This excerpt taken from the ICI 6-K filed Mar 14, 2006.
5 Comparative data restated in accordance with the transition to IFRS
From 1 January 2005, the Group has been reporting its results in accordance with International Financial Reporting Standards (IFRS). The transition date for ICI for the adoption of IFRS is 1 January 2004. All comparative data in this report has been restated, except the Group has taken the exemption under IFRS 1 not to restate comparatives for IAS 32 and IAS 39. ICI has applied the exemption by the US Securities and Exchange Commission to exclude a second year of comparatives.
To comply with the requirements of reporting the first set of annual results following transition to IFRS, a reconciliation of profit (loss) under UK GAAP for the year to 31 December 2004 to the income (expense) under IFRS for the year to 31 December 2004 is set out below. A detailed analysis of these adjustments and a summary of the differences between UK GAAP and IFRS that led to the adjustments are set out on pages 26 and 27.