Mothercare Plc : Adoption of Financial Reportin...

Mothercare plc

Notification to shareholders in accordance with FRS 101

Mothercare plc (the Company) has today sent a notice to shareholders, the full text of which is set out below.

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

We wish to notify you about certain proposed changes to the information that will be disclosed in Mothercare plc's (the Company's) future annual report and accounts.

The Financial Reporting Council (FRC) (the body responsible for setting UK standards for accounting, auditing and actuarial work) has published a number of new financial reporting standards which replace UK Generally Accepted Accounting Practice (UK GAAP) in its entirety. Companies in the UK and Ireland are required to adopt this new accounting framework in their financial statements for periods commencing on or after 1 January 2015.  Under this new framework, the Company is required to elect to prepare its parent company financial statements on one of the bases permitted by the FRC.

The Company proposes to adopt FRS 101 "Reduced Disclosure Framework" for the preparation of its parent company financial statements for the year ended 26 March 2016 and on an ongoing basis until such time as the Company notifies shareholders of any change to its chosen accounting framework for the parent company financial statements.  The disclosures are expected to be the same as, or to follow closely, those reported under the previous UK GAAP requirements.

Under this new framework, the Group will continue to prepare consolidated accounts in accordance with International Financial Reporting Standards, as adopted by the European Union.

The Company's election to adopt FRS 101 for its parent company financial statements does not require shareholder approval. However, as stipulated in FRS 101, Mothercare plc is required to notify all shareholders of this election. Any shareholder or shareholders holding an aggregate 5% or more of the total allotted shares 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 Mothercare plc, Cherry Tree Road, Watford, Hertfordshire, WD24 6SH no later than Monday 4 April 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.hemscott.com/nsm.do.

For further information please contact [e-mail]. 

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Mothercare Plc via Globenewswire

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