Impact Of New Pronouncements

National Grid plc Monitor

Submitted by 25012e8a-3b28-4... on Tue, 2018-08-14 13:57

CR Monitor Issue:

2018/0809

Company covered:

National grid plc

Period End:

31 March, 2018

Report issued on 14 August 2018 covered the following practice issues:

Extended disclosure as to the future impacts of IFRS 9 "Financial instruments" and IFRS 15 "Revenues from contracts with customers" including quantifcation.

Multi-column income statement format adopted highlighting exceptional items and re-measurements.

Re-classification of commodity derivative contracts in statement of financial position.

Disclosure in respect of US tax changes including reduction of corporate income tax rate from 35% to 21%.

Royal Dutch Shell PLC Monitor

Submitted by 25012e8a-3b28-4... on Tue, 2018-08-14 12:34

CR Monitor Issue:

2018/0808

Company covered:

Royal Dutch Shell PLC

Period End:

31 December, 2017

Report issued on 14 August 2018 covered the following practice issues:

Extended disclosure in respect of the future impacts of IFRS 9 "Leases", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".

Extended disclosure of key audit matters in the audit report.

Format of strategic report disclosure of key performance indicators altered

Fair value of 50% joint venture stake represents value of consideration paid in business combination.

Restatement of segment geographical entity wide disclosures.

SKF AB

Submitted by 25012e8a-3b28-4... on Tue, 2018-08-14 12:15

CR Monitor Issue:

2018/0807

Company covered:

SKF AB

Period End:

31 December, 2017

Report issued on 14 August 2018 covered the following practice issues:

Change in presentation of income statement to reflect cash discounts in net sales rather than as an expense.

Extended disclosure in respect of the future impact of IFRS 16 "Leases".

Restatement of net sales by segment to reflect reallocation of businesses.

Analysis of contingent liabilities altered to include liabilities in respect of tax claims.

Hunting PLC Monitor

Submitted by Swati Valecha on Tue, 2018-08-07 14:09

CR Monitor Issue:

2018/0801

Company covered:

Hunting PLC

Period End:

31 December, 2017

Report issued on 7 August 2018 covered the following practice issues:

Audit report includes separate sections discussing director and auditor responsibilities.

Extended disclosure in respect of the impacts of new accounting standards: IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".

Restatement of segmental information linked to change in management structure.

Change in disclosure of directors remuneration policy including separate disclosure of performance metrics.

Restatement of fair value disclosures.

Fidessa Group plc

Submitted by 25012e8a-3b28-4... on Tue, 2018-08-07 13:04

CR Monitor Issue:

2018/0803

Company covered:

Fidessa Group plc

Period End:

31 December, 2017

Report issued on 07 August 2018 covered the following practice issues:

Detailed disclosure added in respect of the future impact of IFRS 15 "Revenues from contracts with Customers".

Separate disclosure of director and auditor responsibilities in the audit report.

Enhanced disclosure of principal risks.

Change in deferred tax assets linked to reduction in US tax rate.

Restatement of prior year cash flow statement.

Telenor ASA Monitor

Submitted by 609607d4-597e-4... on Tue, 2018-08-07 11:14

CR Monitor Issue:

2018/0802

Company covered:

Telenor ASA

Period End:

31 December, 2017

Report issued on 07 August 2018 covered the following practice issues:

Discontinued operations line disclosed separately on the face of the income statement.

Extended disclosure as to the future impacts of new accounting standards IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".

Reconciliation of movements in interest liabilities presented following adoption of amendment to IAS 7 "Statement of cash flows".

Discussion of a new key audit matter linked to discontinued operations included in the auditor’s report.

Restatement of segmental reporting disclosures following transfer of businesses between segments.

Extended disclosure in respect of joint ventures and associated undertakings showing an analysis of disposals.

BASF SE Monitor

Submitted by Swati Valecha on Mon, 2018-08-06 13:57

CR Monitor Issue:

2018/0804

Company covered:

BASF SE

Period End:

31 December, 2017

Report issued on 07 August 2018 covered the following practice issues:

Discussion of key audit matters included in audit report.

Separate disclosure of director and auditor responsibilities in the audit report.

Extended disclosures relating to the impacts of accounting standards, not yet effective including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".

Introduction of reconciliation showing movements in liabilities arising from financing activities following adoption of amendment to IAS 7 "Statement of cash flows".

Restatement of prior year segmental breakdown.

Deutsche Post AG Monitor

Submitted by Swati Valecha on Mon, 2018-08-06 08:28

CR Monitor Issue:

2018/0805

Company covered:

Deutsche Post AG

Period End:

31 December, 2017

Report issued on 07 August 2018 covered the following practice issues:

Disclosure of the future impacts of new standards that are currently not effective: IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".

Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of amendment to IAS 7 Statement of cash flows".

Detailed disclosure in respect of business acquired during the year.

Restatement of segmental disclosures following reclassification of businesses between segments.

Reduction in useful life of intangible asset results in additional amortisation.

Münchener Rückversicherungs-Gesellschaft AG Monitor

Submitted by 25012e8a-3b28-4... on Tue, 2018-07-31 14:46

CR Monitor Issue:

2018/0724

Company covered:

Münchener Rückversicherungs-Gesellschaft AG

Period End:

31 December, 2017

Report issued on 31 July 2018 covered the following practice issues:

Enhanced disclosure in respect of the impacts of new accounting standards including IFRS 17 "Insurance contracts", IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".

Change in classification of interest receivable not due.

Presentation of a reconciliation of movements in liabilities arising form financing activities following adoption of an amendment to IAS 7 "Statement of cash flows".

Discussion of key audit matters included in the audit report.

Change in segmental reporting structure linked to discontinuation of a business.

Recognition of impairment reversal in respect of deferred acquisition costs.

Intertek Group Plc Monitor

Submitted by 25012e8a-3b28-4... on Tue, 2018-07-31 14:38

CR Monitor Issue:

2018/0725

Company covered:

Intertek Group Plc

Period End:

31 December, 2017

Report issued on 31 July 2018 covered the following practice issues:

Extended disclosure in respect of the impacts of IFRS 9 "Financial instruments" and IFRS 15 "Revenues from contracts with customers".

Extended risk disclosure including identification of new principal risk factor.

Added disclosure outlining sustainability goals.

Reduction in US tax rate leads to re-measurement of deferred tax liabilities.

Sensitivity analysis introduced to acquisition note in respect of contingent consideration.