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ADOPTION OF
INTERNATIONAL FINANCIAL REPORTING
STANDARDS
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The group’s consolidated financial
statements have been prepared in accordance with IFRS and IFRIC interpretations
in issue as adopted by the EU effective as at 31 March 2006. Following the announcement
by the SEC to allow an exemption from the provision of a second year of comparative
financial statements, BT decided to take advantage of the exemption and hence
the transition date for the adoption of IFRS is 1 April 2004. All comparative
data in these statements has been restated accordingly with the exception that
the group has taken the exemption allowed by IFRS 1 ‘First-time Adoption
of
International Financial Reporting Standards’ not to restate comparatives
for IAS 32 and IAS 39. Further details can be found in note 34
to the group’s consolidated financial statements. The parent company financial statements
of BT Group plc have been prepared in accordance with UK GAAP.
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