Novozymes A/S Monitor

Novozymes A/S Annual Report 2016
CR Monitor Issue: 
2017/0709
Company covered: 
Novozymes A/S
Period End: 
31 December, 2016
Report issued on 18 July 2017 covered the following practice issues:
Pronouncements
Introduction of new section "key audit matters" in auditors' report as a result of chnage in audit standards.
Change
Allocation of goodwill to cash generating units for impairment test purposes changed.
Change
Breakdown of key management remuneration includes "severance costs"
Change
New principal risk factor added in respect of "Delay of BioAg commercialisation"
Pronouncements
Extended discussion on the impacts of new standards including IFRS 9 and IFRS 16.
Change
Goodwill on acquisition of business attributed to synergy benefits.

Carillion plc Monitor

Carillion plc Annual Report 2016
CR Monitor Issue: 
2017/0708
Company covered: 
Carillion plc
Period End: 
31 December, 2016
Report issued on 18 July 2017 covered the following practice issues:
Restatement
Finalisation of business acquisition fair values including contingent consideration leads to change in goodwill.
Change
Revenue recognition under licensing agreements identified as a risk of material misstatement by the auditors.
New
Introduction of discussion on alternative performance measures.
Change
Non-recurring items including restructuring costs highlighted separately.
Pronouncements
Improved discussion on new standards covering leases, revenue from contracts with customers and financial instruments.
Change
Brexit identified as new risk factor within tabular disclosure of principal risks.

The Sage Group plc Monitor

The Sage Group plc Annual Report 2016
CR Monitor Issue: 
2017/0707
Company covered: 
The Sage Group plc
Period End: 
30 September, 2016
Report issued on 17 July 2017 covered the following practice issues:
Change
Designation as "Exceptional (non-recurring) items" identified as a significant accounting and reporting matter in corporate governance report.
Change
'Changes in finance systems and processes' identified as a risk of material misstatement by auditors.
Pronouncements
Un-quantified disclosure added regarding impact of impending revenue recognition standard.
Change
Newly acquired 20.7% holding in investment accounted for as an associate using the equity method.
New
Flowchart added to directors remuneration report showing amended conditions attached to performance share plan.
New
Directors remuneration report enhanced by inclusion of remuneration at a glance section.

UPM-Kymmene Corporation Monitor

UPM-Kymmene Corporation Annual Report 2016
CR Monitor Issue: 
2017/0706
Company covered: 
UPM-Kymmene Corporation
Period End: 
31 December, 2016
Report issued on 11 July 2017 covered the following practice issues:
Change
Underlying reasons for recognition of impairments disclosed.
Change
Change in presentation of cash flow statement to add separate line items for net cash flows from investment hedges and net cash flows from derivatives.
Pronouncements
Auditors report enhanced by inclusion of discussion of key audit matters in line with new auditing standard.
Pronouncements
Introduction of a discussion on new accounting standards in relation to revenue, financial instruments and leases.
New
Additional discussion on Alternative performance measures included.

William Hill PLC Monitor

William Hill PLC Annual Report 2016
CR Monitor Issue: 
2017/0705
Company covered: 
William Hill PLC
Period End: 
27 December, 2016
Report issued on 11 July 2017 covered the following practice issues:
Change
Income statement format altered to highlight adjustments to statutory results other than exceptional items.
Change
Newly recognised financial instruments categorised in line with IAS 39.
Change
Detailed breakdown of fair value of assets and liabilities in respect of a 100% business acquisition.
Change
Identification of "transformation programme" as a new principal risk factor.
Restatement
Segment reporting restated following merger of "Telephone" and "Online" segments.

The Paragon Group Companies PLC Monitor

The Paragon Group Companies PLC Annual Report 2016
CR Monitor Issue: 
2017/0704
Company covered: 
The Paragon Group Companies PLC
Period End: 
30 September, 2016
Report issued on 11 July 2017 covered the following practice issues:
Change
Statement of changes in equity shows separately reconciliation of movements for each component of equity including comprehensive income and transaction with owner elements.
Change
A sensitivity analysis is added to the disclosure of critical accounting estimates.
New
Qualitative factors underlying goodwill recognised during the year explained.
Change
Presentation of auditors' report enhanced by inclusion of graphical presentation in respect of materiality.
Change
Auditors identify new areas of risk of material misstatement in respect of "Interest payable on asset backed loan notes" and "recoverability of goodwill".
Pronouncements
New principal risk factors added to tabular disclosure including capital risk linked to Basel Committee proposals.