UK plc gets extra month to deal with IFRS
The Financial Services Authority is to allow listed companies an extra month to publish their first interim results under international financial reporting standards.
In a letter sent to chief executives of listed companies in the UK, Gay Huey Evans, director of markets at the FSA, said that the watchdog would relax the requirements of the listing rules, which require results publication within 90 days of the period end.
For their first interim results, companies will now be given 120 days to release figures, provided they notify the market of the intended delay before the period end and explain the reason for doing so.
The letter also set out its stall on dealing with financial instruments standard IAS39. The FSA expects ‘clear disclosure on the application of IAS39 in any preliminary, annual or interim results’, this includes whether the company will be using the full version of the standard or the European Union’s ‘carve-out’.