23 September 2016
("Idox" or the "Company")
Adoption of Financial Reporting Standard (FRS) 101 and 102 - Reduced Disclosure Framework
Idox announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, the Company is required to change the accounting framework for its entity financial statements and those of its subsidiaries which currently adopt United Kingdom Generally Accepted Accounting Standards (UK GAAP).
The parent company's financial statements for the year ended 31 October 2015, as set out on pages 75 to 83 of the Company's 2015 Annual Report, were prepared in accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). The 2015 Annual Report can be found on the Company's website at http://investors.idoxgroup.com/.
It is intended for the year ended 31 October 2016 and future years that the parent company and its trading subsidiaries adopt FRS 101 'Reduced Disclosure Framework', based on International Financial Reporting Standards (IFRS) as adopted by the European Union, and that dormant subsidiaries will adopt FRS 102 'Reduced Disclosure Framework'.
Idox's consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
Objections to the use of the disclosure exemptions may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares of the Company in writing to Jane Mackie, Company Secretary, at its registered office (Idox plc, Second Floor, 1310 Waterside, Arlington Business Park, Theale, RG7 4SA) not later than 23 October 2016.
Idox plc +44 (0) 870 333 7101
Laurence Vaughan, Chairman
Richard Kellett-Clarke, Chief Executive
Jane Mackie, Chief Financial Officer
N+1 Singer (NOMAD and Broker) +44 (0) 20 7496 3000
MHP (Financial PR) +44 (0)20 3128 8100
Reg Hoare/Andrew Leach/Charlie Barker
About Idox plc
Idox plc is a supplier of specialist document management collaboration solutions and services to the public sector and increasingly to highly regulated asset intensive industries around the world in the wider corporate sector.
Its Public Sector Software Division is the leading applications provider to UK local government for core functions relating to land, people and property, such as its market leading planning systems and election management software. Over 90% of UK local authorities are now customers. The Division provides public sector organisations with tools to manage information and knowledge, documents, content, business processes and workflow as well as connecting directly with the citizen via the web, and providing elections management solutions. It also supplies in the UK and internationally, decision support content such as grants and planning policy information and corporates compliance services.
The Engineering Information Management Division delivers engineering document control, project collaboration and facility management applications to many leading companies in industries such as oil & gas, architecture and construction, mining, utilities, pharmaceuticals and transportation in North America and around the world.
The Group employs over 660 staff located in the UK, the USA, Canada, Europe, India and Australia.
For more information see www.idoxplc.com.
This information is provided by RNS