Barclays 2004 Annual Report Download - page 133

Changes in Accounting Presentation
The prior period presentation has, where appropriate, been restated to
conform with current year classification, and the change in accounting
policy discussed above.
US GAAP
Significant differences exist between accounting principles generally
accepted in the UK and those generally accepted in the US. The effect
of US GAAP on attributable profit and shareholders’ funds of Barclays
PLC is set out in Note 52.
Analyses by Geographical Segments and Classes of Business
The analyses by geographical segment are generally based on the
location of the office recording the transaction.
Acquisitions
In April 2002, Barclaycard acquired the UK Providian credit card business.
In October 2002, Barclays and Canadian Imperial Bank of Commerce
completed the combination of their retail, corporate and offshore
banking operations in the Caribbean to create FirstCaribbean
International Bank (FirstCaribbean). Barclays interest in the new entity
has been accounted for as an associated undertaking. The transaction
resulted in a gain for Barclays of £206m (recognised in the Statement of
total recognised gains and losses) consequent on the disposal of a share
of its Caribbean operations. The acquisition of a share of CIBC West
Indies Holding Limited generated goodwill in Barclays of £131m.
On 31st January 2003, Barclays acquired the retail stockbroking
business Charles Schwab Europe.
On 19th May 2003, Barclays completed the acquisition of Clydesdale
Financial Services Limited and its holding company Carnegie Holdings
Limited, a retailer point of sale finance business.
On 16th July 2003, Barclays completed the acquisition of Banco
Zaragozano, a Spanish private sector banking group.
On 17th December 2003, Barclays acquired Gerrard Management
Services Limited (‘Gerrard’), a private client discretionary and advisory
asset management business.
On 11th March 2004, Barclays purchased the remaining 40% minority
share in Barclays Cairo Bank.
On 1st December 2004, Barclays completed the acquisition of Juniper
Financial Corporation from Canadian Imperial Bank of Commerce.
Disposals
In 2002 the Group disposed of a share of the Group’s Caribbean
operation (see detail under Acquisitions above). The effect of the disposal
is reflected in the Statement of recognised gains and losses on page 133.
In 2003, the Group did not make any significant disposals.
On 7th April 2004, Barclays completed the disposal of its shareholding
in Edotech Limited to Astron, the business process outsourcing group.
Consolidated accounts Barclays PLC
Accounting presentation
131
Barclays PLC Annual Report 2004