BHRUT annual report 2009 - Barking Havering and Redbridge ...

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Barking, Havering & Redbridge University Hospitals NHS Trust
44. Transition to IFRS
The table below reconciles the movement in
taxpayers' equity as a result of the transition to
International Financial Reporting Standards with effect
from 1 April 2009.
IFRS has affected the Trust in two material ways, by
taking both the PFI and accrued employee benefits,
(annual leave) into the Statement of Financial Position,
not required by previous reporting requirements.
The PFI hospital was opened in 2006, and appear in
the re-stated comparatives for 2008/2009 under IFRS.
An impairment was recognised in these figures for a
downward valuation of the land and buildings as at 1
April 2008.
Because the accrued employee benefits were
recognised for the first time in the 2008/09
restatement, there would have been a retrospective
adjustment to the Income Statement for this.
Retained Revaluation Donated Government
earnings reserve asset grant
reserve reserve
£000 £000 £000 £000
Taxpayers’ equity at 31 March 2009 under UK GAAP: -75,322 16,148 1,100 0
Adjustments for IFRS changes:
Private finance initiative -58,308 1,061 0 0
Leases 0 0 0 0
Others : Accrued Employee Benefits -1,049 0 0 0
Adjustments for:
Impairments recognised on transition 0 0 0 0
UK GAAP errors 0 0 0 0
Taxpayers’ equity at 1 April 2009 under IFRS: -134,679 17,209 1,100 0
£000
Surplus/(deficit) for 2008/09 under UK GAAP -35,674
Adjustments for:
Private finance initiative -19,054
Leases 0
Others : Reduction in annual leave accrual 721
Surplus/(deficit) for 2008/09 under IFRS -54,007
The transition to IFRS has had no impact on payments, receipts or cash-flows.
Annual Accounts