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Amerisur Resources PLC  -  AMER   

Adoption of Financial Reporting Standard

Released 07:00 23-Dec-2015

RNS Number : 9451J
Amerisur Resources PLC
23 December 2015
 

23 December 2015

 

Amerisur Resources plc

 

Adoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework

 

                                                                                                                       

 

Following the publishing of a suite of new financial reporting standards by Financial Reporting Council (FRC), Amerisur Resources plc ("Amerisur", "Company" or the "Group") is required to change its accounting framework for its entity financial statements, which is currently UK GAAP, for periods commencing on or after 1 January 2015.

 

Under this new framework, the Group will continue to prepare consolidated financial statements under EU-adopted International Financial Reporting Standards (IFRS).

 

However, Amerisur's directors ("Directors") have elected to present the non-consolidated financial statements of the parent company under FRS 101 Reduced Disclosure Framework (FRS 101) - the Financial Reporting Standard applicable in the UK and Republic of Ireland with Reduced Disclosures for the year ending 31 December 2015 and thereafter until further notice.

 

FRS 101 permits the financial statements of an entity to be prepared under a reduced disclosure framework if the company meets the definition of a qualifying entity. A qualifying entity is defined as 'a member of a group where the parent of that group prepares publicly available consolidated financial statements which are intended to give a true and fair view (of the assets, liabilities, financial position and profit or loss) and that member is included in the consolidation'.

 

The Directors have considered the criteria required to apply the reduced disclosure framework and have satisfied themselves that Amerisur's parent company is eligible to adopt the reduced disclosure framework, providing shareholders with 5% or more of the shares in issue do not object.

 

It should be noted that the reduced disclosures apply only to Amerisur's non-consolidated accounts of the parent company. The consolidated accounts for the Group will continue to be prepared under full IFRS. If reduced disclosures are applied, this would reduce the burden and cost of Amerisur's statutory reporting obligations without adversely impacting on the presentation of the Group financial statements, and the directors consider this to be in the best interests of the company.

 

A shareholder in Amerisur may serve objections to the use of the disclosure exemptions on Amerisur's parent company non-consolidated accounts, in writing, to Nick Harrison, the Company's Finance Director at its registered office (Lakeside Fountain Lane , St Mellons Cardiff CF3 0FB ) not later than 24 January 2015.

 

For further information, please contact:

ENQUIRIES:

Billy Clegg/Georgia Mann

Camarco

 

Tel: +44(0)203 757 4980

Daniel Conti/Tristan Lovegrove

RBC Capital Markets

Tel: +44 (0)207 653 4000

Chris Sim

Investec

Tel: +44 (0)207 597 4000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Adoption of Financial Reporting Standard - RNS