Large restatement of liquidity disclosures lacks explanation Swedish bank Swedbank changes the maturities of SEK1.3 trillion comparative loans to the public, leading to a more than fourfold increase in comparative financial assets with maturities over ten years, but offers no explanation whilst misleadingly describing the carrying amounts of financial liabilities as “undiscounted cash flows”.
Tangible and intangible assets disclosed by location Swedish steel manufacturer SSAB analyses SEK42.2 billion non-current tangible and intangible assets by geographical location, following adoption of IFRS 8 “Operating segments”, showing that most are located in the USA.
Liquidity disclosures significantly at odds with IFRS Swedish paper manufacturer Holmen discloses explicitly that it includes only carrying amounts and not undiscounted cash flows in its maturity analysis of SEK5.8 billion financial liabilities, in a presentation that differs from that of other companies and conflicts with IFRS.
Previous error in disclosure of goodwill corrected without any explanation Swedish bank Svenska Handelsbanken corrects a previous error of not eliminating accumulated goodwill amortisation against the gross amount on its transition to IFRS but does not disclose this fact.
Increased disclosure of components of loan impairments Swedish Bank Nordea Bank distinguishes loan impairments recorded and reversed through an allowance account from those not, following a more than threefold increase to €1.5 billion.
Paper mill provision reduces current profit by 32.5%
Swedish paper company Holmen recognises a SEK356 million provision, reducing pre-tax profit by 32.5%, in respect of curtailing activities at one paper mill and closure of another.
Incentive scheme outside scope of IFRS 2
Swedish paper company Holmen discloses an incentive scheme that allows staff to buy call options at market value, but recognises no cost as it considers the scheme outside the scope of IFRS 2 "Share-based payment".