Adoption of Financial Reporting Standard (FRS) 101

RNS Number : 0177R

Iomart Group PLC

03 March 2016

 

iomart Group plc

("iomart" or the "Company")

Adoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework

iomart 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 entity financial statements and those of its subsidiaries which currently adopt United Kingdom Generally Accepted Accounting Standards (UK GAAP). It is intended for the year ended 31 March 2016 and future years that the parent entity and its subsidiaries adopt FRS 101 'Reduced Disclosure Framework', based on International Financial Reporting Standards (IFRS) as adopted by the European Union.

iomart's consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

Objections to the use of the disclosure exemptions may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares of the Company in writing to Bruce Hall, Company Secretary, at its registered office (iomart Group plc, Lister Pavilion, Kelvin Campus, West of Scotland Science Park, Glasgow G20 0SP) not later than 31 March 2016.

Enquiries:

iomart Group plc

Bruce Hall                                                                           0141-931-6400

Company Secretary

 

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