Business
Adoption of Financial Reporting Standard FRS 102
Adoption of Financial Reporting Standard FRS 102.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 4288X Palace Capital PLC 06 May 2016 \n\nPALACE CAPITAL PLC\n(\"Palace Capital\" or the \"Company\")\nNotification to Shareholders in accordance with FRS 102\n \nOn 6 May 2016, the Company posted a letter to shareholders, the full text of which is set out below:\n\nNotice of Adoption of Financial Reporting Standard 102 (\"FRS 102\"): Reduced Disclosure Framework\n\nPalace Capital plc's (the \"Company\") parent company financial statements contained in the Palace Capital Group Annual Report for the year ended 31 March 2015 (the \"2015 Report\") were prepared in accordance with UK Generally Accepted Accounting Practices (\"UK GAAP\"). The 2015 Report can be found on the Company's website at www.palacecapitalplc.com. \n \nA new UK GAAP accounting framework, introduced by the Financial Reporting Council (the \"FRC\"), becomes mandatorily effective for the financial statements of UK companies with accounting periods commencing on or after 1 January 2015. Under this new framework, the Company is required to prepare its parent company financial statements on one of the bases permitted by the FRC. The consolidated financial statements of the Company's group will continue to be prepared in accordance with EU-adopted IFRS and are unaffected by this new accounting framework.\n \nThe Company proposes to adopt Financial Reporting Standard 102 (the \"Standard\"), a reduced disclosure regime, for its parent company financial statements for the year ended 31 March 2016 and intends to take advantage of the disclosure exemptions, as set out in paragraph 1.12 of the Standard, on an ongoing basis and until such time as the Company notifies its shareholders of any change to its chosen accounting framework for the parent company financial statements.\n \nThe Company's election to adopt the Standard for its parent company's financial statements does not require shareholder approval. However, as stipulated in the Standard, 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 in the Company may serve an objection. Objections must be served in writing and delivered to the Company Secretary at Palac...