British Land's EPS jumps with IFRS
British Land's will see its earnings per share rocket to 72p from 59p under IFRS.
In comparing its figures using IFRS instead of UK GAAP for the six months ended 30 September 2004, the FTSE100 commercial property group said that the jump in its EPS would be caused by the inclusion in the income statement of revaluation surpluses.
The treatment of property valuation movements and contingent tax are the most significant changes for BL under the new accounting standards.
‘The underlying performance of the business, its cash flows and dividend policy will be unaffected by the introduction of IAS,’ the group said in a statement.