PracticeAuditRexam gets IFRS boost

Rexam gets IFRS boost

Profits after tax almost double under new rules.

FTSE100 can manufacturer Rexam has seen its 2004 profits almost double under new accounting rules.

Link: Big Four key to IFRS in the EU

The consumer packaging giant restated last year’s accounts today in line with new International Financial Reporting Standards.

Rexam does not have to amortise goodwill under the new rules, which added £75 million to its profits after tax, up to £207 million from £121 million.

The group was also affected by accounting changes to its goodwill in reserves, deferred tax, share-based payments and functional currency changes.

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