Adoption of Financial Reporting Standard FRS 102

RNS Number : 6882R

Begbies Traynor Group PLC

10 March 2016

 

10 March 2016

Begbies Traynor Group plc

Adoption of Financial Reporting Standard FRS 102

Begbies Traynor Group plc ('the Company') announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, the Company is required to change the accounting framework for its Company financial statements and in particular those of its subsidiaries, which currently adopt UK GAAP. The group's consolidated financial statements will continue to be prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') and are unaffected by this adoption going forward.

It is intended for the year ended 30 April 2016 and future years that the Company and group subsidiaries adopt FRS 102, which is based on IFRS. As part of the adoption of FRS 102, the Company and group subsidiaries intend to take advantage of the "Reduced Disclosure Framework" available within FRS 102.

The Company's decision to adopt FRS 102 for its Company financial statements and those of its subsidiaries does not require shareholder approval. However, due to the election to take certain disclosure exemptions permitted under FRS 102, the Company is required to notify shareholders of this election and any shareholder or shareholders holding in aggregate 5 per cent or more of the total allotted shares in the Company may object. Objections must be served in writing to the Company Secretary at the Company's registered office (340 Deansgate, Manchester, M3 4LY) no later than 1 April 2016.

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Enquiries please contact:

Begbies Traynor Group PLC                                                                0161 837 1700

Ric Traynor - Executive Chairman

Nick Taylor - Group Finance Director

Canaccord Genuity Limited                                                                 020 7523 8350

(Nominated Adviser and Joint Broker)

Bruce Garrow / Nilesh Patel

Shore Capital                                                                                      020 7408 4090

(Joint Broker)

Mark Percy / Anita Ghanekar

MHP Communications                                                                         020 3128 8100

Reg Hoare / Katie Hunt / Giles Robinson

 

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