Business
Adoption of Financial Reporting Standard (FRS) 101
Adoption of Financial Reporting Standard (FRS) 101.
About this update from Flowtech Fluidpower Plc
[{"type":"text","content":"\n \nRNS Number : 3576U Flowtech Fluidpower PLC 06 April 2016 \n\n \n\n\n\n\nIssued on behalf of Flowtech Fluidpower plc\nDate: Wednesday, 6 April 2016 \nImmediate Release\n \n\n\n\n\n\n\n\n \n\n\n\n\nFLOWTECH FLUIDPOWER PLC\n(\"Flowtech\" or the \"Group\" or \"Company\")\n \nAdoption of Financial Reporting Standard (FRS) 101\n \nFlowtech Fluidpower plc announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, the Company is required to change the accounting framework for its own financial statements which currently adopts United Kingdom Generally Accepted Accounting Standards (UK GAAP). It is intended for the year ended 31 December 2015 and future years that the parent entity adopt FRS 101 'Reduced Disclosure Framework', based on International Financial Reporting Standards (IFRS) as adopted by the European Union.\n \nThe Group's consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The adoption of FRS 101 does not require restatement of comparative year amounts and there are no changes to the presentation of Company's own financial statements compared to prior year.\n \nObjections to the use of the disclosure exemptions may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares of the Company in writing to Bryce Brooks, Company Secretary, at its registered office Flowtech Fluidpower plc, Pimbo Road, Skelmersdale, Lancashire, WN8 9RB by, not later than 22 April 2016.\n\n\n\n\n \n \n\n\n\n\nEnquiries:\n\n\n\n\n\n\n\n\n\n\n\n\n\nFlowtech Fluidpower plc\nSean Fennon, Chief Executive Officer\nBryce Brooks, Chief Financial Officer\nTel: +44 (0) 1695 52796\n\n\nAIM: symbol: FLO\nemail: [email protected] \nwebsite: www.flowtechfluidpower.com\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nZeus Capital Limited \n(Nominated Adviser and Broker)\nDominic King, Andrew Jones\nTel: +44 (0) 203 829 5000\n\n\n\n\n\n\n\n\n\n\n\n\nTooleyStreet Communications\n(IR and media relations)\nFiona Tooley\nTel: +44 (0) 7785 703523 \nemail: [email protected]\n\n\n\n\n\n\n\n\n\n\n\n \n \n \n\n\n\n\nEdit...