Notification in accordance with FRS 101
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Press Release |
15 January 2016 |
BrainJuicer Group PLC
("BrainJuicer", the "Company" or the "Group")
Notification to Shareholders in accordance with FRS 101
BrainJuicer, the innovative international market research agency, announces that it today sent a letter to shareholders, the content of which is set out below:
Adoption of Financial Reporting Standard (FRS) 101 for parent company financial statements
Following the publication of FRS 100 Application of Financial Reporting Requirements by the Financial Reporting Council (FRC), BrainJuicer is required to change the accounting framework for its parent entity financial statements and those of its subsidiaries, which have up until now adopted UK Generally Accepted Accounting Practice (UK GAAP).
The consolidated financial statements of the Group are and will continue to be prepared in accordance with International Financial Reporting Standards (IFRS), and no changes are required.
For the individual accounts of the parent entity and its UK subsidiaries, the Board considers that it is in the best interests of the Group to adopt FRS 101 Reduced Disclosure Framework. No disclosures in the previous UK GAAP financial statements would be omitted on adoption of FRS 101.
The Company's decision to adopt FRS 101 for its parent entity financial statements and those of its UK subsidiaries does not require shareholder approval. However, due to the election to take the disclosure exemptions permitted under FRS 101, the Company is required to notify all shareholders of this election and any shareholder or shareholders holding in aggregate 5 per cent or more of the total allotted shares in the Company may object. Objections must be served in writing and delivered to the Company Secretary at the Company's registered office (Russell Square House, 10-12 Russell Square, London, WC1B 5EH) not later than 14 February 2016.
This notification will apply on an ongoing basis until such time as the Company notifies its shareholders of any change to its chosen accounting framework for the parent company financial statements.
The Company can be found at www.brainjuicer.com.
For further information, please contact:
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BrainJuicer Group PLC |
Tel: +44 (0)20 7043 1000 |
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John Kearon, Chief Executive Officer |
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James Geddes, Chief Financial Officer |
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Canaccord Genuity Limited (Nomad) |
Tel: +44 (0)20 7523 8000 |
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Simon Bridges / Henry Fitzgerald-O'Connor / Emma Gabriel |
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This information is provided by RNS
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