Adoption of FRS 101

RNS Number : 0667P

Surgical Innovations Group PLC

15 February 2016

 

Surgical Innovations Group plc

("Surgical Innovations" or "the Company")

Notification to Shareholders of Adoption of Financial Reporting Standard (FRS) 101

Surgical Innovations announces that it has sent a letter to its shareholders, the content of which is set out below:

Adoption of FRS 101 for Surgical Innovations Group plc entity financial statements

Following the publication of FRS 100, 'Application of financial reporting requirements', by the Financial Reporting Council, Surgical Innovations is required to change its accounting framework for its entity financial statements, which is currently UK GAAP, for its financial year commencing 1 January 2015.

The Board considers that it is in the best interests of the entity for Surgical Innovations Group plc to adopt FRS 101, 'Reduced disclosure framework'.

No disclosures in the 2015 UK GAAP financial statements would be omitted on adoption of FRS 101. 

A shareholder or shareholders holding in aggregate 5% or more of the total allotted shares in Surgical Innovations can serve objections to the use of the disclosure exemptions on Surgical Innovations, in writing, to the Company Secretary at Surgical Innovations, Clayton Wood Bank, Leeds, LS16 6QZ, not later than 29 February 2016. 

This election will apply on an ongoing basis until such time as Surgical Innovations notifies shareholders of any change to its chosen accounting framework for the parent entity financial statements.

Please note this election only applies to the Surgical Innovations parent entity financial statements and does not affect the group consolidated financial statements which will continue to report under EU-adopted International Financial Reporting Standards.

ENDS

For further information please visit www.sigroupplc.com or contact:

Surgical Innovations Group plc

Melanie Ross (Company Secretary)

Tel: [phone]

WH Ireland Limited (Nominated Adviser and Broker)

Tim Feather / Liam Gribben

Tel: [phone]

 

END

 

 

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