IAS 11 'Construction contracts'

Cobham plc Period End 31 December 2010

Submitted by YWang on Mon, 2011-10-24 08:59
Cobham plc Annual Report 2010
CR Monitor Issue: 
2011/1009
Company covered: 
Cobham plc
Period End: 
31 December 2010
Report issued on 24 October 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Rates of increase in pensions disclosed.
Change
Provisions on business disposals presented as a separate class.
Change
Impact of reduction in tax rate not disclosed with the company telling us that it is immaterial.
Change
Prejudicial override invoked not to provide further information on one contractual breach.
Change
Disclosure of two acquisitions after the year end but impracticable to give detailed information.
Change
Revenue recognition policy expanded.

Vestas Wind Systems A/S Period End 31 December 2010

Submitted by Alisdair on Wed, 2011-03-30 06:49
Vestas Wind Systems A/S Annual Report 2010
Change in revenue recognition policy significantly reduces prior year profit and equity
Danish wind turbine manufacturer Vestas Wind Systems changes its policies to delay the timing of recognising revenue from supply-and-installation projects and to record warranty provisions at an earlier time and the resultant restatements of prior year comparatives reduce pre-tax profit by 75% and equity by 24%.
Restructuring costs reduce profit by 40%
Danish wind turbine manufacturer Vestas Wind Systems records €158 million costs on a restructuring, mainly relating to impairments and staff costs, and reports them as a separate line item titled “one-off costs”.

Acciona SA Period End 31 December 2008

Submitted by Company Reporting on Thu, 2009-10-22 23:00
Acciona SA Annual Report 2008

Joint venture acquisition proves a passing fancy

Spanish construction company Acciona finalises the accounting for a €9.3 billion interest in a joint venture as an acquisition in stages and discloses a ten year management agreement, but then adds that it intends to dispose of its interest, whilst retaining renewable energy assets, in the next financial year.

Etablissementen Franz Colruyt NV Period End 31 March 2009

Submitted by Company Reporting on Wed, 2009-09-16 23:00
Etablissementen Franz Colruyt NV Annual Report 2009

Information on controlling parties highlights prior year non-compliance with IFRS

Belgian food retailer Colruyt discloses in its audited accounts that parties who act in concert, including the Colruyt family and taking account of treasury shares, together control 57% of its share capital, highlighting prior year non-compliance with IFRS.

L’Air Liquide SA Period End 31 December 2007

Submitted by Company Reporting on Thu, 2008-06-05 23:00
L’Air Liquide Annual Report 2007

Goodwill arising through minority buy-out represents 7.3% of equity
French industrial gas company L'Air Liquide recognises €472 million goodwill, equal to 7.3% of equity, on buying out a minority interest, a practice that will not be allowed under revised IAS 27 "Consolidated and separate financial statements".

Fiat SpA Period End 31 December 2007

Submitted by Company Reporting on Tue, 2008-05-20 23:00
Fiat Annual Report 2007

Discontinuing offsetting leads to prior year restatement
Italian car manufacturer Fiat discontinues offsetting relating to construction contracts and restatement of prior year balance sheet increases totals by €101 million.