Johnston Press PLC Statement re FRS102 Adoption (8088S)
March 21 2016 - 1:12PM
UK Regulatory
TIDMJPR
RNS Number : 8088S
Johnston Press PLC
21 March 2016
Johnston Press plc (the "Company")
21 March 2016
The full text of a letter dated 21 March 2016 to be issued to
shareholders is set out below.
Notice of Adoption of Financial Reporting Standard 102 ("FRS
102"): Reduced Disclosure Framework.
The financial statements for the Company for the year ended 3
January 2015 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 effective for the financial
statements of UK companies with accounting periods commencing on or
after 1 January 2015. Under this new framework, the Company is
required to prepare its parent company financial statements for its
financial year commencing 4 January 2015 on one of the bases
permitted by the FRC.
The Company's subsidiary, Johnston Press Bond plc adopted FRS102
for the period ended 3 January 2015. The disclosures have been
assessed to be the same as, or follow closely, those reported under
UK GAAP (taking account of the possible disclosure exemptions
permitted by it). The Company therefore proposes to adopt FRS102 on
behalf of itself and its subsidiaries for the period ended 2
January 2016.
The consolidated financial statements of the Group will continue
to be prepared in accordance with EU-adopted IFRS and are
unaffected by the new accounting framework.
Due to the election to take the possible exemptions permitted
under FRS102, the Company is required to notify all shareholders of
this election and any shareholder or shareholders holding in
aggregate 5 per cent. or more of the total share capital of the
Company may object. Objections must be served in writing and
delivered to the Company Secretary at the Company's registered
office (Orchard Brae House, 30 Queensferry Road, Edinburgh EH4 2HS)
not later than 22 April 2016.
This notification will apply on an ongoing basis until such time
as the Company notifies its shareholders of any changes to the
chosen accounting framework for parent company financial
statements.
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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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