This excerpt taken from the ICI 6-K filed Mar 16, 2005.
IAS 1 does not provide definitive guidance on the format of the income statement, but states key lines that should be disclosed. It also requires additional line items and headings to be presented on the face of the income statement when such presentation is relevant to an understanding of the entitys financial performance. IAS 1 explains that due to the effects of an entitys various activities, transactions and other events differing in frequency, potential for gain or loss and predictability, disclosing components of financial performance assists in an understanding of the financial performance achieved and in making projections of future results. Factors to be considered include materiality and the nature and function of the components of income and expense. ICI believes items that were previously referred to as exceptional items under UK GAAP should still be separately identified to assist in understanding the financial performance of the Group. Such items will be included within special items under IFRS.
Whilst no changes to the segments are required beyond the existing International Business level, ICI intends, given the stricter definitions and to reflect better the structure of the Group. A reconciling item will be included in the Group's segment disclosure that represents Corporate and Other costs that are not directly attributable to individual segments i.e. largely those relating to operating as a "PLC".