BusinessCompany NewsBritish Land takes £1.3bn IFRS hit

British Land takes £1.3bn IFRS hit

IFRS takes sizeable bite out of FTSE 100 giant's fortunes as financial markets turmoil continues to take its toll

British Land has suffered a £1.3bn IFRS fair value loss on the back of the
credit crunch.

The
FTSE
100 giant
said in its third quarter report to 31 December that the reflected
a pre-tax IFRS loss on ordinary activities.

The loss comes as a consequence of IFRS fair value requirements relating to
its investments. For the same period in 2006, the company made a £381m profit.

Because of the value decline, its gearing jumped to 45%.

British Land chairman Chris Gibson-Smith said: ‘Macro-economic uncertainty
and the global credit crunch have depressed property values. However, the worst
should now be behind us, though uncertainties remain on timing and extent of the
correction.’

Further reading:

Fair
value shockwaves far from over

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor