LSL Property Services Notification to shareholders (2675V)
April 14 2016 - 11:25AM
UK Regulatory
TIDMLSL
RNS Number : 2675V
LSL Property Services
14 April 2016
LSL Property Services plc (LSL)
14(th) April 2016
Notification to shareholders in accordance with FRS 101 and FRS
102
LSL has on 13(th) April 2016 sent a notice to shareholders, the
full text of which is set out below.
"Adoption of Financial Reporting Standard (FRS) 101 - Reduced
Disclosure Framework, and FRS 102 - The Financial Reporting
Standard applicable in the UK and Republic of Ireland
A new UK Generally Accepted Accounting Practice (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(st)
January 2015. Under this new framework, LSL Property Services plc
(the Company) is required to elect to prepare its parent entity and
subsidiary company financial statements on one of the bases
permitted by the FRC.
The consolidated Group financial statements of the Company will
continue to be prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union and are
unaffected by this new accounting framework.
The Company has elected to prepare the parent entity financial
statements under full IFRS for the year ended 31(st) December 2015
and on an on-going basis until such time as the Company notifies
shareholders of any change.
The Company proposes to adopt FRS 101 "Reduced Disclosure
Framework" for the preparation of the subsidiary financial
statements, and FRS 102 for the Company's dormant entities for the
year ended 31(st) December 2015, and on an on-going basis until
such time as the Company notifies shareholders of any change.
The Company's election to adopt FRS 101 or FRS 102 for its
subsidiary financial statements does not require shareholder
approval. However, as stipulated in FRS 101 and FRS 102, the
Company is required to notify all shareholders of this election.
Any shareholder or shareholders holding in aggregate 5% or more of
the total allotted shares in the Company may serve an objection to
the use of the disclosure exemptions. Objections must be served in
writing and delivered to the Company Secretary at LSL Property
Services plc, Buildmark House, George Cayley Drive, Clifton Moor,
York, YO30 4XE, United Kingdom not later than 12(th) May 2016."
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUWPCUPQGAC
(END) Dow Jones Newswires
April 14, 2016 11:25 ET (15:25 GMT)
Lsl Property Services (LSE:LSL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lsl Property Services (LSE:LSL)
Historical Stock Chart
From Jul 2023 to Jul 2024