The Learning and Skills Councils Annual Report and Accounts for ...

2 First-time adoption of IFRS
£’000
Taxpayers’ equity at 31 March 2008 under UK generally accepted accounting principles (GAAP) (220,245)
Reclassification: IAS 38 Intangible Assets – IT systems (from tangible assets) (37,617)
Reclassification: IAS 38 Intangible Assets – IT systems to intangible assets 37,617
Adjustments: IAS 19 Employee Benefits – compensated holiday absences (854)
Cost of capital (15)
Cost of capital (reversed through reserves) 15
Taxpayers’ equity at 1 April 2008 under IFRS (221,099)
Net expenditure for 2007–08 under UK GAAP 11,080,691
Adjustments: IAS 19 Employee Benefits – compensated holiday absences 854
Adjustments: cost of capital (15)
Net expenditure for 2007–08 under IFRS 11,081,530
Taxpayers’ equity at 31 March 2009 under UK GAAP (164,269)
Reclassification: IAS 38 Intangible Assets – IT systems from tangible assets (67,176)
Reclassification: IAS 38 Intangible Assets – IT systems to intangible assets 67,176
Taxpayers’ equity at 31 March 2009 under IFRS (164,269)
Net expenditure for 2008–09 under UK GAAP 11,828,504
Adjustments: IAS 19 Employee Benefits – compensated holiday absences (854)
Cost of capital (15)
Net expenditure for 2008–09 under IFRS 11,827,635
Notes
The date of the transition to IFRS was 1 April 2008.
The adoption of IAS 38 Intangible Assets meant that all IT systems developed and owned by the LSC were reclassified from
tangible assets under UK GAAP to intangible assets under IFRS. This change had no impact on the overall financial position
of the LSC.
The adoption of IAS 19 Employee Benefits required the LSC to account for the value of paid holiday leave that was unused
at the year-end.
The adoption of IFRS had no impact on the cash position of the LSC.
54 LSC Annual Report and Accounts 2009–10