Pensions

Severn Trent Plc Monitor

Severn Trent Plc Annual Report 2014
CR Monitor Issue: 
2014/0915
Company covered: 
Severn Trent Plc
Period End: 
31 March 2014
Report issued on 30 September 2014 covered the following practice issues:
Pronouncements
Fair value of borrowings decreases by 3.4% in light of new rules.
Pronouncements
Fair value of derivative liabilities increases under new valuation rules.
Change
Post tax discount rate used in goodwill impairment test disclosed.
Pronouncements
Revised pension rules decrease profit before tax by 6.7%.
Change
Strategic report introduced under new UK regulations.

Electrocomponents plc Monitor

Electrocomponents plc Annual Report 2014
CR Monitor Issue: 
2014/0914
Company covered: 
Electrocomponents plc
Period End: 
31 March 2014
Report issued on 30 September 2014 covered the following practice issues:
Divergence
Disclosure on cash pooling offset arrangements does not agree to balance sheet.
Pronouncements
Mitigation of pension risks disclosed.

Babcock International Group PLC Monitor

Babcock International Group PLC Annual Report Year
CR Monitor Issue: 
2014/0908
Company covered: 
Babcock International Group PLC
Period End: 
31 March 2014
Report issued on 16 September 2014 covered the following practice issues:
Pronouncements
Strategic report replaces business review in management commentary.
Pronouncements
New pension rules lead to decrease in operating profit and extended sensitivity disclosures.
Change
Acquisition financed through rights issue disclosed as event after the reporting period.
Change
Extended audit report discloses areas of audit focus and materiality levels.

ITV plc Monitor

ITV plc Annual Report 2013
CR Monitor Issue: 
2014/0908
Company covered: 
ITV plc
Period End: 
31 December 2013
Report issued on 16 September 2014 covered the following practice issues:
Change
Change in valuation method for longevity swap.
Pronouncements
Changes made to pension interest charge and administration cost classification.
Pronouncements
External auditor extends the format of audit report.
Pronouncements
Company changes the format of directors' remuneration report.
Divergence
Tabular summary of consideration for acquisitions included in management commentary.

BASF SE Monitor

BASF SE Annual Report 2013
CR Monitor Issue: 
2014/0903
Company covered: 
BASF SE
Period End: 
31 December 2013
Report issued on 09 September 2014 covered the following practice issues:
Pronouncements
Changes in scope of consolidation reduce opening comparative equity and total assets.
Pronouncements
Move to equity accounting for joint ventures and recognition of proportional shares for joint arrangements.
Pronouncements
Net interest rule for pensions charge reduces profit.
Pronouncements
Offsetting table for financial instruments presented.

Voestalpine AG Monitor

voestalpine AG Annual Report 2014
CR Monitor Issue: 
2014/0902
Company covered: 
voestalpine AG
Period End: 
31 March 2014
Report issued on 02 September 2014 covered the following practice issues:
Change
Table of liabilities from construction contracts disclosed.
Pronouncements
Reconciliation of movements of Level 3 financial instruments introduced.
Pronouncements
Sensitivity analyses and geographical disaggregation of assumptions given in pension disclosures.

Deutsche Telekom AG Monitor

Deutsche Telekom Annual Report 2013
CR Monitor Issue: 
2014/0814
Company covered: 
Deutsche Telekom AG
Period End: 
31 December 2013
Report issued on 26 August 2014 covered the following practice issues:
Pronouncements
Change in accounting for termination benefits impacts pension costs and obligations.
Change
Goodwill recognised on proportionate basis in partial acquisition.
Divergence
Prospective exchange of licenses contributes to both write-down and disclosure of unexplained expected non-cash gain.
Pronouncements
Table of offset of financial assets and liabilities introduced.

Reed Elsevier Group plc Monitor

Reed Elsevier Group plc Annual Report 2013
CR Monitor Issue: 
2014/0811
Company covered: 
Reed Elsevier Group plc
Period End: 
31 December 2013
Report issued on 19 August 2014 covered the following practice issues:
Pronouncements
Adoption of new pension rules decreases comparative operating profit.
Pronouncements
Auditor adopts extended format for auditor's report.
Pronouncements
Directors' remuneration report changes in line with UK regulations.
Pronouncements
Strategic report included in management commentary.

Ladbrokes plc Monitor

Ladbrokes plc Annual Report 2013
CR Monitor Issue: 
2014/0810
Company covered: 
Ladbrokes plc
Period End: 
31 December 2013
Report issued on 19 August 2014 covered the following practice issues:
Change
Contingent consideration terms, caps and sensitivities disclosed for new business combinations.
Change
Earn-out agreement accounted for separately from business combination.
Pronouncements
Single discount rate applied to net pension liability.
Pronouncements
Auditor describes application of planning and performance materiality concepts.

Holmen AG Monitor

Holmen AG Annual Report 2013
CR Monitor Issue: 
2014/0808
Company covered: 
Holmen AG
Period End: 
31 December 2013
Report issued on 19 August 2014 covered the following practice issues:
Pronouncements
Sensitivity analyses and greater analysis of plan assets given in pension disclosures.
Pronouncements
Conditional rights of offset disclosed for derivatives.
Change
Former subsidiary classed as joint venture following partial disposal, with no related gain or loss disclosed.