Last checked at 10 Mar 2016 10:31
10 March 2016
Begbies Traynor Group plc
Adoption of Financial Reporting Standard FRS 102
Begbies Traynor Group plc ('the Company') announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, the Company is required to change the accounting framework for its Company financial statements and in particular those of its subsidiaries, which currently adopt UK GAAP. The group's consolidated financial statements will continue to be prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') and are unaffected by this adoption going forward.
It is intended for the year ended 30 April 2016 and future years that the Company and group subsidiaries adopt FRS 102, which is based on IFRS. As part of the adoption of FRS 102, the Company and group subsidiaries intend to take advantage of the "Reduced Disclosure Framework" available within FRS 102.
The Company's decision to adopt FRS 102 for its Company financial statements and those of its subsidiaries does not require shareholder approval. However, due to the election to take certain disclosure exemptions permitted under FRS 102, the Company is required to notify 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 to the Company Secretary at the Company's registered office (340 Deansgate, Manchester, M3 4LY) no later than 1 April 2016.
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Enquiries please contact:
Begbies Traynor Group PLC 0161 837 1700
Ric Traynor - Executive Chairman
Nick Taylor - Group Finance Director
Canaccord Genuity Limited 020 7523 8350
(Nominated Adviser and Joint Broker)
Bruce Garrow / Nilesh Patel
Shore Capital 020 7408 4090
(Joint Broker)
Mark Percy / Anita Ghanekar
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt / Giles Robinson