Contingencies

GKN plc Period End 31 December 2010

Submitted by Company Reporting on Tue, 2011-12-20 16:24
GKN plc Annual Report 2010
CR Monitor Issue: 
2011/1214
Company covered: 
GKN plc
Period End: 
31 December 2010
Report issued on 23 December 2011 covered the following practice issues:
Change
Pension partnership arrangement boosts total equity as arrangement with pension scheme recognised as non-controlling interest.
Change
Tax relief on special pension contribution explained.
Change
No contingent asset recognised on dispute with UK tax authorities over foreign dividend income.
Change
Control obtained over US business following change in contractual agreement.

Daimler AG Period End 31 December 2010

Submitted by YWang on Thu, 2011-08-04 10:09
Daimler AG Annual Report 2010
CR Monitor Issue: 
2011/0805
Company covered: 
Daimler AG
Period End: 
31 December 2010
Report issued on 04 August 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Improved disclosure of "accounting estimates and assessments".
Change
Prejudicial override invoked not to provide full information on the European Commission's anti-trust investigations.
Change
Marketable debt securities now presented separately to help users determine liquidity.
Change
Nominal values of derivative financial instruments disclosed.

Heineken NV Period End 31 December 2010

Submitted by YWang on Tue, 2011-07-12 09:10
Heineken NV Annual Report 2010
CR Monitor Issue: 
2011/0706
Company covered: 
Heineken NV
Period End: 
31 December 2010
Report issued on 12 July 2011 covered the following practice issues:
Change
New equity components arising from an acquisition represent 32% of total.
Change
Cash flows from acquisition of non-controlling interests classified as financing whilst interest paid and received now disclosed separately.
Change
Customer-related and contracted-based intangible assets shown as two classes following significant additions.
Change
Analysis of deferred tax across now includes amounts set off.
Change
Disclosure of guarantees moved from off-balance sheet commitments note to contingencies note.

Hikma Pharmaceuticals plc Period End 31 December 2010

Submitted by YWang on Mon, 2011-06-27 12:29
Hikma Pharmaceuticals plc Annual Report 2010
CR Monitor Issue: 
2011/0615
Company covered: 
Hikma Pharmaceuticals plc
Period End: 
31 December 2010
Report issued on 27 June 2011 covered the following practice issues:
Inconsistent
Non-controlling interests that have waived voting rights not recognised.
Change
Acquisition-related costs and gains on revaluation of previously held interest in companies acquired classified as exceptional.
Change
New adjusted earnings per share measure provided.
Change
Depreciation rates on machinery disclosed.
Change
Simplified disclosure for share-based payment transactions.
Change
A previously disclosed dispute resolved to the relevant parties' "mutual satisfaction" but no financial effect indicated.

Deutsche Bank AG Period End 31 December 2010

Submitted by YWang on Thu, 2011-06-23 08:50
Deutsche Bank AG Annual Report 2010
CR Monitor Issue: 
2011/0612
Company covered: 
Deutsche Bank AG
Period End: 
31 December 2010
Report issued on 23 June 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Restatement
Restatement of comparatives following reallocating goodwill to cash-generating units reduces clarity.
Change
Summary table for commitments and contingent liabilities published in a note to loans.
Restatement
Several restatements, including financial assets not qualifying for derecognition and a sensitivity analysis, made without explanation.

Barclays plc Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-06-09 07:24
Barclays plc Annual Report 2010
CR Monitor Issue: 
2011/0604
Company covered: 
Barclays plc
Period End: 
31 December 2010
Report issued on 09 June 2011 covered the following practice issues:
Change
No figures for reported contingency that materialised two months after annual report issued with numbers reported in press shortly after.
Change
Adoption of new Code for Financial Reporting Disclosure contributes to greater focus and omission of immaterial information.
Change
New Code leads to new format for risk disclosures, as sovereign risk moves centre stage.
Change
Share-based payments disclosures streamlined and extra information given on awards granted.
Change
Presentation of tax in statement of comprehensive income shifts.
Change
Gains from 'own credit' that will be excluded from income statements under impending IFRS 9 "Financial instruments" reported separately.

AstraZeneca plc Period End 31 December 2010

Submitted by Company Reporting on Tue, 2011-05-17 06:30
AstraZeneca plc 2010
CR Monitor Issue: 
2011/0512
Company covered: 
AstraZeneca plc
Period End: 
31 December 2010
Report issued on 17 May 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Extended note on financial risk management objectives and policies includes quantification.
Change
A separate analysis of research and development collaboration payments.
Change
Business combination disclosures include pre-acquisition book values and fair value adjustments.

Volkswagen AG Period End 31 December 2010

Submitted by Company Reporting on Fri, 2011-05-13 09:02
Volkswagen AG Annual Report 2010
CR Monitor Issue: 
2011/0511
Company covered: 
Volkswagen AG
Period End: 
31 December 2010
Report issued on 13 May 2011 covered the following practice issues:
Divergence
Effect of derivative that is not a hedge inaccurately included with disclosures on ineffective hedges.
Change
Cash and cash equivalents reclassified to loans and receivables.
Change
Explanation of significant influence in 19.9% associate.
Change
Revision of segmentation following internal reporting.
Change
Waiver of rights treated as separate transaction to business combination.

BP plc Period End 31 December 2010

Submitted by YWang on Tue, 2011-05-10 07:01
BP plc Annual Report 2010
CR Monitor Issue: 
2011/0508
Company covered: 
BP plc
Period End: 
31 December 2010
Report issued on 10 May 2011 covered the following practice issues:
Change
Emphasis of matter paragraph identifies significant uncertainty over provisions and contingencies arising from the Gulf of Mexico oil leak.
Change
Separate note published for disclosing the effects of the oil leak.
Change
Disclosure of contingencies relating to the leak including contingent assets arising from potential reimbursements from co-owners of the damaged well.

Siemens AG Period End 30 September 2010

Submitted by Alisdair on Tue, 2011-03-22 08:00
Siemens AG Annual Report 2010
Restatements not fully explained
German engineering company Siemens increases comparative commitments by €450 million without explanation and moves some derivative instruments from current to non-current, but with a discrepancy between the net changes in the balance sheet and the amounts disclosed in an accounting policy note.
Lower growth estimate leads to goodwill impairment
German engineering company Siemens explains the background to a lower growth estimate that has led to €1.15 billion goodwill impairment that significantly reduces profit.