Amerisur Resources PLC Replacement - Adoption of Financial Reporting Std (0875K)
December 23 2015 - 10:24AM
UK Regulatory
TIDMAMER
RNS Number : 0875K
Amerisur Resources PLC
23 December 2015
The following amendment has been made to the 'Adoption of
Financial Reporting Standard' announcement released on 23 December
2015 at 07.00am under RNS No 9451J.
A shareholder in Amerisur may serve objections to the use of the
disclosure exemptions on Amerisur's parent company non-consolidated
accounts, in writing, to Nick Harrison, the Company's Finance
Director at its registered office (Lakeside Fountain Lane , St
Mellons Cardiff CF3 0FB ) not later than 24 January 2016.
All other details remain unchanged.
The full amended text is shown below.
23 December 2015
Amerisur Resources plc
Adoption of Financial Reporting Standard (FRS) 101 - Reduced
Disclosure Framework
Following the publishing of a suite of new financial reporting
standards by Financial Reporting Council (FRC), Amerisur Resources
plc ("Amerisur", "Company" or the "Group") is required to change
its accounting framework for its entity financial statements, which
is currently UK GAAP, for periods commencing on or after 1 January
2015.
Under this new framework, the Group will continue to prepare
consolidated financial statements under EU-adopted International
Financial Reporting Standards (IFRS).
However, Amerisur's directors ("Directors") have elected to
present the non-consolidated financial statements of the parent
company under FRS 101 Reduced Disclosure Framework (FRS 101) - the
Financial Reporting Standard applicable in the UK and Republic of
Ireland with Reduced Disclosures for the year ending 31 December
2015 and thereafter until further notice.
FRS 101 permits the financial statements of an entity to be
prepared under a reduced disclosure framework if the company meets
the definition of a qualifying entity. A qualifying entity is
defined as 'a member of a group where the parent of that group
prepares publicly available consolidated financial statements which
are intended to give a true and fair view (of the assets,
liabilities, financial position and profit or loss) and that member
is included in the consolidation'.
The Directors have considered the criteria required to apply the
reduced disclosure framework and have satisfied themselves that
Amerisur's parent company is eligible to adopt the reduced
disclosure framework, providing shareholders with 5% or more of the
shares in issue do not object.
It should be noted that the reduced disclosures apply only to
Amerisur's non-consolidated accounts of the parent company. The
consolidated accounts for the Group will continue to be prepared
under full IFRS. If reduced disclosures are applied, this would
reduce the burden and cost of Amerisur's statutory reporting
obligations without adversely impacting on the presentation of the
Group financial statements, and the directors consider this to be
in the best interests of the company.
A shareholder in Amerisur may serve objections to the use of the
disclosure exemptions on Amerisur's parent company non-consolidated
accounts, in writing, to Nick Harrison, the Company's Finance
Director at its registered office (Lakeside Fountain Lane , St
Mellons Cardiff CF3 0FB ) not later than 24 January 2016.
For further information, please contact:
ENQUIRIES:
Billy Clegg/Georgia Mann Tel: +44(0)203 757 4980
Camarco
Daniel Conti/Tristan Lovegrove Tel: +44 (0)207 653 4000
RBC Capital Markets
Chris Sim Tel: +44 (0)207 597 4000
Investec
This information is provided by RNS
The company news service from the London Stock Exchange
END
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