Service concession arrangements

Snam Rete Gas SpA Period End 31 December 2010

Submitted by Company Reporting on Fri, 2011-12-16 10:31

CR Monitor Issue:

2011/1208

Company covered:

Snam Rete Gas SpA

Period End:

31 December 2010

Report issued on 16 December 2011 covered the following practice issues:

Service concession arrangement assets move to intangible asset model.

Deferred income subject to decision by Italian authority divided between current and non-current and moved out of provisions.

BG Group plc Period End 31 December 2010

Submitted by Company Reporting on Wed, 2011-10-26 10:35

CR Monitor Issue:

2011/1011

Company covered:

BG Group plc

Period End:

31 December 2010

Report issued on 26 October 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:

Presentation currency changes to US dollars as functional currency remains Sterling.

Intangible asset model adopted for service concession under IFRIC 12 "Service concession arrangements".

Power generation businesses treated as discontinued operations, with remaining power plants transferred to other operating segments.

Hochtief AG Period End 31 December 2010

Submitted by YWang on Tue, 2011-10-11 10:14

CR Monitor Issue:

2011/1004

Company covered:

Hochtief AG

Period End:

31 December 2010

Report issued on 11 October 2011 covered the following practice issues:

Comparative fair value hierarchy disclosure restated without explanation.

No disclosure of the current year impact of adopting an IFRIC.

Change in method of foreign exchange sensitivity analysis to use rates against the functional currencies of Group companies but no explanation provided.

Gains from divestitures disclosed separately.

Separate disclosure of two items in other receivables and other assets.

Eni SpA Period End 31 December 2010

Submitted by Company Reporting on Wed, 2011-09-07 10:07

CR Monitor Issue:

2011/0904

Company covered:

Eni SpA

Period End:

31 December 2010

Report issued on 12 September 2011 covered the following practice issues:

Service concession assets reclassified from property, plant and equipment to intangible assets on adoption of IFRIC Interpretation.

Goodwill impaired in light of reduced profitability expectations for cash-generating unit, with disclosure of reduced margins and sales volumes.

Increased disclosure of new pricing and risk management strategies in light of change in market risk profile, following impairment.

Revised classification of deferred tax balances by type.

Statement of cash flows restated with loss of detail on exchange differences within operating cash flows, but increased disclosure of equity accounted investments.

Transparency of invoices leads to fine, as investigation commenced into final billing and periodicity of billing in gas sector.

Brisa - Auto-Estradas de Portugal SA Period End 31 December 2010

Submitted by Company Reporting on Tue, 2011-08-02 09:49

CR Monitor Issue:

2011/0802

Company covered:

Brisa - Auto-Estradas de Portugal SA

Period End:

31 December 2010

Report issued on 02 August 2011 covered the following practice issues:

Adoption of new Interpretation on service concession arrangements leads to restatement.

Senior management remuneration restated after Company Reporting criticism, but without explanation.

Gain on disposal of business included in 'investment income'.

Segmentation changes following change of policy on service concession arrangements.

Restated foreign currency sensitivity analysis leads to lack of clarity.

Skanska AB Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-06-09 06:58

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:

New accounting policy on construction of real estate delays revenue recognition.

New accounting policy on service concessions affects timing of revenue recognition in joint ventures and associates.

Company claims that adjusted figures reflect its operations better than IFRS figures.

Voluntary segmental disclosures in statement of cash flows.

E.ON AG Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-04-21 07:27

CR Monitor Issue:

2011/0402

Company covered:

E.On AG

Period End:

31 December 2010

Report issued on 21 April 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:

IFRIC 12 adoption leads to reclassification from property, plant and equipment to intangible assets.

Financial guarantees included in financial liability maturity analysis.

Kier Group plc Period End 30 June 2010

Inflation deflated leads to past service gain
UK construction company Kier benefits from government changes replacing the Retail Price Index as a pension inflation measure by the Consumer Price Index for employees in a local government scheme, leading to £16 million past service credit that represents 28% of profit.

Joint venture’s debtor is not such a current affair
UK construction company Kier reclassifies from current to non-current £178 million debtors within joint venture investments and tells us that the change is correction of an error rather than an effect of adoption of IFRIC 12 “Service concession arrangements”.

Kier Group plc Period End 30 June 2010

Sodexo SA Period End 31 August 2009

Submitted by Company Reporting on Mon, 2009-12-21 00:00

Modest improvement in goodwill disclosures
French catering company Sodexo improves its disclosures on the composition of €455 million goodwill arising on material acquisitions in the year and shows fair value adjustments in its acquisitions note, though there is still no company-specific disclosure on goodwill.

Add new comment