31 Mar 2016 07:52
31 March 2016
Hogg Robinson Group plc
("the Company")
Notification to shareholders on parent company financial statements: Adoption of Financial Reporting Standard 101 ("FRS101") - Reduced Disclosure Framework
The financial statements of the Company, (the parent company of the Hogg Robinson group of companies ("the Group")), for the year ended 31 March 2015 were prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"), and are set out on pages 96 to 103 of the 2015 Annual Report. The Company statements are presented separately from the consolidated Group financial statements which are set out on pages 45 to 95 of the Annual Report, which are prepared under International Financial Reporting Standards as adopted by the European Union ('IFRS').
Following the publication of FRS100, "Application of financial reporting requirements", by the Financial Reporting Council ('FRC'), UK entity accounts for the year ended 31 March 2016 are subject to a new accounting framework, and the Company is required to prepare its parent company financial statements for the current financial year (which ends on 31 March 2016) on one of the new bases permitted by the FRC. The Company proposes to adopt FRS 101 which provides for a reduced disclosure framework which will result in disclosures which are expected to be the same as, or follow very closely, the current UK GAAP accounting basis.
The Company's decision to adopt FRS101 does not require shareholder approval. However, 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 the Company's registered office (Global House, Victoria Street, Basingstoke, Hampshire UK RG21 3BT) not later than 21 days from the date of this notice, i.e. prior to 22 April 2016.
This notification will apply on a continuing basis until such time as the Company notifies its shareholders of any change to its chosen accounting framework for the Company's financial statements.
The consolidated financial statements of the Group will continue to be prepared in accordance with IFRS and are unaffected by this new accounting framework.
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Enquiries
Hogg Robinson Group plc
Keith Burgess, Company Secretary
+44 (0)1256 312 600
Notes to Editors:
Hogg Robinson Group plc is an award-winning international corporate services company. Established in 1845 and headquartered in Basingstoke, Hampshire, UK, the Company specialises in travel, expense and data management underpinned by proprietary technology. With a worldwide network that comprises over 120 countries, the Company provides unparalleled global expertise and local knowledge in Europe, North America, Asia Pacific, Africa, Latin America and MEWA.
www.hoggrobinson.com