As part of its discussion on the adoption of IFRS, Easyjet reveals that it will not adopt

IAS 32, Financial Instruments: Disclosure and Presentation, and IAS 39, Financial Instruments: Recognition and Measurement, for the preparation of IFRS comparative information.

IFRS 1, First-time Adoption of IFRS, states that, in its first IFRS statements, an entity that adopts IFRSs before 1 January 2006 shall present at least one year of IFRS comparative information, but this comparative information need not comply with IAS 32 and IAS 39 (para 36A).

Easyjet will not adopt these standards for its comparatives but will with effect from 1 October 2005 when it adopts IFRS. In addition, given that it has a September year end, the company will be a fairly late adopter of IFRS and will be analysing in detail published financial statements to determine the extent to which 'best practice' emerges.