The IASB and FASB have published exposure draft: Leases [ED/2010/9].
Operating lease issue nearly four decades old !
Company Reporting was looking at the impact of bringing operating leases on balance sheet as long ago as 1992. And the issue goes back as far as the holiday operator Court Line collapse in 1974.
Read more:
Company Reporting Issue 28 "Accounting for operating leases"
Company Reporting’s Review is a round-up of each month’s most popular articles. Ideal for those who need to stay abreast of the most contentious issues in financial reporting in a less technical and more accessible format.
Friday 3 September 2010
Latest CR Reports
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Distributable reserves increase by 39% through use of a vehicle company to structure rights issue
UK pub company Greene King uses a vehicle company to structure a rights issue and to create distributable reserves of £197.1 million. Profit boosted by 15% following a gain on partial repurchase of securitised debt Read more Greene King Plc Period End 2 May 2010 Gain on partial repurchase of securitised debt boosts profit of UK pub company Greene King by £13.5 million. |
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£17 million revaluation gain on available for sale financial assets, representing 19% of profit, recognised in income statement and prior year comparative foreign currency sensitivity analysis figures reversed without explanation Read more Sports Direct International plc Period End 25 April 2010 UK retailer Sports Direct International recognises in the income statement £17 million revaluation gain on available for sale financial assets that represents 19% of profit and reverses without explanation the impacts shown in its prior year foreign currency sensitivity analysis. |
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Exceptional items reduce profit by 21% Read more Carpetright plc Period End 1 May 2010 UK carpet retailer Carpetright classifies items that reduce its pre-tax profit by 21% as exceptional. |
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Broad brush approach taken for goodwill impairment testing Read more Halfords Group plc Period End 2 April 2010 UK retailer Halfords discloses that it will monitor goodwill on its former business on an overall rather than on a regional basis, following an acquisition, though there are no goodwill impairments on the current year. |
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Cosmetic changes made to aid “an understanding of the key drivers of the financial position” Read more Man Group plc Period End 31 March 2010 UK financial company Man changes the presentation of the notes to its financial statements to reflect their order of significance and to assist an understanding of the key drivers of its financial position. |
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Gains representing 7.5% of profit recognised following exchange of assets Read more Imagination Technologies Group plc Period End 30 April 2010 Following asset exchanges, UK graphics chip designer Imagination Technologies reports gains of £761,000 representing 7.5% of profit. |
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Restatement of comparatives following reverse acquisition conflicts with IFRS
UK telecoms company Cable & Wireless Communications restates its prior year comparative share capital and share premium following a restructuring by means of a reverse acquisition. Discontinued operation contributes 41% of profit Read more Cable & Wireless Communications plc Period End 31 March 2010 UK telecoms company Cable & Wireless Communications reports $180 million profit from a discontinued operation, which represents some 41% of profit for the year. |
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Several prior year errors corrected Read more Severn Trent plc Period End 31 March 2010 UK utility company Severn Trent corrects prior year errors in its calculation of fair values of its borrowings and disclosure of movements in equity. |
Company Reporting identifies changes in IFRS corporate reporting practice by Europe’s listed companies. Need to stay up to date? Focusing on the process of year-on-year change we provide the best and most interesting material available to keep you and your company out of the clutches of the FRRP!!
