Sheffield United may adopt IFRS early
Sheffield United Football Club is likely to adopt international accounting rules in 2006, despite the alternative investment market giving its 900-plus small cap companies a reprieve until 2007.
The Coca-Cola Championship club, currently lying seventh in the league, last week released its 2003 preliminary results.
Mark Fenoughty, finance director at Sheffield United, told Accountancy Age that the club was ‘in two minds’ over whether to accept the 2007 delay offer.
Fenoughty said although the club was not really affected by IFRS it is ‘geared up to do it’. ‘We may adopt before we have to,’ he said.
Sheffield United announced an operating loss of £700,000, compared with a £500,000 profit the year before. Fenoughty put the loss down to ‘playing a third less home games’.