Business
Notification in accordance with FRS 101
Notification in accordance with FRS 101.
About this update from System1 Group Plc
[{"type":"text","content":"\n \nRNS Number : 0616M BrainJuicer Group PLC 15 January 2016 \n\n \n \n \n\n\n\n\nPress Release \n\n\n15 January 2016\n\n\n\n\n \nBrainJuicer Group PLC \n(\"BrainJuicer\", the \"Company\" or the \"Group\")\n \nNotification to Shareholders in accordance with FRS 101\n \nBrainJuicer, the innovative international market research agency, announces that it today sent a letter to shareholders, the content of which is set out below:\n \nAdoption of Financial Reporting Standard (FRS) 101 for parent company financial statements\n \nFollowing the publication of FRS 100 Application of Financial Reporting Requirements by the Financial Reporting Council (FRC), BrainJuicer is required to change the accounting framework for its parent entity financial statements and those of its subsidiaries, which have up until now adopted UK Generally Accepted Accounting Practice (UK GAAP).\n \nThe consolidated financial statements of the Group are and will continue to be prepared in accordance with International Financial Reporting Standards (IFRS), and no changes are required.\n \nFor the individual accounts of the parent entity and its UK subsidiaries, the Board considers that it is in the best interests of the Group to adopt FRS 101 Reduced Disclosure Framework. No disclosures in the previous UK GAAP financial statements would be omitted on adoption of FRS 101.\n \nThe Company's decision to adopt FRS 101 for its parent entity financial statements and those of its UK subsidiaries does not require shareholder approval. However, due to the election to take the disclosure exemptions permitted under FRS 101, the Company is required to notify all shareholders of this election and any shareholder or shareholders holding in aggregate 5 per cent or more of the total allotted shares in the Company may object. Objections must be served in writing and delivered to the Company Secretary at the Company's registered office (Russell Square House, 10-12 Russell Square, London, WC1B 5EH) not later than 14 February 2016.\n \nThis notification will apply on an ongoing basis until such time as the Company notifies its shareholders of any change to its chosen accounting framework for the parent company financial statements.\n \n \nThe Company can be found at www.brainjuicer.com.\n \nFor further ...