Tesco sees up to £30m impact from IFRS

From Business World:

Tesco said the adoption of the International Financial Reporting Standards (IFRS) will impact net profit from the 2005-06 year end by between zero and £30m.

The supermarket giant said the new accounting procedures would have no impact on pre-tax cash flow, it added.

Its 2004/05 accounts, restated under IFRS, will be issued in May 2005.