Cigarette giant snubs interim reporting standard

The company followed British Energy in exploiting an accounting loophole as
it presented its interim results by ignoring IAS 34, a standard that places a
burden on estimated numbers. The rules mean any estimates released in interims
have to be justified if they change substantially at year end.

Imperial Tobacco, which owns the Lambert & Butler brand, said: ‘The Group
has chosen not to adopt early IAS 34 in preparing its 2007 interim statement. ‘

This is the last time that Imperial Tobacco can take advantage of the
loophole as the standard became compulsory for companies with interim reporting
periods starting after 20 January 2007 when EU member states have to meet a new
transparency directive.

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