Joint ventures

CRH plc Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-11-10 17:02
CRH plc Annual Report 2010
CR Monitor Issue: 
2011/1106
Company covered: 
CRH plc
Period End: 
31 December 2010
Report issued on 11 November 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Gain on revaluation of prior interest following acquisition included in profit on disposals.
Change
Movement in liquid investments moved from financing to operating activities.
Change
New detail on amounts attributable to proportionately consolidated joint ventures included in financial disclosures.

Cookson Group plc Period End 31 December 2010

Submitted by Company Reporting on Wed, 2011-11-09 11:37
Cookson Group plc Annual Report 2010
CR Monitor Issue: 
2011/1104
Company covered: 
Cookson Group plc
Period End: 
31 December 2010
Report issued on 09 November 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
More detail given in segmental disclosures.
Restatement
Unexplained restatement of operating lease commitments.
Restatement
Unexplained restatement of research and development costs, which are now disclosed by segment.
Restatement
Error corrected in presentation of interest in joint venture assets.

Orkla ASA Period End 31 December 2010

Submitted by Company Reporting on Mon, 2011-10-03 15:17
Orkla ASA Annual Report 2010
CR Monitor Issue: 
2011/1001
Company covered: 
Orkla ASA
Period End: 
31 December 2010
Report issued on 04 October 2011 covered the following practice issues:
Change
Impairment of associate leads to loss for year as market value of associate treated as equivalent to impairment test result.
Change
Impairment assumptions disclosed for individual business units.
Change
Business presented as discontinued operation.
Change
Improved disaggregation of equity reserves.
Change
Significant impact foreseen from expected change to IFRS requirements on operating leases.
Restatement
Correction of misstated figures on share options.

HeidelbergCement AG Period End 31 December 2010

Submitted by YWang on Thu, 2011-09-15 14:09
HeidelbergCement AG Annual Report 2010
CR Monitor Issue: 
2011/0906
Company covered: 
HeidelbergCement AG
Period End: 
31 December 2010
Report issued on 15 September 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Change in disclosure of contribution of proportionately consolidated joint ventures from relative percentage to absolute numbers.
Change
Analysis of non-recurring income and expenses expanded.
Inconsistent
Maturity analysis of provisions provided without prior year comparatives.
Change
Liabilities on put options presented separately.
Change
Europe reportable segment splitted into two with a geographical analysis of revenue and non-current assets provided.
Change
Cash flows from changes in ownership interests in a subsidiary classified as financing.

Accounting for Joint Ventures

This report considers recent corporate reporting of joint ventures by a sample drawn from 24 large, listed European companies, supplemented by Company Reporting data and comment. All companies report under IFRS, following European Union requirements. We highlight the accounting methods employed by the companies in our sample. We also comment on company joint venture disclosure practice. 

Banco Bilbao Vizcaya Argentaria SA Period End 31 December 2010

Submitted by YWang on Tue, 2011-06-14 09:43
Banco Bilbao Vizcaya Argentaria SA Annual Report 2010
CR Monitor Issue: 
2011/0608
Company covered: 
Banco Bilbao Vizcaya Argentaria SA
Period End: 
31 December 2010
Report issued on 14 June 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Improvements made to risk disclosures including an enhanced age analysis of financial assets past due but not impaired and a new section addressing risk in the Spanish real estate and construction sector.
Change
Prior year earnings per share restated following a capital increase with pre-emptive subscription rights.
Change
Adjustments made to comparative segmental information to reflect issues including the hyperinflationary economy in Venezuela.
Change
Hedging derivative liabilities excluded from financial instrument fair value table but the reason for this is not clear.
Change
No explanation for restatements in relation to joint ventures.

Skanska AB Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-06-09 06:58
Skanska AB Annual Report 2010
CR Monitor Issue: 
2011/0603
Company covered: 
Skanska AB
Period End: 
31 December 2010
Report issued on 09 June 2011 covered the following practice issues:
Restatement
New accounting policy on construction of real estate delays revenue recognition.
Restatement
New accounting policy on service concessions affects timing of revenue recognition in joint ventures and associates.
Divergence
Company claims that adjusted figures reflect its operations better than IFRS figures.
Change
Voluntary segmental disclosures in statement of cash flows.

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.

Fiat SpA Period End 31 December 2010

Submitted by Company Reporting on Tue, 2011-04-26 06:10
Fiat SpA Annual Report 2010
CR Monitor Issue: 
2011/0405
Company covered: 
Fiat SpA
Period End: 
31 December 2010
Report issued on 26 April 2011 covered the following practice issues:
Divergence
Inadequate disclosure as demerger treated as outside scope of IFRIC 17.
Change
Reconciliation of US GAAP and IFRS accounts of associate.
Change
Intentions for share capital disclosed in light of demerger.
Change
Implications of demerger for share-based payments disclosed.
Change
Gain on remeasurement of prior holding recognised on acquisition.
Change
Buy-out of non-controlling interest treated as equity transaction.

Porsche Automobil Holding SE Period End 31 July 2010

Submitted by Alisdair on Fri, 2010-12-24 10:35
Porsche Automobil Holding SE Annual Report 2010
Gain and loss following deconsolidation recognised in separate income statement lines
German car manufacturer Porsche recognises in result of discontinued operations €15.9 billion loss on deconsolidation of Volkswagen and in continuing operations €7.8 billion gain on negative goodwill  from its ongoing interest in this company now classified as an associate.