Notice of Adoption of Financial Reporting Standard (FRS) 101: Reduced Disclosure Framework
July 29 2016 - 04:15PM
Atlassian Corporation Plc (Nasdaq:TEAM) announced today that it
sent a notice to shareholders, the content of which is set out
below:
Dear Shareholder:
A new UK Generally Accepted Accounting Practice accounting
framework introduced by the Financial Reporting Council (FRC)
became effective for the financial statements of UK companies with
accounting periods commencing on or after 1 January 2015. Under
this new framework, Atlassian Corporation Plc (the “Parent
Company”) is required to elect to prepare its Parent Company UK
statutory accounts on one of the bases permitted by the FRC.
Atlassian plans to adopt FRS 101 ‘Reduced Disclosure Framework.’
The application of FRS 101 involves the same measurement
requirements of International Financial Reporting Standards (IFRS),
but allows the Parent Company to take certain disclosure exemptions
in the Parent Company UK statutory accounts. The consolidated
financial statements of Atlassian's group accounts will continue to
be prepared in accordance with IFRS and are unaffected by these
changes. The changes to the Parent Company UK statutory accounts as
a result of FRS 101 do not impact Atlassian’s US Securities and
Exchange Commission filing requirements.
Atlassian’s decision to adopt FRS 101 for its Parent Company UK
statutory accounts does not require shareholder approval. However,
Atlassian is required to notify all shareholders of this election
and any shareholder or shareholders holding in aggregate 5% or more
of the total allotted shares in Atlassian may object. Objections
must be served in writing and delivered to the Secretary of
Atlassian at Atlassian's U.S. headquarters (1098 Harrison Street,
San Francisco, CA 94103) not later than 12 August 2016.
This notification will apply on an ongoing basis until such time
as Atlassian notifies its shareholders of any change to its chosen
accounting framework for the Parent Company UK statutory
accounts.
About Atlassian Atlassian unleashes the
potential in every team. Our collaboration software helps teams
organize, discuss and complete shared work. Teams at more than
57,000 large and small organizations - including Citigroup, eBay,
Coca-Cola, Visa, BMW and NASA - use Atlassian's project
tracking, content creation and sharing, real-time communication and
service management products to work better together and deliver
quality results on time. Learn about products including JIRA
Software, Confluence, HipChat, Bitbucket and JIRA Service Desk at
http://atlassian.com.
Investor Relations ContactIan
LeeIR@atlassian.com
Media ContactHeather
Staplespress@atlassian.com
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