You are here

Notice of Adoption of FRS 101: Reduced Disclosure Framework for Parent Company reporting

Categories

The 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.

Under this new framework, the Group will continue to prepare consolidated accounts under EU-adopted International Financial Reporting Standards (IFRS).

However, the Company proposes to present the financial statements of the parent company, PZ Cussons Plc, under FRS 101 Reduced Disclosure Framework, whereas historically these had been prepared under UK GAAP.

The Company proposes to adopt FRS 101 for its parent company financial statements for the year ended 31 May 2016 and on an ongoing basis until such time as the Company notifies shareholders of any change to its chosen accounting framework for the parent company financial statements.

FRS 101 applies the same measurement and disclosure requirements of IFRS but makes available an option to take certain disclosure exemptions. The Company plans to take advantage of all disclosure exemptions (as applicable) as set out in paragraph 8 of FRS 101 in preparing the parent company financial statements.   

The 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. 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 Group Company Secretary at PZ Cussons plc, Manchester Business Park, 3500 Aviator Way, Manchester, M22 5TG, United Kingdom by no later than 22 July 2016.

If shareholders do not object to proposal, then no further action is necessary.

 

For further information, please contact:

PZ Cussons plc                        Tel: 0161 435 1000

www.pzcussons.com
S P Plant, Company Secretary

Investor presentation and webcast - Final Results for the year ended 31 May 2015

Presentation made to investors by PZ Cussons Chairman, CEO and CFO on Tuesday 21 July 2015.

Read More...

View our latest Group Annual Report and Accounts

PZ Cussons' Group Annual Report and Accounts for the year ended 31 May 2015 is now available to download.

Read More...

Interim Management Statement

PZ Cussons Plc today issues the following interim management statement which covers the period 1 June 2014 to 22 September 2014.

Read More...