30 Mar 2016 14:00
30 March 2016
DIXONS CARPHONE PLC
ADOPTION OF FINANCIAL REPORTING STANDARD (FRS) 101
Dixons Carphone plc (the "Company") has today sent a notice to shareholders, the full text of which is set out below.
Dear Shareholder
Notice of Adoption of Financial Reporting Standard 101: Reduced Disclosure Framework
The Company's parent company financial statements contained in the Annual Report and Accounts for the period ended 2 May 2015 were prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP). The Financial Reporting Council has introduced a new accounting framework which means the parent company must prepare its financial statements on a different basis.
The Board considers that it is in the best interests of the Group to adopt FRS 101 'Reduced Disclosure Framework'. The application of FRS 101 will result in only minor changes to the disclosures in the financial statements of the parent company. The consolidated financial statements of the Group will continue to be prepared in accordance with International Financial Accounting Standards and are unaffected by these changes.
The adoption of FRS 101 does not require shareholder approval. However, due to the election to apply 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% 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 Dixons Carphone plc, 1 Portal Way, London, W3 6RS no later than 22 April 2016. There is no need to respond to this communication unless you wish to object.
This notification will apply on an ongoing basis until such time as the Company notifies shareholders of any change to its chosen accounting framework for the parent company financial statements.
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.
- Ends -
Further information:
Nigel Paterson, Company Secretary and General Counsel
Tel: +44 (0)203 110 4411