Taxation

GKN plc Period End 31 December 2010

Submitted by Company Reporting on Tue, 2011-12-20 16:24
GKN plc Annual Report 2010
CR Monitor Issue: 
2011/1214
Company covered: 
GKN plc
Period End: 
31 December 2010
Report issued on 23 December 2011 covered the following practice issues:
Change
Pension partnership arrangement boosts total equity as arrangement with pension scheme recognised as non-controlling interest.
Change
Tax relief on special pension contribution explained.
Change
No contingent asset recognised on dispute with UK tax authorities over foreign dividend income.
Change
Control obtained over US business following change in contractual agreement.

Dassault Systèmes SA Period End 31 December 2010

Submitted by Company Reporting on Mon, 2011-12-19 14:53
Dassault Systèmes SA Annual Report 2010
CR Monitor Issue: 
2011/1211
Company covered: 
Dassault Systèmes SA
Period End: 
31 December 2010
Report issued on 19 December 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Value-added component of new French business tax treated as income tax.
Change
Total assets and liabilities no longer reported by reportable segment, though segment assets still reported geographically.
Change
New environmental disclosures on waste treatment and greenhouse gas emissions.

Lafarge SA Period End 31 December 2010

Submitted by Company Reporting on Fri, 2011-12-16 15:15
Lafarge SA Annual Report 2010
CR Monitor Issue: 
2011/1209
Company covered: 
Lafarge SA
Period End: 
31 December 2010
Report issued on 16 December 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Reconciliation of effective and actual tax charges based on pre-tax profit excluding results of associates.
Change
Sale of interest in subsidiary without losing control accounted for through equity, with resulting cash flows classed under financing activities.
Change
New disclosures on social and environmental responsibility follow shareholder recommendations and incorporate Global Reporting Initiative recommendations.

BAE Systems plc Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-09-01 09:52
BAE Systems plc Annual Report 2010
CR Monitor Issue: 
2011/0901
Company covered: 
BAE Systems plc
Period End: 
31 December 2010
Report issued on 01 September 2011 covered the following practice issues:
Change
Inflation index gain on move to Consumer Prices Index for pensions recognised in other comprehensive income.
Change
Former associate classed as discontinued operation with residual interest treated as financial asset.
Change
Business combination adjusted for resolution of dispute on receipt of payment from former owners.
Change
Deferred tax remeasured for fall in corporation tax rate.
Divergence
Fees for audit services relating to pension schemes disclosed following UK regulations, with belated comparative.

French Tax Legislation Introduces Lack Of Comparability

This report reviews how a small sample of companies treat new taxes introduced by French legislation that replace the previous business tax.

William Hill plc Period End 28 December 2010

Submitted by YWang on Thu, 2011-07-28 09:36
William Hill plc Annual Report 2010
CR Monitor Issue: 
2011/0714
Company covered: 
William Hill plc
Period End: 
28 December 2010
Report issued on 28 July 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Divergence
Imprudent treatment to recognise income on a VAT refund.
Change
Additional adjusted earnings per share measure provided.
Change
Hedge accounting discontinued following settlement of the related loan facility.
Change
Fair value measurements classified using a three-level hierarchy.
Change
Change in definition of amounts wagered.

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.

Impacts Of Changes To Corporation Tax

This report reviews a small sample of UK companies  that disclose the impact of the government’s announced change to corporation tax.

Koninklijke Philips Electronics NV Period End 31 December 2010

Submitted by Company Reporting on Wed, 2011-06-15 10:41
Koninklijke Philips Electronics NV Annual Report 2010
CR Monitor Issue: 
2011/0610
Company covered: 
Koninklijke Philips Electronics NV
Period End: 
31 December 2010
Report issued on 15 June 2011 covered the following practice issues:
Change
Significant gain recognised on sale of available for sale financial asset to own pension fund.
Change
Restriction on pension rights leads to further gain as negative past service costs recognised.
Change
Information on expenses by nature added in accordance with IFRS requirements.
Change
IFRS format adopted for order of items on balance sheet.

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.