New practices will dent figures, but retailer insists impact will be minimal
Tesco said its adoption of International Financial Reporting Standards (IFRS) would wipe up to£30 million from its profit after tax. However, the accounting procedures will not affect pre-tax profit. The retailer's accounts for the latest financial year, restated under IFRS, will be issued in May.

Tesco finance and strategy director Andrew Higginson was keen to assure investors that the adoption of the procedures would have little impact on the retailer. He said: 'Tesco is the same business under IFRS as it was before. The adoption of IFRS is an important issue for all EU-listed companies and that we take seriously, but, ultimately, it is an accounting, not an operational change.'