This excerpt taken from the ICI 6-K filed Mar 21, 2007.
First-time Adoption of International Financial Reporting Standards permits those companies adopting IFRS for the first time to take certain exemptions from the full requirements of IFRS. The exemptions taken by ICI in accordance with IFRS 1 have been described in the accounting policy to which they relate and are repeated below. These policies have been consistently applied to all the years presented and in preparing the opening IFRS balance sheet at 1 January 2004 for the purpose of the transition to IFRS, except for those relating to the classification and measurement of financial instruments.
ICI has taken the following key exemptions on transition to IFRS:
Specifically, these accounts would have been impacted in the following ways:
The main impacts on subsequent periods would be:
1 Basis of presentation of financial information (continued)
The exemptions ICI has elected not to adopt include the following:
Continuing and Discontinued Operations
Non co-terminous year ends
Critical accounting policies, judgments and estimates