Business
Adoption of FRS 101 - Reduced Disclosure Framework
Adoption of FRS 101 - Reduced Disclosure Framework.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6157D Ceres Power Holdings plc 08 July 2016 \n\n8 July 2016\n \nCeres Power Holdings plc\n(\"the Company\")\n \nNotification to Shareholders Regarding the Adoption of Financial Reporting Standard (\"FRS\") 101 - Reduced Disclosure Framework \n \nCeres Power Holdings plc (AIM: CWR), a world leader in low cost, next generation fuel cell technology, announces that it has sent a letter to its shareholders, the content of which is reproduced below:\nA new accounting framework introduced by the Financial Reporting Council (\"FRC\") becomes mandatorily effective for financial statements commencing on or after 1 January 2015. Under this new framework, the Company is required to elect to prepare its company financial statements on one of the new bases permitted by the FRC. The consolidated financial statements of the Company will continue to be prepared in accordance with EU-adopted International Financial Accounting Standards and are unaffected by this new accounting framework.\nThe Directors have elected to adopt FRS 101 Reduced Disclosure Framework for the Company's financial statements for the year ended 30 June 2016 which will be included in the Company's Annual Report for 2016 and on an ongoing basis until such time as the Company notifies shareholders of any change to its chosen accounting framework for the Company's financial statements. The Company intends to take advantage of the disclosure exemptions allowed under FRS 101. Accordingly, the disclosures in the Company's financial statements prepared under FRS 101 are expected to be the same or follow closely those previously reported under UK GAAP.\nThe Company's decision to adopt FRS 101 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 may serve an objection. Objections must be served in writing and delivered to the Company Secretary at the Company's registered office Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX not later than 31st July 2016.\n \nFor further information please contact:\n \n\n\n\n\nCeres Power Holdings plc\nPhil Caldwell, CEO\nRichard Preston, CFO\n\n\nTel: +44 (0)1403 ...