Business
IFRS Statement
IFRS Statement.
About this update from Wilmington Plc
[{"type":"text","content":"\n Wilmington Group Plc\n09 November 2005\n\n\n9 November 2005\n\n WILMINGTON GROUP PLC\n\n UPDATE ON ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS\n\nWilmington Group plc is preparing for the adoption of International Financial\nReporting Standards ('IFRS') as its primary accounting basis for the year ending\n30 June 2006. As part of this transition, Wilmington Group is today presenting\nunaudited financial information prepared in accordance with IFRS for the year\nended 30 June 2005 and for the six months ended 31 December 2004.\n\nThe principal changes to Wilmington Group's reported financial information under\nUK GAAP arising from the adoption of IFRS are as a result of the:\n\n• requirement not to amortise goodwill;\n\n• recognition of all employee benefit related assets and obligations,\n principally pensions and share options;\n\n• recognition of deferred tax liabilities on a different basis.\n\nBasil Brookes, Financial Director of Wilmington Group, commented:\n\n'The unaudited financial information provided today shows how IFRS impacts\nWilmington Group's recent results in advance of its adoption in the 2006\nfinancial year. The most significant change is that Wilmington Group will no\nlonger amortise goodwill, resulting in a clearer presentation of underlying\nbusiness performance. For the year ended 30 June 2005 the expected impact of the\nadoption of IFRS would have been to increase profit attributable to equity\nshareholders by £3,476k comprising principally a credit of £2,551k in relation\nto the cessation of goodwill amortisation and a credit of £925k in relation to\ndeferred tax adjustments. Net assets at 30 June 2005 would have increased from\n£57.6 million to £59.5 million.'\n\nEnquiries:\n\nCharles Brady, Chief Executive\nBasil Brookes, Finance Director\nWilmington Group plc Tel: 020 7422 6800\n\nNick Oborne / Kirsty Raper / Yvonne Alexander\nWeber Shandwick Tel: 020 7067 0700\n\n\nINTRODUCTION:\n\nWilmington Group plc and its subsidiaries (together 'the Group') are preparing\nfor the adoption of International Financial Reporting Standards ('IFRS') as its\nprimary accounting basis in its consolidated accounts, following the adoption of\nRegulation No. 1606/2002 by the European Parliament on 19 July 2002.\n\nThis press release explains how the Group's previously reported UK GAAP\nfinancial p...