BusinessCompany NewsIFRS sweetens profits for Alliance UniChem

IFRS sweetens profits for Alliance UniChem

New standards see chemical company's profits climb

Alliance Unichem has seen its 2004 profits increase by £20.2m after restating its accounts for the year under IFRS.

Link: The eigth annual FTSE350 audit fees survey

The chemical company recorded a profit of £167.1m for 2004 under UK GAAP, a bottom line that climbed to £187.3 when IFRS was applied to the accounts.

The main contributing factors to the added profit was an extra £15.1m that no longer subject to goodwill amortisation and £4.1m that was freed up because of changes to how deferred taxation is dealt with under IFRS.

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