REG-FirstGroup PLC: Adoption of FRS 101 - Reduced Disclosure Framework <Origin Href="QuoteRef">FGP.L</Origin>

FirstgroupAnnouncement

29/02/2016 16:20

FirstGroup plc                                 

29 February 2016

Notification to Shareholders in accordance with FRS 101

On 26 February 2016, FirstGroup plc posted a letter to shareholders, the full
text of which is set out below.

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

We wish to notify you about certain proposed changes to the information that
will be disclosed in FirstGroup plc's (the Company) future annual report and
accounts.

The Financial Reporting Council (FRC) (the body responsible for setting UK
standards for accounting, auditing and actuarial work) has published a number
of new financial reporting standards which replace UK Generally Accepted
Accounting Practice (UK GAAP) in its entirety. Companies in the UK and Ireland
are required to adopt this new accounting framework in their financial
statements for periods commencing on or after 1 January 2015.

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

However, the Company proposes to present the financial statements of the parent
company, FirstGroup plc, under FRS 101 Reduced Disclosure Framework, whereas
historically these had been prepared under UK GAAP.

The Company proposes to adopt FRS 101 for its parent company financial
statements for the year ended 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.

The Company's election to adopt FRS 101 for its parent company financial
statements does not require shareholder approval. However, as stipulated in FRS
101, the Company is required to notify all shareholders of this election. Any
shareholder or shareholders holding in aggregate 5 per cent or more of the
total allotted shares in the Company may serve an objection. Objections must be
served in writing and delivered to the Group Company Secretary at FirstGroup
plc, 395 King Street, Aberdeen AB24 5RP, United Kingdom by no later than 31
March 2016.

If you do not object to the proposal, no further action is necessary.

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:       Robert Welch, Group Company Secretary

Tel:              020 7291 0505



END



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