Adoption of Financial Reporting Standard (FRS) 101

RNS Number : 2023P

Babcock International Group PLC

16 February 2016

 

Babcock International Group PLC

16 February 2016

Notification to shareholders in accordance with FRS 101

Babcock International Group PLC 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

A new UK Generally Accepted Accounting Practice (GAAP) accounting framework introduced by the Financial Reporting Council (FRC) becomes effective for the financial statements of UK companies with accounting periods commencing on or after 1 January 2015.  Under this new framework, Babcock International Group PLC (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 the Company financial statements for the year ended 31 March 2016 and on an ongoing basis until such time as the Company notifies shareholders of any change.

The consolidated Group financial statements of the Company 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 Company's election to adopt FRS 101 for its Company financial statements does not require shareholder approval. However, as stipulated in FRS 101, the 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 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 Babcock International Group PLC, 33 Wigmore Street, London, W1U 1QX, United Kingdom not later than 11 March 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.

This announcement is made pursuant to Listing Rule 9.6.3. 

Albert Dungate

Group Company Secretary and General Counsel

Babcock International Group PLC

 

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