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ICI » Topics » Differences between IFRS and US accounting principles

This excerpt taken from the ICI 6-K filed Mar 14, 2006.

Differences between IFRS and US accounting principles

(k) Discounted provisions
Under SOP 96-1, a provision can only be discounted if the aggregate amount of the liability and the timing of the future cash flow are fixed or determinably reliable. Under IFRS, the Group holds discounted provisions relating to environmental and legacy items associated with businesses disposed of the liability and timing of the future cash flows of some of these provisions is not fixed or determinably reliable. The liability and timing of the future cash flows of some of these provisions is not fixed or determinably reliable. As these discounts are unwound under IFRS, a financing cost is charged to interest in the Income Statement.
   
(l) New US Accounting Standards not yet implemented
SFAS No. 154 Accounting Changes and Error Corrections
(a replacement of APB Opinion No. 20 and FASB Statement No. 3). The Statement applies to all voluntary changes in accounting principle, and changes the requirements for accounting for and reporting of a change in accounting principle. It also applies to changes required by an accounting pronouncement in the unusual instance that the pronouncement does not include specific transition provisions. The four main areas of accounting that this standard applies to are as follows: (a) changes in accounting principles; (b) changes in accounting estimates; (c) changes in reporting entities; and (d) corrections of errors in previously issued financial statements. This is designed to converge with IFRS. The Statement is effective for accounting changes and corrections of errors made in fiscal years beginning after 15 December 2005.

 

 

 


   
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