LONDON: British Airways said on Monday a switch to IFRS accounting standards had boosted its 2004 profits but chopped its net assets by almost 50% as employee benefits were moved to its balance sheet.
Operating profit under International Financial Reporting Standards (IFRS) rose to £556mil (US$990mil) from £540mil under the former UK GAAP rules, BA said in a statement to the stock exchange. Pre-tax profit rose to £513mil from £415mil. – Reuters
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