Broad brush approach taken for goodwill impairment testing 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.
Notice given of large non-recurring gain on revaluation French airline Air France-KLM discloses that part-disposal of an interest in a former associate on which it will recognise a €282 million gain next year, will lead to a further €749 million gain on revaluation of the residual interest at fair value.
Inappropriate recognition of goodwill UK financial broking company ICAP inappropriately increases goodwill by £12 million corresponding to deferred tax liabilities on revaluing its previous interest in a company that it acquired in full this year.
Loss from discontinued operations reduces profit by approximately 30% UK financial broking company ICAP reports a £48 million loss from its discontinued European and Asia Pacific cash equities business which reduces profit for the year by some 30%.
Third party concerns revealed, as pensions deficit drives company into negative equity UK telecoms company BT’s pensions deficit before deferred tax has increased to £7.9 billion in the year, as the company publishes additional detail on the calculation of liabilities and notes the “substantial” concerns of the Pensions Regulator as it moves into a £2.6 billion net liabilities position.
Non-executives included in key management personnel in correction of error UK telecoms company BT restates its accounts to include its Chairman and non-executive directors in its disclosures on key management personnel, increasing comparative salaries and short-term benefits of these personnel by £1.6 million, or 23.5%, to £8.4 million.
Adoption of new reporting standard has minor impact UK transport company FirstGroup adopts IFRS 8 “Operating segments” although there are few changes to its disclosures.
Disclosure of contingent liability linked to factoring indicates previous compliance failure Austrian steel manufacturer voestalpine discloses a contingent liability arising from risks retained in relation to trade receivables sold through factoring arrangements which indicates prior year compliance failure.
Undiscounted cash flows from interest and principal presented in separate tables French utilities company GDF SUEZ publishes tables on the maturity of its financial liabilities allowing the total undiscounted cash flows to be calculated, but presents cash flows from €13.7 billion interest arising in a separate table from €41 billion borrowings and debt.
Tangible and intangible assets disclosed by location Swedish steel manufacturer SSAB analyses SEK42.2 billion non-current tangible and intangible assets by geographical location, following adoption of IFRS 8 “Operating segments”, showing that most are located in the USA.
Profiting at employees’ expense Dutch consumer electronics company Philips Electronics recognises €134 million curtailment gains on retiree medical benefit plans that increase its pre-tax profit by 20%, with further decreases in amounts recognised for obligations attributed to unidentified “plan amendments”.
Increased disclosure of components of loan impairments Swedish Bank Nordea Bank distinguishes loan impairments recorded and reversed through an allowance account from those not, following a more than threefold increase to €1.5 billion.