IAS 17 'Leases'

Metro AG Period End 31 December 2010

Submitted by Company Reporting on Wed, 2012-01-18 13:58
Metro AG Annual Report 2010
CR Monitor Issue: 
2012/0107
Company covered: 
Metro AG
Period End: 
31 December 2010
Report issued on 18 January 2012 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Some land leases reclassified from operating to finance leases.
Change
Weighted average cost of capital calculation more differentiated following establishment of new profit centre.
Inconsistent
No disclosure of current year effect as bills of exchange reclassified from financial to trade liabilities with consequent effect on net debt.
Change
Concept of net working capital brought into line with other companies in statement of cash flows.
Divergence
Leasehold improvements reclassified from land and buildings to other plant and equipment, but explanation lacks clarity.

OMV AG Period End 31 December 2010

Submitted by Company Reporting on Fri, 2011-12-16 17:08
OMV AG Annual Report 2010
CR Monitor Issue: 
2011/1210
Company covered: 
OMV AG
Period End: 
31 December 2010
Report issued on 16 December 2011 covered the following practice issues:
Change
Gain on remeasurement of prior interest on combination, that increases pre-tax profit by 9.6%, included in net financial result.
Divergence
Belated disclosure of why 10% interest in associate gives significant influence
Change
Land leases reassessed as finance leases, but with little effect.
Change
Enhanced disaggregation of cash flows on acquisitions in note to cash flow statement.

Marks and Spencer Group plc Period End 2 April 2011

Submitted by Company Reporting on Thu, 2011-12-01 10:01
Marks and Spencer Group plc Annual Report 2011
CR Monitor Issue: 
2011/1201
Company covered: 
Marks and Spencer Group plc
Period End: 
02 April 2011
Report issued on 01 December 2011 covered the following practice issues:
Inconsistent
Pension partnership liability added to exclusions from maturity table of financial liabilities.
Change
New disclosure that pension partnership payments will be adjusted against retained earnings when equity instrument exhausted.
Change
Additional disclosure on non-cancellable operating lease payments due after five years.
Change
Provisions table streamlined.

Centrica plc Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-11-10 11:24
Centrica plc Annual Report 2010
CR Monitor Issue: 
2011/1105
Company covered: 
Centrica plc
Period End: 
31 December 2010
Report issued on 10 November 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Long-term arrangement on power plant classified as operating lease.
Restatement
Segmental information subject to multiple restatements indicated in footnotes, as net assets rather than assets and liabilities disclosed by segment.
Restatement
Commitments presented net of amounts where there is a right of offset with counterparty.
Change
Increased disclosure on renewable obligation certificates.

Hammerson plc Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-08-04 09:17
Hammerson plc Annual Report 2010
CR Monitor Issue: 
2011/0804
Company covered: 
Hammerson plc
Period End: 
31 December 2010
Report issued on 04 August 2011 covered the following practice issues:
Divergence
Future operating lease receipts restated without explanation
Divergence
New information on share-based plans indicates previous lack of adequate disclosure.
Change
Explanation of how figures recommended for disclosure by European Public Real Estate Association are calculated.
Change
Gain on sale of associate disclosed in note.

Swedbank AB Period End 31 December 2010

Submitted by Company Reporting on Tue, 2011-07-12 09:08
Swedbank AB Annual Report 2010
CR Monitor Issue: 
2011/0705
Company covered: 
Swedbank AB
Period End: 
31 December 2010
Report issued on 12 July 2011 covered the following practice issues:
Restatement
Only cash and balances with central banks classed as cash and cash equivalents.
Divergence
Difference between nominal and carrying amount of financial assets and liabilities described as "discount effect" in unusual presentation.
Change
Section on financial targets added to management commentary.
Change
General discussion of risk discloses enterprise risk management policy.
Change
Buy-out of minority interest accounted for through equity.
Change
New view of variable compensation disclosed and attributed to reflection on financial crisis.

Swisscom AG Period End 31 December 2010

Submitted by YWang on Thu, 2011-07-07 09:05
Swisscom AG Annual Report 2010
CR Monitor Issue: 
2011/0703
Company covered: 
Swisscom AG
Period End: 
31 December 2010
Report issued on 07 July 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Adoption of an amendment to IFRS leads to reclassification of land leases.
Change
Options linked to future acquisitions recognised following adoption of another amendment to IFRS.

British Broadcasting Corporation Period End 31 March 2010

Submitted by Alisdair on Mon, 2011-02-28 08:03
British Broadcasting Corporation Annual Report 2010
UK broadcaster’s move to IFRS increases lease recognition
UK public service broadcaster the British Broadcasting Corporation (the BBC) adopts IFRS for its 2010 annual report, leading to a reclassification of some operating leases as finance leases with consequent £161 million decrease in closing equity.
Slimmed down early retirement obligations give rise to one-off gain
UK public service broadcaster the British Broadcasting Corporation (the BBC) reduces its pension scheme obligations to staff and recognises a consequent £334 million one-off past service gain in its income statement that represents 65.2% of the corporation’s surplus before taxation for the year.
Disclosure of off-balance sheet arrangements follows new Companies Act requirement
UK public service broadcaster the British Broadcasting Corporation (the BBC) interprets a Companies Act 2006 amendment incorporating European legislation to require disclosure of £3.4 billion fixed payments due under outsourcing and similar arrangements, but does not include variable payments.

Britvic plc Period End 3 October 2010

Submitted by Alisdair on Mon, 2011-02-07 08:12
Britvic plc Annual Report 2010
“Exceptional and other” costs turn profit into loss
UK soft drinks company Britvic classifies £138 million costs as “exceptional and other”, including £116 million impairments, that turn profit into a £28.8 million loss.
Share issue structured to create £89.3 million distributable reserve
UK soft drinks company Britvic structures a share issue to utilise merger relief under the Companies Act 2006 and creates an £89.3 million distributable reserve, bypassing the requirement for application of share premium to a non-distributable reserve.

Enterprise Inns plc Period End 30 September 2010

Submitted by Alisdair on Tue, 2011-01-25 14:27
Enterprise Inns plc Annual Report Year
Recognition of a VAT refund as current provision contrasts with peers
UK pub company Enterprise Inns recognises a £6 million VAT refund as a current provision in treatment that contrasts with one group of peers which records a non-current payable or other liability and another group which recognises income.
Net charge on cancellation of swaps as a result of refinancing debt represents 45% of loss
Following refinancing its debt, UK pub company Enterprise Inns cancelled interest rate swaps relating to the original debt and recognises a £14 million net charge on one swap previously accounted for as a cash flow hedge, that represents 45% of pre-tax loss.