Business
Adoption of Financial Reporting Standard (FRS) 101
Adoption of Financial Reporting Standard (FRS) 101.
About this update from Gaming Realms Plc
[{"type":"text","content":"\n \nRNS Number : 7198S Gaming Realms PLC 21 March 2016 \n\nGaming Realms plc\n(the \"Company\")\nAdoption of FRS 101 for Gaming Realms plc financial statements\n \nThe Financial Reporting Council (FRC), the body responsible for setting UK standards for accounting, auditing and actuarial work, has published a number of new financial reporting standards which replace UK Generally Accepted Accounting Practice (UK GAAP) in its entirety. Companies in the UK and Ireland are required to adopt this new accounting framework in their financial statements for periods commencing on or after 1 January 2015. \n \nAccordingly, Gaming Realms plc is required to change its accounting framework for its entity financial statements, which is currently UK GAAP, for its financial year ending 31 December 2015. \n \nThe Board considers that it is in the best interests of the entity for Gaming Realms plc to adopt FRS 101, 'Reduced disclosure framework' and to take advantage of all the disclosure exemptions allowed under FRS 101. No disclosures given in the 2014 UK GAAP financial statements would be omitted on adoption of FRS 101. \n \nThe Company's election to adopt FRS 101 for its parent 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. A shareholder or shareholders holding in aggregate 5% or more of the total allotted shares in the Company can serve objections to the use of the disclosure exemptions on the Company, in writing, to the Company Secretary at One Valentine Place, London, SE1 8QH, United Kingdom, not later than 17 April 2016. \n \nThis election will apply on an ongoing basis until such time as the Company notifies shareholders of any change to its chosen accounting framework for the parent entity financial statements. \n \nPlease note this election only applies to the Gaming Realms plc parent entity financial statements and does not affect the group consolidated financial statements which will continue to report under EU-adopted International Financial Reporting Standards. \n \n \n- Ends -\n \n \n \nContacts:\n \n\n\n\n\nGaming Realms\nPatrick Southon, CEO\nMark Segal, FD\n \n\n\n+44 (0) 845 ...