IFRS Guidance and Seminar
Tesco PLC
25 February 2005
25 February 2005
Tesco holds IFRS Seminar for investors
Tesco will hold a seminar today, to help investors and analysts understand the
changes which will impact the company's reported accounts from the 2005/06 year
end as a result of the introduction of International Financial Reporting
Standards (IFRS).
The seminar will show that, while some reported figures may alter as a result of
IFRS, the business itself will not change.
Commenting on the seminar, Finance and Strategy Director Andrew Higginson, said:
'Tesco is the same business under IFRS as it was before. The adoption of IFRS is
an important issue for all EU listed companies and one that we take seriously,
but ultimately, it is an accounting, not an operational change.'
Tesco estimates that IFRS will have a small impact on statutory profit after tax
(between zero and £30 million)* and no impact on group pre-tax cash flow.
To help investors further, the 2004/05 accounts, restated under IFRS, will be
issued in May 2005.
Year end changes
The company will also take the opportunity to provide an update on the changes
to its reporting timetable which result from the harmonisation of international
and group year ends.
The 2005/06 financial year will end on 2 April 2006. Thereafter, the timetable
will be as follows:
• Half year end - last Sunday in September / first Sunday in October
• Year end - first Sunday in April
• 13 week quarters, with trading updates for Q1 and Q3 (Q3 to include
Christmas and New Year)
The full presentation will be made available at 9.00am this morning on the
company's website, at www.tesco.com/corporateinfo
* This impact excludes the effect of IAS32 and IAS39 - Tesco has elected to take
a one year exemption on these standards, as allowed under IFRS rules
Contacts
Investor Relations Steve Webb 01992 644800
Press Jon Church 01992 646606
Notes to Editors
1. International Financial Reporting Standards have been drawn up by the
International Accounting Standards Board (www.iasb.org) and will come into
force this year for listed companies in all member countries of the European
Union and in many other countries around the world.
2. While UK industry has to cope with the introduction of 37 new standards under
IFRS, 17 of these have little or no impact on Tesco. A further 9 lead only
to additional disclosure. Of the 11 remaining standards, in line with many
other companies, Tesco has elected to take a one-year exemption on IAS32
and IAS39.
3. Tesco will report its final full year results under UK GAAP on 12th April
2005.
This information is provided by RNS
The company news service from the London Stock Exchange
D
MSCIFFLLFRISFIE
Latest directors dealings
- 14 minutes ago Morgan Sindall Group
- 2 hours ago River Global Plc
- 4 hours ago Pipehawk
- 4 hours ago Frasers Group
- 4 hours ago DP Aircraft I Limited Pref