However, despite a negative reflection on pensions, ICI also said that IFRS would have boosted profits for 2004 by £25m (from £397m under UK GAAP to £422m under IFRS), while basic earnings per share would have more than doubled.
The group said that net cashflow was unchanged as a result of the transition, adjusted earnings per pound ordinary share were 25.9p under IFRS and 21.9p under UK GAAP, while basic earnings per pound ordinary share were 40.1p under IFRS and 17.8p under UK GAAP.
ICI added that the standards giving rise to the most significant changes to the group’s unaudited consolidated results on transition to IFRS were IFRS2 share-based payments; IFRS3 business combinations; IAS19 employee benefits; IAS21 the effects of changes in foreign exchange rates and IAS12 income taxes.
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