What is the basis of preparation of ITV’s financial statements?
From 1 January 2005 ITV will be reporting its financial results in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. The Group’s first IFRS results will be the interim results for the six months to 30 June 2005 with the first annual report under IFRS being for the year ended 31 December 2005. See the press release with ITV’s restated 2004 results Preliminary International Financial Reporting Standards Financial Statements for 2004. Previously ITV has reported its financial statements in accordance with UK Generally Accepted Accounting Principles (“UK GAAP”).
