British Energy skips estimates standard
FTSE100 company drops IAS34 in interim results announcement
FTSE100 company drops IAS34 in interim results announcement
British Energy has become the latest company to exploit an IFRS loophole as
it presented its interim results, by ignoring a standard that places a burden on
estimated numbers.
In an announcement to the stock exchange, the energy giant said this week, it
was not complying with IAS 34. The rule means any estimates released in interims
have to be justified if they change substantially at year end.
Ken Wild, Deloitte’s technical partner, said: ‘A lot of companies are doing
this, but I think it’s a pretty good strategy. IAS 34 is optional until on or
after 20 January 2007 when EU member states have to meet a new transparency
directive. They may not be complying with it but are still trying to meet it in
the long run.’
Find the report at
investegate.co.uk
The numbers you crunch tell a story. Your expertis...
17yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleNationwide acquires Virgin Money for £2.9 billion, becoming the UK's second-largest mortgage lender and significantly altering the financial sector's ...
View articleThe Bank of England maintains the interest rate at 5.25%, reflecting optimism for economic recovery and potential future rate cuts, amidst signs of ea...
View articleUK wage growth cools, sparking debate within the Bank of England. Will a slowdown be enough to tame inflation and avoid interest rate hikes? Household...
View articleWorking parents can save on Easter childcare with the Tax-Free Childcare scheme. Read More...
View articleUK's accounting watchdog, the FRC, eyes a move out of London's financial center by year-end. Canary Wharf or Stratford are potential new hubs, reflect...
View articleSmall businesses within the UK will be allowed to take out loans up to £50k, with all loans guaranteed at the same interest rate Read More...
View articleAmidst cancelled exams and revoked internships, there are concerns that the accountants of the future are being left behind Read More...
View articleData security experts warn accountants that phishing and hacking schemes are on the rise, putting firms at risk of GDPR fines and data breaches Read M...
View article