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This excerpt taken from the ELN 6-K filed Mar 30, 2009. International
Financial Reporting Standards
This Annual Report for the year ended 31 December 2008 is
prepared in accordance with IFRS as adopted by the European
Union and meets the reporting requirements pursuant to Irish
company law and the Irish Stock Exchange Listing Rules.
Separately, we also prepare a
Form 20-F
pursuant to the rules and regulations of the SEC and in
accordance with U.S. GAAP, which differ in certain
significant respects from IFRS. The
Form 20-F
under U.S. GAAP is a separate document from this Annual
Report. Refer to the
“U.S. GAAP Information”, beginning on
page 175 for a discussion of the significant differences
between IFRS and U.S. GAAP.
This excerpt taken from the ELN 6-K filed Mar 31, 2008. International
Financial Reporting Standards
This Annual Report for the year ended 31 December 2007 is
prepared in accordance with IFRS as adopted by the European
Union and meets the reporting requirements pursuant to Irish
company law and the Irish Stock Exchange Listing Rules.
Separately, we also prepare a
Form 20-F
pursuant to the rules and regulations of the SEC and in
accordance with U.S. GAAP, which differ in certain
significant respects from IFRS. The
Form 20-F
under U.S. GAAP is a separate document from this Annual
Report. Refer to the
“U.S. GAAP Information,” beginning on
page 138 for a discussion of the significant differences
between IFRS and U.S. GAAP.
This excerpt taken from the ELN 6-K filed Mar 30, 2007. International
Financial Reporting Standards
This Annual Report for the year ended 31 December 2006 is
prepared in accordance with IFRS as adopted by the EU and meets
the reporting requirements pursuant to Irish company law and the
Irish Stock Exchange Listing Rules. Separately, we also prepare
a
Form 20-F
pursuant to the rules and regulations of the SEC and in
accordance with US GAAP, which differ in certain significant
respects from IFRS. The
Form 20-F
under US GAAP is a separate document from this Annual Report.
Please refer to the “US GAAP Information,” beginning
on page 135 for a discussion of the significant differences
between IFRS and US GAAP.
This excerpt taken from the ELN 6-K filed Mar 31, 2006. International Financial Reporting
Standards
This Annual Report for the year ended 31 December 2005 is
prepared in accordance with IFRS as adopted by the EU and meets
the reporting requirements pursuant to Irish company law and the
Irish Stock Exchange Listing Rules. These are our first
Consolidated Financial Statements prepared in accordance with
IFRS and comparative information, which was previously presented
under Irish GAAP for the year ended 31 December 2004, has
been restated under IFRS. We also separately prepare a
Form 20-F pursuant
to the rules and regulations of the U.S. SEC and in
accordance with U.S. GAAP, which differ in certain
significant respects from IFRS. The
Form 20-F under
U.S. GAAP is a separate document from this Annual Report.
56 Elan Corporation, plc 2005 Annual Report
Table of Contents
This excerpt taken from the ELN 6-K filed Apr 11, 2005. International Financial Reporting Standards Under current European proposals, we will be required to adopt International Financial Reporting Standards (“IFRSs”) and International Accounting Standards (“IASs”) in the preparation of our Consolidated Financial Statements from 2005 onwards.
The international standard setter, the International Accounting Standards Board (“IASB”), has undertaken an extensive exercise to develop new standards and improve existing ones. In order to manage the transition of financial reporting from Irish GAAP to international accounting, we have completed initial assessments of the impact on our results and net assets. Some of the principal policy and disclosure changes required under IFRS are set out below. Share-based payments The IASB issued IFRS 2 “Share-Based Payments” in February 2004, which is effective for periods beginning on 1 January 2005. IFRS 2 requires shared-based payments to be expensed based on fair value. We are currently evaluating the effect of adopting IFRS 2. Business combinations, intangible assets and goodwill Changes resulting from the transition to IFRS include the replacement of goodwill amortisation with an annual impairment test and a broader definition of “intangible assets” to be recognised at acquisition. Financial instruments The adoption of IAS 32 and 39 (revised) will require all derivatives to be recognised on the balance sheet at fair value. Subsequent changes in fair values are either taken to equity, if the criteria for hedge accounting are met, or to income. Previously, our forward currency contracts and interest rate swap derivatives, which qualified as hedges in accordance with Irish GAAP, were recognised in the profit and loss account as an offset to the related income or expense. We do not currently expect to apply hedge accounting to our forward contracts under IFRS. Any derivatives embedded within the terms of contractual commitments that are not considered closely related to the underlying host contract will also be separately identified and fair valued. Deferred tax Deferred tax is to be recognised at acquisition as part of the fair value exercise and will be provided on some balances previously excluded from provision under Irish rules such as revaluations and fair value adjustments. Employee benefit schemes: post-retirement IAS 19 requires companies to recognise the full deficit (or surplus) of defined benefit pension schemes on the balance sheet, but permits a choice post adoption of IFRS whereby companies can choose to either defer actuarial gains or losses within a defined range (the corridor approach) or can recognise all actuarial gains or losses directly through equity. Presentation and disclosure of financial information The transition to an international accounting framework will give rise to certain additional disclosures to the financial statements. There will also be some presentational changes. Financial statements will disclose a detailed reconciliation of reserve movements for the current year, with comparatives.
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