PracticeAuditIFRS shift costs F&C more than £500,000

IFRS shift costs F&C more than £500,000

New rules will cost asset manager more than half a million pounds.

New accounting rules have cost asset manager Foreign & Colonial (F&C) more than half a million pounds, it said today.

Link: Finance week – Restatement pays off for publisher

In its final results, it said that it was working through the possible implications of implementing the new IFRS accounting standards. The cost to December 2004 had already been ‘in excess of £500,000’, it said.

Companies are now beginning to restate last year’s accounts in line with the new standards, but few have said precisely how much the move has cost them.

F&C has not as yet restated its accounts, saying that it will do so half way through the year. It added that it expected the effect to be ‘negligible’.

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