.\n\nAccounting Policies\n\nVp's accounting policies have been applied consistently to all years presented\nand are in line with those applied in the last annual financial statements for...