Business
Notification of Adoption of FRS 101
Notification of Adoption of FRS 101.
About this update from Anglo Asian Mining Plc
[{"type":"text","content":"\n \nRNS Number : 1992N Anglo Asian Mining PLC 28 January 2016 \n\nAnglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector: Mining\n \n28 January 2016\nAnglo Asian Mining plc\n \nNotification of Adoption of FRS 101\n \nAnglo Asian Mining plc (\"Anglo Asian\" or \"the Company\"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that it today sent a letter to shareholders, the content of which is set out below:\n \nParent company financial statements year ended 31 December 2015.\n \nNotification of adoption of Financial Reporting Standard 101 (\"FRS 101\"): Reduced Disclosure Framework\n \nThe parent company financial statements for Anglo Asian Mining PLC (the \"Company\") contained within the Company's annual report and accounts 2014 were prepared in accordance with UK Generally Accepted Accounting Practice (\"UK GAAP\").\n \nA new UK GAAP accounting framework introduced by the Financial Reporting Council (\"FRC\") becomes mandatorily effective for the financial statements of United Kingdom companies with accounting periods commencing on or after 1 January 2015. Under this new framework, the Company is required to elect to prepare its parent company financial statements on one of the new bases permitted by the FRC. The consolidated group financial statements of the Company will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by this new accounting framework.\n \nThe Company proposes to adopt FRS 101 \"Reduced Disclosure Framework\" for the preparation of the parent company financial statements for the year ended 31 December 2015 which will be included in the Company's annual report for 2015. The Company will take advantage of the disclosure exemptions allowed under FRS 101. Accordingly, the disclosures in the parent company financial statements prepared under FRS 101 are expected to be the same, or follow closely, those previously reported under UK GAAP. \n \nThe Company's decision to adopt FRS 101 for its parent company's financial statements does not require shareholder approval. However, as set out 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 o...