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London & Associated Properties delays publication of annual accounts

Introduction of IFRS 10 forces London property developer to delay publication of its annual accounts

THE PUBLICATION of London & Associated Properties’ (LAP) annual accounts has been delayed because of the introduction of IFRS 10, the property investment and development business said in a stock exchange announcement.

Shares in the developer have been suspended until the publication of the annual financial report, which will be delayed beyond 30 April 2015.

The company said the delay relates purely to the new accounting requirements and does not reflect any issues concerning the underlying trading of the business, which has continued in line with their previous expectations following the announcement of its interim results on 28 August 2014.

IFRS 10 Consolidated Financial Statements outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. The standard was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013.

The introduction of IFRS 10, which applies from this year, requires the board to prepare financial statements which consolidate LAP together with its associated company Bisichi Mining.

“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,” the company said.

The board expects that LAP’s audited financial statements will be available no later than the end of May 2015.

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