0537 Integrated Oil & Gas

Statoil ASA Period End 31 December 2010

Submitted by Company Reporting on Tue, 2011-12-20 12:00
Statoil ASA Annual Report 2010
CR Monitor Issue: 
2011/1213
Company covered: 
Statoil ASA
Period End: 
31 December 2010
Report issued on 20 December 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Assets held by captive insurance company excluded from table of financial assets held to manage liquidity risk.
Change
Unexplained reclassification within operating cash flows.
Change
Government reimbursements deducted from salaries in employee expense disclosures.

OMV AG Period End 31 December 2010

Submitted by Company Reporting on Fri, 2011-12-16 17:08
OMV AG Annual Report 2010
CR Monitor Issue: 
2011/1210
Company covered: 
OMV AG
Period End: 
31 December 2010
Report issued on 16 December 2011 covered the following practice issues:
Change
Gain on remeasurement of prior interest on combination, that increases pre-tax profit by 9.6%, included in net financial result.
Divergence
Belated disclosure of why 10% interest in associate gives significant influence
Change
Land leases reassessed as finance leases, but with little effect.
Change
Enhanced disaggregation of cash flows on acquisitions in note to cash flow statement.

BG Group plc Period End 31 December 2010

Submitted by Company Reporting on Wed, 2011-10-26 10:35
BG Group plc Annual Report 2010
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:
Change
Presentation currency changes to US dollars as functional currency remains Sterling.
Change
Intangible asset model adopted for service concession under IFRIC 12 "Service concession arrangements".
Change
Power generation businesses treated as discontinued operations, with remaining power plants transferred to other operating segments.

Eni SpA Period End 31 December 2010

Submitted by Company Reporting on Wed, 2011-09-07 10:07
Eni SpA Annual Report 2010
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:
Restatement
Service concession assets reclassified from property, plant and equipment to intangible assets on adoption of IFRIC Interpretation.
Change
Goodwill impaired in light of reduced profitability expectations for cash-generating unit, with disclosure of reduced margins and sales volumes.
Change
Increased disclosure of new pricing and risk management strategies in light of change in market risk profile, following impairment.
Restatement
Revised classification of deferred tax balances by type.
Restatement
Statement of cash flows restated with loss of detail on exchange differences within operating cash flows, but increased disclosure of equity accounted investments.
Change
Transparency of invoices leads to fine, as investigation commenced into final billing and periodicity of billing in gas sector.

BP plc Period End 31 December 2010

Submitted by YWang on Tue, 2011-05-10 07:01
BP plc Annual Report 2010
CR Monitor Issue: 
2011/0508
Company covered: 
BP plc
Period End: 
31 December 2010
Report issued on 10 May 2011 covered the following practice issues:
Change
Emphasis of matter paragraph identifies significant uncertainty over provisions and contingencies arising from the Gulf of Mexico oil leak.
Change
Separate note published for disclosing the effects of the oil leak.
Change
Disclosure of contingencies relating to the leak including contingent assets arising from potential reimbursements from co-owners of the damaged well.

Eni SpA Period End 31 December 2009

Submitted by Company Reporting on Mon, 2010-05-31 09:59
Eni SpA Annual Report 2009
Commitments shifted from narrative to table
Italian oil and gas company Eni discloses, in a table of commitments, expected capital expenditures over a number of years, with the comparative figure increased from €205 million to €13.4 billion, but leaves it unclear whether the amounts were aggregated with other figures in its prior year liquidity disclosures.