Business
Notice of Adoption of FRS 101
Notice of Adoption of FRS 101.
About this update from Diploma Plc
[{"type":"text","content":"\n \nRNS Number : 7748A Diploma PLC 13 June 2016 \n\n \nDIPLOMA PLC\n 12 CHARTERHOUSE SQUARE, LONDON EC1M 6AX\nTELEPHONE: +44 (0)20 7549 5700\nFACSIMILE: +44 (0)20 7549 5715\n \nFOR IMMEDIATE RELEASE\n \n13 June 2016\n \n \nAdoption of Financial Reporting Standard (FRS) 101 - Parent Company Financial Statements\n \nA new UK Generally Accepted Accounting Practice accounting framework introduced by the Financial Reporting Council (\"FRC\") became effective for the financial statements of UK companies with accounting periods commencing on or after 1 January 2015. Under this new framework, Diploma PLC (the \"Parent Company\") is required to elect to prepare its parent company financial statements on one of the bases permitted by the FRC. \n \nThe consolidated financial statements of the Group 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 Parent Company proposes to adopt Financial Reporting Standard (\"FRS\") 101 \"Reduced Disclosure Framework\" for the preparation of the Parent Company financial statements for the year ended 30 September 2016 and on an ongoing basis until such time as the Parent Company notifies shareholders of any change.\n \nThe Parent Company's election to adopt FRS 101 for its company financial statements does not require shareholder approval. However, as stipulated in FRS 101, the Parent 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 Parent 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 Diploma PLC, 12 Charterhouse Square, London, EC1M 6AX, United Kingdom no later than 18 July 2016.\n \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 ava...