IAS39 adoption no impact on BSkyB revenues

British Sky Broadcasting Group (BSkyB) has announced that the adoption of
controversial financial instruments standard IAS39 has had no impact on its
operating profit.

The broadcaster adopted IAS39 in its interim report for the half year ended
31 December 2005, which is to be filed with the SEC today.

It will use the standard in all quarterly reporting from now to account for
betting revenues and costs. Betting payouts will be included as a coast against
Sky Bet revenues.

The broadcaster said it had adopted the global rule following recent changes
in industry practice regarding the accounting for betting revenues and costs
under IFRS.

Related reading