ISA 700 'The auditor's report on financial statements'

TUI Travel plc Period End 30 September 2009

Submitted by Company Reporting on Mon, 2010-02-08 00:00

Discontinued operation contributes 58% of loss for year
UK travel business TUI Travel classifies as discontinued in the current year a business bought exclusively with a view to resale last year, whose trading and impairment losses contribute 58% of its total loss for the year.

Corporate reporting takes further steps online
UK travel business TUI Travel incorporates video content into the online version of its annual report by reference, whilst the auditor’s report cites a webpage on audit scope following amendment to the UK version of an International Auditing Standard.

Aberdeen Asset Management plc Period End 30 September 2009

Submitted by Company Reporting on Fri, 2010-01-29 10:06
Aberdeen Asset Management plc Annual Report 2009

Costs expensed following acquisition reduce profit by 63%
UK asset manager Aberdeen Asset Management recognises migration and transitional costs that reduce its pre-tax profit by 63%, but falls short of IFRS by not disclosing the nature of goodwill acquired, as a report criticises the level of disclosure on material acquisitions in the UK.

Board risk procedures reassessed
UK asset manager Aberdeen Asset Management discloses that it intends to set up a dedicated board committee to review and monitor all aspects of risk. This coincides with a recommendation to this effect in the Walker report for major financial institutions.

Air France-KLM SA Period End 31 March 2009

Submitted by Company Reporting on Mon, 2009-07-13 23:00
Air France-KLM Annual Report 2009

Equity reduced 6% by revised treatment of loyalty programme
French airline Air France-KLM restates its accounts on early adoption of IFRIC 13 "Customer loyalty programmes", reducing comparative equity by 6% and increasing deferred revenue on ticket sales by 41.1%.

Increased disclosure as regulators act on rating agencies
French airline Air France-KLM publishes a policy on counterparty risk management that includes information from a credit rating agency, as European regulators consider action to improve agencies' performance.

Thales SA Period End 31 December 2008

Submitted by Company Reporting on Thu, 2009-06-25 23:00
Thales Annual Report 2008

Non-consolidation of joint venture investment conflicts with IFRS
French defence and security company Thales recognises €24.5 million investment in a joint venture as an available-for-sale financial asset in a presentation that is misleading and falls short of IFRS.

Flattering change of presentation draws auditors' attention
French defence and security company Thales changes to include restructuring costs above income from operations, turning a 4% increase in the figure over two years into a 34% increase and drawing comment from its auditors.

Agfa-Gevaert NV Period End 31 December 2008

Submitted by Company Reporting on Sun, 2009-05-31 23:00
Agfa-Gevaert Annual Report 2008

Explanation of impairment falls short of IFRS
Belgian imaging equipment maker Agfa-Gevaert recognises €119 million impairment of goodwill and intangible assets, leading to a loss for the year, but does not enlarge on the events or circumstances that have led to the impairment.