AstraZeneca takes $104m IFRS hit
Drugs giant AstraZeneca has restated its 2003 results under international financial reporting standards, resulting in a $104m (£56m) reduction in operating profit.
The figures, released this morning, are ‘designed to enable shareholders and the financial community to make comparisons when the new IAS/IFRS guidance is fully introduced from 1 January 2005,’ according to Jonathan Symonds, chief financial officer of AstraZeneca.
Symonds is also chairman of the FTSE100 group of finance directors, and the restatement, believed to be the first of its kind, is widely seen as an exercise of leading by example.
The $104m hit was described by Symonds as ‘modest’ in the group’s overall operating profit of over $4.1bn.