Business
Adoption of Financial Reporting Standard (FRS) 101
Adoption of Financial Reporting Standard (FRS) 101.
About this update from Genus Plc
[{"type":"text","content":"\n \nRNS Number : 2537E Genus PLC 15 July 2016 \n\nFor Immediate Release 15 July 2016\nGenus plc\n('Genus' or the 'Company')\nNotification to Shareholders of ADOPTION OF FINANCIAL REPORTING STANDARD (FRS) 101\nPARENT COMPANY FINANCIAL STATEMENTS\n \nA new UK Generally Accepted Accounting Practice ('GAAP') 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, Genus is required to elect to prepare its parent company financial statements on one of the bases permitted by the FRC. \nThe consolidated financial statements of the Genus 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.\nThe Company proposes to adopt Financial Reporting Standard ('FRS') 101 'Reduced Disclosure Framework' for the preparation of its parent company financial statements for the year ended 30 June 2016 and on an ongoing basis until such time as the Company notifies shareholders of any change. As a result of taking the possible disclosure exemptions permitted under FRS 101, disclosures are expected to be the same as, or follow closely, those reported under the previously applicable UK GAAP. The Annual Report for the year ended 30 June 2015 with parent company financial statements prepared under the previously applicable UK GAAP can be found on the Company's website at www.genusplc.com.\nThe Compan...