Last checked at 4 Jul 2016 07:00
PZ Cussons Plc
(the "Group")
Notice of Adoption of Financial Reporting Standard 101 (FRS 101): Reduced Disclosure Framework for Parent Company reporting
The Financial Reporting Council (FRC) (the body responsible for setting UK standards for accounting, auditing and actuarial work) has published a number of new financial reporting standards which replace UK Generally Accepted Accounting Practice (UK GAAP) in its entirety. Companies in the UK and Ireland are required to adopt this new accounting framework in their financial statements for periods commencing on or after 1 January 2015.
Under this new framework, the Group will continue to prepare consolidated accounts under EU-adopted International Financial Reporting Standards (IFRS).
However, the Company proposes to present the financial statements of the parent company, PZ Cussons Plc, under FRS 101 Reduced Disclosure Framework, whereas historically these had been prepared under UK GAAP.
The Company proposes to adopt FRS 101 for its parent company financial statements for the year ended 31 May 2016 and 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.
FRS 101 applies the same measurement and disclosure requirements of IFRS but makes available an option to take certain disclosure exemptions. The Company plans to take advantage of all disclosure exemptions (as applicable) as set out in paragraph 8 of FRS 101 in preparing the parent company financial statements.
The Company's election to adopt FRS 101 for its parent company financial statements does not require shareholder approval. However, as stipulated in FRS 101, the Company is required to notify all shareholders of this election. Any shareholder or shareholders holding in aggregate 5 per cent or more of the total allotted shares in the Company may serve an objection. Objections must be served in writing and delivered to the Group Company Secretary at PZ Cussons plc, Manchester Business Park, 3500 Aviator Way, Manchester, M22 5TG, United Kingdom by no later than 22 July 2016.
If shareholders do not object to the proposal, then no further action is necessary.
For further information, please contact:
PZ Cussons plc Tel: 0161 435 1000
www.pzcussons.comS P Plant, Company Secretary