2757 Industrial Machinery

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.

Alfa Laval AB Period End 31 December 2010

Submitted by YWang on Thu, 2011-09-29 10:39
Alfa Laval AB Annual Report 2010
CR Monitor Issue: 
2011/0912
Company covered: 
Alfa Laval AB
Period End: 
31 December 2010
Report issued on 29 September 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Improvement in disclosure of intangible assets other than goodwill by class.
Change
Quantitative disclosures about financial covenants and outcomes provided.
Change
More detailed disaggregation of auditors' fees.
Change
Summarised financial information of joint ventures disclosed.

SKF AB Period End 31 December 2010

Submitted by Company Reporting on Tue, 2011-05-17 06:39
SKF AB 2010
CR Monitor Issue: 
2011/0513
Company covered: 
SKF AB
Period End: 
31 December 2010
Report issued on 17 May 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issue:
Change
Financial income and expense reported on a net basis.

Kone Oyj Period End 31 December 2010

Submitted by Alisdair on Mon, 2011-04-11 07:24
Kone Oyj Annual Report 2010
Unusual location chosen for disclosure of post balance sheet event
Finnish elevator company Kone discloses information on a legal case commenced against it after the year end for civil damages of up to €71 million, but includes the information only in the Board of Directors’ report, contrary to IAS 1 “Presentation of financial statements”.

Vallourec SA Period End 31 December 2009

Submitted by Company Reporting on Wed, 2010-06-30 08:45
Vallourec SA Annual Report 2009
Illiquid debt excluded from cash balances in correction of error
French engineering company Vallourec restates its cash flow statements, increasing opening cash by €121 million, or 31.5%, to €504 million, with effects on comparative exchange differences and cash flows from financing activities.
Impending IFRS leaves open initial valuation policy on minority interests
French engineering company Vallourec adopts early two impending IFRS Standards and states that it will decide on a case by case basis its policy on the valuation of minority interests whilst adopting a ‘partial goodwill’ method for a current year acquisition.
‘Defensive synergies’ identified as an element of goodwill
French engineering company Vallourec identifies ‘defensive and commercial synergies’ as the primary element of €91.4 million goodwill recognised in the year and tells us what it understands by ‘defensive synergy’.

Wärtsilä Corporation Period End 31 December 2009

Submitted by Company Reporting on Wed, 2010-03-03 00:00

Significant restructuring disclosed outside financial statements
Finnish engineering company Wärtsilä discloses a significant reduction of capacity, that it expects to lead to €140 million non-recurring costs equal to 25% of current year profit but, contrary to IFRS requirements, locates the principal disclosure outside the financial statements and notes.

State of order book included in segmental disclosures
Finnish engineering company Wärtsilä discloses information by three business areas, including significant declines of up to 83% in new orders, whilst drawing attention to limitations of the information.