Management commentary

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.

Aquarius Platinum Limited Period End 30 June 2011

Submitted by YWang on Tue, 2012-01-17 11:15
Aquarius Platinum Limited Annual Report 2011
CR Monitor Issue: 
2012/0106
Company covered: 
Aquarius Platinum Limited
Period End: 
30 June 2011
Report issued on 17 January 2012 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
US$160 million impairments against a mine and a loan balance due from a third party.
Change
Post balance sheet acquisition and other event.
Change
Disclosure of key performance indicators revised.

Diploma plc 31 September 2011

Submitted by YWang on Mon, 2012-01-16 14:12
Diploma plc Annual Report 2011
CR Monitor Issue: 
2012/0105
Company covered: 
Diploma plc
Period End: 
30 September 2011
Report issued on 16 January 2012 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Reduction in pension liabilities as a result of changing inflation assumption from RPI to CPI recognised as an actuarial gain.
Change
Changes made to KPIs including introduction of underlying organic revenue growth.
Change
Cash flows relating to acquisition of minority interests classified as financing activities.
Change
Risk disclosures expanded and now include capital management risk.

The Capita Group Plc Period End 31 December 2010

Submitted by YWang on Wed, 2011-11-02 11:09
The Capita Group Plc Annual Report 2010
CR Monitor Issue: 
2011/1101
Company covered: 
The Capita Group Plc
Period End: 
31 December 2010
Report issued on 02 November 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Impact of change in tax rate disclosed.
Change
Only fair values of assets and liabilities acquired through business combinations disclosed following adoption of revised IFRS 3.
Change
Several new risks added to risk disclosures with disclosure of the potential impacts.
Restatement
Restatement of prior year comparative receivables and payables without explanation.

Logica plc Period End 31 December 2010

Submitted by YWang on Fri, 2011-10-07 15:56
Logica plc Annual Report 2010
CR Monitor Issue: 
2011/1003
Company covered: 
Logica plc
Period End: 
31 December 2010
Report issued on 07 October 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Changes in internal management reporting prompt revision of reportable segments.
Inconsistent
Goodwill disclosure still not following IFRS.
Change
Impact of change in UK corporation tax rate disclosed.
Change
Changes in key performance indicators to improve disclosures.
Change
Additional information given in directors' remuneration report including the principles applied.

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.

Barclays plc Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-06-09 07:24
Barclays plc Annual Report 2010
CR Monitor Issue: 
2011/0604
Company covered: 
Barclays plc
Period End: 
31 December 2010
Report issued on 09 June 2011 covered the following practice issues:
Change
No figures for reported contingency that materialised two months after annual report issued with numbers reported in press shortly after.
Change
Adoption of new Code for Financial Reporting Disclosure contributes to greater focus and omission of immaterial information.
Change
New Code leads to new format for risk disclosures, as sovereign risk moves centre stage.
Change
Share-based payments disclosures streamlined and extra information given on awards granted.
Change
Presentation of tax in statement of comprehensive income shifts.
Change
Gains from 'own credit' that will be excluded from income statements under impending IFRS 9 "Financial instruments" reported separately.

Randstad Holding NV Period End 31 December 2010

Submitted by Alisdair on Fri, 2011-04-08 09:17
Randstad Holding NV Annual Report 2010
Choice of classification of local value-added tax charge increases pre-tax profit
Dutch recruitment agency Randstad classifies as income tax a €39.2 million tax charge arising from a component of French business tax calculated on value-added, in a treatment that leads to 12.3% increase in profit before tax and illustrates lack of comparability in the absence of specific IFRS guidance.

Euromoney Institutional Investor plc Period End 30 September 2010

Submitted by Alisdair on Tue, 2011-02-22 08:04
Euromoney Institutional Investor Annual Report 2010
High currency sensitivity results from derivatives forward contracts with high nominal value
UK financial publisher Euromoney Institutional Investor reduces the comparative amounts of monetary assets and liabilities denominated in US dollars and increases the comparative effect on equity of a 10% change in the US dollar against sterling to almost half of the net monetary assets, but only inquiry to the company elicits an explanation.

Sportingbet plc Period End 31 July 2010

Submitted by Alisdair on Wed, 2010-12-15 15:22
Sportingbet plc Annual Report 2010
Legal settlement costs reduce profit by 85% and amounts disclosed are in disagreement
UK online bookmaker Sportingbet recognises £22.8 million of legal settlement costs as exceptional reducing profit for the year by 85% and amounts disclosed in management commentary conflict with those disclosed in the notes.