QinetiQ Group plc Adoption of FRS 101 - Reduced Disclosure Framework (5841O)
February 11 2016 - 2:00AM
UK Regulatory
TIDMQQ.
RNS Number : 5841O
QinetiQ Group plc
11 February 2016
11 February 2016
QinetiQ Group plc
On 10 February 2016, QinetiQ Group plc posted a letter to
shareholders, the full text of which is set out below.
Notification to Shareholders in accordance with Financial
Reporting Standard 101
The purpose of this letter is to notify shareholders of the
proposal to adopt a new financial reporting basis for the parent
company financial statements of QinetiQ Group plc ('the
Company').
The parent company financial statements of QinetiQ Group plc
(the 'Company'), as set out on pages 137 to 139 of the QinetiQ
Group plc Annual Report for the year ended 31 March 2015, were
prepared in accordance with UK Generally Accepted Accounting
Practice. The UK Financial Reporting Council ('FRC') has issued a
new financial reporting framework which took mandatory effect for
accounting periods commencing on or after 1 January 2015.
Accordingly the Company is required to prepare its parent company
financial statements on one of the new bases permitted by the
FRC.
The Company proposes to adopt Financial Reporting Standard 101:
Reduced Disclosure Framework ('FRS 101') for its parent company
financial statements for the year ending 31 March 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 enables a company to use the
same recognition and measurement principles of EU International
Financial Reporting Standards but also take advantage of a number
of specified disclosure exemptions.
The consolidated financial statements of the QinetiQ Group will
continue to be prepared in accordance with EU International
Financial Reporting Standards and are unaffected by the new
financial reporting framework.
The Company's proposal to adopt FRS 101 for its parent company
financial statements does not require shareholder approval. It is
necessary, however, for the Company to notify shareholders in
writing of the proposed use of the disclosure exemptions permitted
under FRS 101. A shareholder or shareholders holding in aggregate
5% or more of the total allotted shares in the Company may serve
objections to the use of the disclosure exemptions. Objections must
be served in writing and delivered to the Company Secretary at the
Company's registered office, Cody Technology Park, Ively Road,
Farnborough, Hampshire GU14 0LX, United Kingdom, by no later than
10 March 2016.
Please note that if you do not have any objections to this
proposal, you do not need to take any further action.
In accordance with Listing Rule 9.6.1, a copy of the
notification sent to shareholders has been submitted to the
National Storage Mechanism and will shortly be available at
www.hemscott.com/nsm.do.
This announcement is made pursuant to Listing Rule 9.6.3.
Contact: Jon Messent, Company Secretary
Tel: 01252 392000
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCZMGGZLLGGVZM
(END) Dow Jones Newswires
February 11, 2016 02:00 ET (07:00 GMT)
Qinetiq (LSE:QQ.)
Historical Stock Chart
From Mar 2024 to Apr 2024
Qinetiq (LSE:QQ.)
Historical Stock Chart
From Apr 2023 to Apr 2024