Profits take off at Rolls-Royce under IFRS
Rolls-Royce's pre-tax profits for 2004 are £58m higher after restating its accounts under new standards.
Rolls-Royce's pre-tax profits for 2004 are £58m higher after restating its accounts under new standards.
Aerospace giant Rolls-Royce’s pre-tax profits for 2004 increased from £306m to £364m after restating its accounts under IFRS.
Link: Analysts critical of IFRS disclosures
The group’s finance director Andrew Shilston, said the new standards would have ‘some impact’ on the presentation of the group’s accounts but would not change its business model or cashflows.
‘Rolls-Royce has followed a consistent and successful strategy for many years,’ said Shilston. ‘The adoption of IFRS will have some impact on the presentation of our accounts, but will not change our business model, our strategy, our risk management processes or our cashflows.’
The company added that underlying profits for 2005 were expected to be significantly ahead of current market expectations, which were based on UK GAAP.
The market reacted favourably to the announcement, as Roll-Royce’s shares climbed 3.4% to 256.75p.
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWe all understand the role of lawyers in an arbitration, to argue over points of liability and who was at fault. But most commercial cases are brought...
View articleAn anonymous corporate finance veteran with over 20,000 hours of experience unlocks invaluable insights by pulling back the curtain on the rarely seen...
View articleThe UK's National Living Wage increase to £11.44/hr demands significant adjustments in payroll and reporting for accountants, impacting compliance, fi...
View articleThis regulatory update aims to simplify the reporting process, reduce administrative burdens, increase accuracy, and provide real-time reporting capab...
View articleTechnology could enable this by allowing teams to 'speak the same language' Read More...
View articleBegbies Traynor had a strong first half to its year, buoyed by increased revenue and a number of acquisitions Read More...
View articleRicky Shankar, Chairman of Clear Factor, explains how his own experience with banks led to the creation of Clear Factor - a decentralised global invoi...
View articleLooking at spending patterns of more than 1000 Spendesk users in 35 European countries, making 800,000 transactions totalling over €120million, the ‘S...
View article