Business
Adoption of Financial Reporting Standard (FRS) 101
Adoption of Financial Reporting Standard (FRS) 101.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n \nRNS Number : 2023P Babcock International Group PLC 16 February 2016 \n\nBabcock International Group PLC\n \n16 February 2016\nNotification to shareholders in accordance with FRS 101\nBabcock International Group PLC has today sent a notice to shareholders, the full text of which is set out below.\nAdoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework\nA new UK Generally Accepted Accounting Practice (GAAP) accounting framework introduced by the Financial Reporting Council (FRC) becomes effective for the financial statements of UK companies with accounting periods commencing on or after 1 January 2015. Under this new framework, Babcock International Group PLC (the Company) is required to elect to prepare its parent company financial statements on one of the bases permitted by the FRC. \nThe Company proposes to adopt FRS 101 \"Reduced Disclosure Framework\" for the preparation of the Company financial statements for the year ended 31 March 2016 and on an ongoing basis until such time as the Company notifies shareholders of any change. \nThe consolidated Group financial statements of the Company will continue to be prepared in accordance with International Financial Reporting Standards as adopted by the European Union and are unaffected by this new accounting framework.\n \nThe Company's election to adopt FRS 101 for its 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% or more of the total allotted shares in the Company may serve an objection to the use of the disclosure exemptions. Objections must be served in writing and delivered to the Group Company Secretary at Babcock International Group PLC, 33 Wigmore Street, London, W1U 1QX, United Kingdom not later than 11 March 2016. \nIn 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.\nThis announcement is made pursuant to Listing Rule 9.6.3. \n \nAlbert Dungate\nGroup Company Secretary and General Counsel\nBabcock International Group PLC\n \n \n \n \n\nThis information is provid...