Old Mutual boosted by South African standard

Old Mutual PLC says its transition to IFRS is on track and that it will be ready to release restated 2004 accounts in May.

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Old Mutual also saw a £31m one-off increase to its profit and loss account for 2003 after including accounting standards adopted by it’s South African subsidiary Nedcor.

Local reporting requirements saw Nedcor discount future cash flows on advances. The change was acceptable under UK GAAP and Old Mutual decided to include the requirement in its financial statements.

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