Last checked at 10 Feb 2017 07:00
Driver Group plc ("the Company")
Adoption of the reduced disclosure framework within Financial Reporting Standard (FRS) 102
Driver Group plc, the international consultancy specialising in contract claims management, dispute resolution and expert witness services, today announces that following publication of FRS100 "Application of Financial Reporting Requirements" by the Financial Reporting Council, it is required to change the accounting framework for its entity financial statements and those of its UK subsidiaries, which currently adopt UK GAAP. It is intended, for the period ended 30 September 2016 and future years, that the parent entity and its UK subsidiaries adopt FRS102, which is based on International Financial Reporting Standards as adopted by the European Union. As part of the adoption of FRS 102, the parent entity and its UK subsidiaries intend to take advantage of the "Reduced Disclosure Framework" available within FRS 102.
Driver Group plc's consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.
Shareholder approval to adopt FRS 102 is not required. However, owing 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 five percent or more of the total allotted shares in the Company may object. Any objections must be served in writing not later than 5.00 p.m. on 15 February 2017 to the Company Secretary at the Company's registered office at 4 St. Crispin Way, Haslingden, Rossendale BB4 4PW.
Enquiries:
Driver Group plc
Gordon Wilkinson (CEO) 07964-518095 gordon.wilkinson@driver-group.com
Hugh Cawley (CFO) 07971-469975 hugh.cawley@driver-group.com
N+1 Singer - Nominated Adviser
Sandy Fraser/James White 0207-496-3000