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ICI » Topics » IFRS 2 - Share-based payments

This excerpt taken from the ICI 6-K filed Mar 16, 2005.
IFRS 2 – Share-based payments
The Group operates a range of share-based incentive schemes (both awards of options and shares) for employees that are impacted by IFRS 2. Under the Group’s current accounting policies, an expense has only been recognised for the awards of shares and this expense has been calculated and is based on intrinsic value. Under IFRS 2, an expense will be recognised in the income statement for all share based payments. This expense will be calculated based on the fair value at the date of the award using the Black-Scholes pricing model.

The Group does not intend to adopt the exemption under IFRS 2 to apply the standard only to awards made after 7 November 2002, instead a full retrospective approach will be followed in order to provide full year on year comparability of results.

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