Revenue recognition

Unicredit Group SpA Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-12-22 15:40
Unicredit Group SpA Annual Report 2010
CR Monitor Issue: 
2011/1217
Company covered: 
Unicredit Group SpA
Period End: 
31 December 2010
Report issued on 22 December 2011 covered the following practice issues:
Change
Impairment that reduces profit by 14.3% attributed to country-specific economic crisis and market volatility, as growth rates no longer disclosed by country.
Divergence
Move from fee and commission income to interest expense and similar charges attributed to intra-group merger.
Change
Regulatory capital calculation changed to symmetric basis in respect of reserves arising from sovereign debt holdings.

Television Francaise 1 SA - TF1 Period End 31 December 2010

Submitted by Company Reporting on Wed, 2011-12-14 15:17
Television Francaise 1 SA - TF1 Annual Report 2010
CR Monitor Issue: 
2011/1204
Company covered: 
Television Francaise 1 SA - TF1
Period End: 
31 December 2010
Report issued on 14 December 2011 covered the following practice issues:
Change
Significant gains on remeasuring prior holdings on acquisitions.
Change
Equity accounting ended as call option ends significant influence.
Change
Transfers of businesses between segments follow changes of management intentions.
Divergence
Unexplained change to analysis of revenue.

Tele 2 AB Period End 31 December 2010

Submitted by Company Reporting on Wed, 2011-12-14 11:06
Tele 2 AB Annual Report 2010
CR Monitor Issue: 
2011/1203
Company covered: 
Tele 2 AB
Period End: 
31 December 2010
Report issued on 14 December 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Revenue recognition policies change for multiple deliveries and 'enhanced fees'.
Change
Revised IFRS 3 "Business combinations" impacts on accounting for non-controlling interests.
Change
Greater detail provided on financial instruments.
Change
Increased disclosure of calls between fixed and mobile networks in segmental disclosures.

Telekom Austria AG Period End 31 December 2010

Submitted by Company Reporting on Tue, 2011-11-29 16:30
Telekom Austria AG Annual Report 2010
CR Monitor Issue: 
2011/1113
Company covered: 
Telekom Austria AG
Period End: 
31 December 2010
Report issued on 30 November 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Segmentation changes to geographical basis following increasing demand for convergent products.
Change
Gain recognised on remeasuring former interest in company acquired in the year.
Restatement
Some comparative revenue from sale of merchandise reclassified as service revenue.
Restatement
Comparative revenue of associates restated significantly without explanation.

Atlas Copco AB Period End 31 December 2010

Submitted by YWang on Wed, 2011-11-16 16:30
Atlas Copco AB Annual Report 2010
CR Monitor Issue: 
2011/1107
Company covered: 
Atlas Copco AB
Period End: 
31 December 2010
Report issued on 16 November 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Impairment disclosed separately in segmental information.
Change
Cash flows from purchase and sale of rental equipment reclassified from investing to operating, with the description of revenue recognition policy changed to include sale of rental equipment.
Change
Financial information about associates changed to show 100% rather than the company's share.
Change
Changes in reconciliation of movements in pension assets result in benefits paid no longer being equivalent to benefit paid in the reconciliation of movements in liabilities.
Change
Service contract no longer shown as a separate class of provisions.
Change
Separate disclosure of auditor's fees relating to tax services.

Cobham plc Period End 31 December 2010

Submitted by YWang on Mon, 2011-10-24 08:59
Cobham plc Annual Report 2010
CR Monitor Issue: 
2011/1009
Company covered: 
Cobham plc
Period End: 
31 December 2010
Report issued on 24 October 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Rates of increase in pensions disclosed.
Change
Provisions on business disposals presented as a separate class.
Change
Impact of reduction in tax rate not disclosed with the company telling us that it is immaterial.
Change
Prejudicial override invoked not to provide further information on one contractual breach.
Change
Disclosure of two acquisitions after the year end but impracticable to give detailed information.
Change
Revenue recognition policy expanded.

Rio Tinto plc Period End 31 December 2010

Submitted by YWang on Tue, 2011-06-21 08:43
Rio Tinto plc Annual Report 2010
CR Monitor Issue: 
2011/0611
Company covered: 
Rio Tinto plc
Period End: 
31 December 2010
Report issued on 21 June 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Acquisition where control obtained through an agreement leads to an income statement gain.
Change
Sensitivity analyses for post-retirement benefits provided but only cover the income statement impact.
Change
Pricing for iron ore customers changed from an annual benchmark to a quarterly basis.
Change
Comparatives now cover the previous two years.

ASML Holding NV Period End 31 December 2010

Submitted by Alisdair on Wed, 2011-04-13 09:47
ASML Holding NV Annual Report 2010
Undue reliance on US GAAP’s concept of control widens scope of consolidation
Dutch semiconductor manufacturer ASML consolidates a special purpose entity (SPE) that it controls, following changes to US GAAP which it uses to interpret the concept of control in SIC 12 “Consolidation – special purpose entities”, although there is relevant guidance in SIC 12.
Cash measured at fair value is reclassified to the highest category
Dutch semiconductor manufacturer ASML reclassifies money market funds to Level 1 from Level 2 of the fair value hierarchy of IFRS 7 “Financial instruments: disclosures”, but discloses elsewhere that it classifies them as loans and receivables.

Vestas Wind Systems A/S Period End 31 December 2010

Submitted by Alisdair on Wed, 2011-03-30 06:49
Vestas Wind Systems A/S Annual Report 2010
Change in revenue recognition policy significantly reduces prior year profit and equity
Danish wind turbine manufacturer Vestas Wind Systems changes its policies to delay the timing of recognising revenue from supply-and-installation projects and to record warranty provisions at an earlier time and the resultant restatements of prior year comparatives reduce pre-tax profit by 75% and equity by 24%.
Restructuring costs reduce profit by 40%
Danish wind turbine manufacturer Vestas Wind Systems records €158 million costs on a restructuring, mainly relating to impairments and staff costs, and reports them as a separate line item titled “one-off costs”.

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.