Anglo Asian Mining PLC Notification of Adoption of FRS 101 (1992N)
January 28 2016 - 2:00AM
UK Regulatory
TIDMAAZ
RNS Number : 1992N
Anglo Asian Mining PLC
28 January 2016
Anglo Asian Mining plc / Ticker: AAZ / Index: AIM / Sector:
Mining
28 January 2016
Anglo Asian Mining plc
Notification of Adoption of FRS 101
Anglo Asian Mining plc ("Anglo Asian" or "the Company"), the AIM
listed gold, copper and silver producer focused in Azerbaijan,
announces that it today sent a letter to shareholders, the content
of which is set out below:
Parent company financial statements year ended 31 December
2015.
Notification of adoption of Financial Reporting Standard 101
("FRS 101"): Reduced Disclosure Framework
The parent company financial statements for Anglo Asian Mining
PLC (the "Company") contained within the Company's annual report
and accounts 2014 were prepared in accordance with UK Generally
Accepted Accounting Practice ("UK GAAP").
A new UK GAAP accounting framework introduced by the Financial
Reporting Council ("FRC") becomes mandatorily effective for the
financial statements of United Kingdom companies with accounting
periods commencing on or after 1 January 2015. Under this new
framework, the Company is required to elect to prepare its parent
company financial statements on one of the new bases permitted by
the FRC. The consolidated group financial statements of the Company
will continue to be prepared in accordance with EU-adopted IFRS and
are unaffected by this new accounting framework.
The Company proposes to adopt FRS 101 "Reduced Disclosure
Framework" for the preparation of the parent company financial
statements for the year ended 31 December 2015 which will be
included in the Company's annual report for 2015. The Company will
take advantage of the disclosure exemptions allowed under FRS 101.
Accordingly, the disclosures in the parent company financial
statements prepared under FRS 101 are expected to be the same, or
follow closely, those previously reported under UK GAAP.
The Company's decision to adopt FRS 101 for its parent company's
financial statements does not require shareholder approval.
However, as set out 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 Company Secretary at Anglo
Asian Mining PLC, 7 Devonshire Square, Cutlers Gardens London EC2M
4YH, United Kingdom no later than Friday 19 February 2016. This
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.
For further information please visit www.angloasianmining.com or
contact:
Anglo Asian Mining Tel: +994 12 596
Reza Vaziri plc 3350
-------------------- ------------------- ------------------
Anglo Asian Mining Tel: +994 502 910
Bill Morgan plc 400
-------------------- ------------------- ------------------
Ewan Leggat SP Angel Corporate Tel: +44 (0) 20
Finance LLP 3470 0470
Nominated Adviser
and Broker
-------------------- ------------------- ------------------
Laura Harrison SP Angel Corporate Tel + 44 (0) 20
Finance LLP 3470 0470
-------------------- ------------------- ------------------
Felicity Winkles St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
-------------------- ------------------- ------------------
Lottie Brocklehurst St Brides Partners Tel: +44 (0) 20
Ltd 7236 1177
-------------------- ------------------- ------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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