Up until 31 March 2005, London Stock Exchange plc (“the Group”) prepared its financial statements under UK Generally Accepted Accounting Principles (UK GAAP). From 1 April 2005, the Group consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”).
The Group released details of the impact of IFRS on its 2004/05 financial statements in the Preliminary Results announcement on 19 May 2005. The attached information provides supplementary information and explains how 2004/05 financial information previously reported under UK GAAP will be restated under IFRS. The information includes:
- The main accounting policies adopted under IFRS;
- Financial information for the year ended 31 March 2005;
- Financial information for the six months ended 30 September 2004; and
- Explanatory notes on the IFRS adjustments required to the UK GAAP numbers.
The IFRS financial information provided has been prepared on the basis of current IFRS standards and interpretations issued by the International Accounting Standards Board (“IASB”). These are subject to ongoing amendment by the IASB and subsequent endorsement by the EU and are therefore subject to change. As a result the amounts reported in the 2005/06 financial statements may vary from those included above.
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