Adoption of Financial Reporting Standard (FRS) 102
De La Rue plc (the "Company")
Notification to Shareholders of Adoption of Financial Reporting Standard (FRS) 102
On 19 April 2016, the Company sent a notice to shareholders, the full text of which is set out below.
"ADOPTION OF FRS 102
Following the publication of FRS 100 Application of Financial Reporting Requirements by the Financial Reporting Council, De La Rue plc (the "Company") is required to change its accounting framework for its entity financial statements (currently prepared under UK GAAP) for the financial year commencing 29 March 2015.
The Board considers that it is in the best interests of the Group for the Company to adopt FRS 102 (The Financial Reporting Standard) with reduced disclosures. No disclosures in the current UK GAAP financial statements would be omitted on adoption of FRS 102.
Although the decision does not require formal shareholder approval, the Company is required to notify all shareholders and any shareholder or shareholders holding in aggregate 5% or more of the allotted shares in the Company may object. Please note that if you do not have any objections to this proposal, you do not need to take any further action. Objections to the use of the disclosure exemptions must be served in writing to the Company's registered office, at De La Rue House, Jays Close, Viables, Basingstoke, Hampshire, RG224BS (for the attention of the Company Secretary) not later than 6 May 2016.
This notification will apply on an ongoing basis until such time as the Company notifies its shareholders of any change to its accounting framework for the parent Company financial statements.
The Group's consolidated financial statements will continue to be prepared in accordance with International Financial Reporting Standards (IFRS) and are unaffected by this new accounting framework."
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 ir@delarue.com.
This information is provided by RNS
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