BUSINESS NEWS: Impairment reviews knock Vodafone for biggest ever loss. By John Stokdyk
Mobile phone operator Vodafone this week announced a £14.9 billion loss on revenues of £29.4 billion for the year to 31 March 2006.
The company was at pains to point out in its results statement that the loss - the biggest ever in UK corporate history - was primarily due to £23.5 billion in goodwill write-downs on companies it had acquired in recent years.
Vodafone has been preparing its accounts under International Financial Reporting Standards (IFRS) since April 2004.
IAS 36 'Impairment