Notice of Adoption of FRS 101

RNS Number : 7748A

Diploma PLC

13 June 2016

 

DIPLOMA PLC

                                           12 CHARTERHOUSE SQUARE, LONDON EC1M 6AX

TELEPHONE: [phone]

FACSIMILE: [phone]

FOR IMMEDIATE RELEASE

13 June 2016

Adoption of Financial Reporting Standard (FRS) 101 - Parent Company Financial Statements

A new UK Generally Accepted Accounting Practice accounting framework introduced by the Financial Reporting Council ("FRC") became effective for the financial statements of UK companies with accounting periods commencing on or after 1 January 2015. Under this new framework, Diploma PLC (the "Parent Company") is required to elect to prepare its parent company financial statements on one of the bases permitted by the FRC.

The consolidated financial statements of the Group will continue to be prepared in accordance with International Financial Reporting Standards as adopted by the European Union and are unaffected by this new accounting framework.

The Parent Company proposes to adopt Financial Reporting Standard ("FRS") 101 "Reduced Disclosure Framework" for the preparation of the Parent Company financial statements for the year ended 30 September 2016 and on an ongoing basis until such time as the Parent Company notifies shareholders of any change.

The Parent Company's election to adopt FRS 101 for its company financial statements does not require shareholder approval. However, as stipulated in FRS 101, the Parent Company is required to notify all shareholders of this election. Any shareholder (or shareholders) holding in aggregate 5% or more of the total allotted shares in the Parent Company may serve an objection to the use of the disclosure exemptions. Objections must be served in writing and delivered to the Group Company Secretary at Diploma PLC, 12 Charterhouse Square, London, EC1M 6AX, United Kingdom no later than 18 July 2016.

In accordance with Listing Rule 9.6.1 a copy of the notification sent to shareholders has been submitted to the National Storage Mechanism and will shortly be available at www.morningstar.co.uk/uk/nsm.

This announcement is made pursuant to Listing Rule 9.6.3.

For further information, please contact:

Diploma PLC -	[phone]
Anthony Gallagher, Group Company Secretary

Note: For the purposes of DTR6.4.2R, the Home State of Diploma PLC is the United Kingdom.

 

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