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.
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.