Adoption of FRS 101 Reduced Disclosure Framework

RNS Number : 2328Q

M&C Saatchi PLC

25 February 2016

 

M&C Saatchi plc

("M&C Saatchi" or "the Company")

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

Following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, M&C Saatchi is required to change the accounting framework for its entity financial statements and those of its subsidiaries, which for 2014 accounts have used United Kingdom Generally Accepted Accounting Standards (UK GAAP). It is intended for the year ended 31 December 2015 and future years that the parent entity and its current United Kingdom registered subsidiaries adopt FRS 101 "Reduced Disclosure Framework", based on 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 the Company Secretary Andrew Blackstone, at our registered office (36 Golden Square, London, W1F 9EE not later than 11 March 2016.

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

ENDS

For further information:

M&C Saatchi	[phone]
Andy Blackstone, Company Secretary
Numis Securities	[phone]
Nick Westlake, NOMAD
Charles Farquhar, Corporate Broking
Tulchan Communications	[phone]
Tom Murray

 

END

 

 

CIRSEAEDIFMSESE