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This excerpt taken from the ICI 20-F filed Mar 31, 2006. (a) Exemption to restate
comparative information for IAS 32 and IAS 39 The comparative information in these financial statements does not comply with IAS 32 and IAS 39 as the Group has elected to apply the exemption in IFRS 1. As a result of these standards, a number of financial instruments have been recognised or revalued in the opening balance sheet at 1 January 2005 decreasing reserves by £63m (see note 26). The own shares that the Group has acquired, or is committed to acquire under forward contracts, to hedge its obligations under various share option schemes, have been included as treasury stock under IAS 32 and debited to reserves on transition. This has been partly offset by the release of a provision held under UK GAAP relating to the same liability, resulting in a debit of £56m to reserves. Interest rate swaps have been restated to fair value and certain loans previously held at amortised cost are now adjusted for fair value attributable to hedged risk resulting in an additional net debit to reserves of £6m. There has also been a further £1m debit arising from the inclusion of corn futures in the National Starch business.
This excerpt taken from the ICI 6-K filed Mar 14, 2006. (a) Exemption to restate
comparative information for IAS 32 and IAS 39 The comparative information in these financial statements does not comply with IAS 32 and IAS 39 as the Group has elected to apply the exemption in IFRS 1. As a result of these standards, a number of financial instruments have been recognised or revalued in the opening balance sheet at 1 January 2005 decreasing reserves by £63m (see note 26). The own shares that the Group has acquired, or is committed to acquire under forward contracts, to hedge its obligations under various share option schemes, have been included as treasury stock under IAS 32 and debited to reserves on transition. This has been partly offset by the release of a provision held under UK GAAP relating to the same liability, resulting in a debit of £56m to reserves. Interest rate swaps have been restated to fair value and certain loans previously held at amortised cost are now adjusted for fair value attributable to hedged risk resulting in an additional net debit to reserves of £6m. There has also been a further £1m debit arising from the inclusion of corn futures in the National Starch business.
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