RE: Really quite amusing26 Feb 2019 12:40
Taken from the RNS - conforms to IFRS
2. Basis of preparation
The financial statements of Tekcapital PLC Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRS Interpretations Committee (IFRSIC) as adopted by the European Union and the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements will be disclosed in note 4 of the FY 2018 accounts. Those assumptions and estimates include discount rates, sales projections and licence royalty rates used in the valuation of the Group's main portfolio companies such as Guident, Lucyd and Salarius and will also be disclosed in Note 12 to the FY18 accounts.