16th Apr 2015 09:35
LONDON (Alliance News) - Shares in London & Associated Properties PLC were temporarily suspended Thursday, after the company said the publication of its 2014 results will be delayed because new accounting rules require it to consolidate its results with those of associate Bisichi Mining PLC.
It said that implementing the new rule, IFRS 10, meant its accounts wouldn't be published by the end-April deadline.
London & Associated owns 41.52% of Bisichi, which is operated and managed as a separate company. However, the company said that "taking into account the strict terminology used in IFRS 10, it is apparent that LAP, for accounting purposes, is deemed to control Bisichi and, as a result, consolidation is now required".
"The extra work required to carry out this exercise for the first time is significant and covers the accounts for the last three financial years. While all reasonable efforts are being made to progress this task, publication of the audited financial statements for 2014 will not be achieved before 30th April 2015. At present the board expects that LAP's audited financial statements will be available no later than the end of May 2015," it added.
The company's shares closed at 40.63 pence on Wednesday.
By Steve McGrath; [email protected]; @stevemcgrath1
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