5th Sep 2018 11:59
LONDON (Alliance News) - 1PM PLC said Wednesday that it expects no material impact on on adoption of the new accounting standard, IFRS 9.
Chief Financial Officer James Roberts said: "I am very pleased that on the back of very detailed and thorough work undertaken internally and with the help of appropriate external advisers, the group is not expected to be materially impacted by the adoption of IFRS 9. This reflects the careful approach to provisioning the Group has already implemented."
IFRS 9 entered into effect in January and will replace the existing IAS 39. The alternative finance provider will implement it starting from its current financial year which began in June.
"1PM welcomes the implementation of IFRS 9, since IAS 39 can be challenging to apply, particularly in respect of the lease and loan portfolios where borrowers may be delayed in making, or even miss, a payment for a variety of often understandable and acceptable reasons," the company said.
1PM shares were trading up 1.5% at 53.80 pence each.
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