This excerpt taken from the ICI 6-K filed Mar 16, 2005.
International Financial Reporting Standards
The Company will implement International Financial Reporting Standards (IFRS) for Group financial reporting with effect from 1 January 2005. The transition date for adoption of IFRS has been determined, in accordance with IFRS 1, as 1 January 2004 (subject to finalisation of a proposed Securities Exchange Commission rule on the exemption from provision of a second year of IFRS comparatives). The Groups approach to this transition together with the principal differences between UK GAAP and IFRS and their effect are set out on page 122.
As regards the financial statements of the parent company, for the year to 31 December 2005, which comprise the balance sheet published with the consolidated financial statements and the profit and loss account which is presented to the Board of Directors in accordance with section 230 of the Companies Act 1985, it is the Companys intention that these will continue to be prepared in accordance with UK GAAP. The only new UK Accounting Standards currently in issue which will materially affect future financial statements of the Company are FRS 17