Admiral Group

Admiral Group plc Monitor

Admiral Group plc Annual Report 2017
CR Monitor Issue: 
2018/0917
Company covered: 
Admiral Group plc
Period End: 
31 December, 2017
Report issued on 24 September 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report.
Change
Separate sections outlining director and auditor responsibilities included in auditors' report.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers", and IFRS 16 "Leases".
Change
Change in balance sheet format with no explicit explanation.
Restatement
Reclassification of financial instruments between classes.

Alternative Performance Measures (APMs)

In this Common Practices report we look at what APMs are; how companies are using them; and what they mean for the users of accounts when comparing them to others. This report examines the APMs that are stated within recent company and group accounts for a sample of 20 companies. Our selected sample covers year ends from 30 June 2017 to 31 March 2018. All companies report under International Financial Reporting Standards (IFRS) as adopted in the EU. Throughout this report, we look at some of the recommendations put forward by the European Securities and Markets Agency (ESMA) in their guidelines setting out best practice on APMs in 2015, which became effective from 3 July 2016, as well as the observations made by the FRC, assessing whether and how companies have implemented them. 

Admiral Group plc Monitor

Admiral Group plc Annual Report 2016
CR Monitor Issue: 
2017/1112
Company covered: 
Admiral Group plc
Period End: 
31 December, 2016
Report issued on 28 November 2017 covered the following practice issues:
Change
Post balance sheet change in discount rate taken into account in valuation of insurance liabilities.
Change
Presentation of a sensitivity analysis in respect of discount rate applied when valuing insurance liabilities.
Restatement
Restatement of cash flow statement following reclassification.
Change
Market risk identified as a new principal risk factor.
Change
Presentation of audit report enhanced by inclusion of audit approach summary and diagrams in respect of audit scope and materiality.
New
Additional performance measures discussion introduced.

Fair value measurement information under IFRS

IFRS 13 “Fair value measurement” sets out a single consistent framework for measuring fair value within IFRS financial statements and outlines a standardised set of disclosures in respect of fair value measurements. IFRS 13 has been mandatory now for some years, with application being required for annual reporting periods beginning on or after 1 January 2013. This report sets out the results of how requirements of the standard have been put into practice, both in terms of measurement and disclosure, in the consolidated financial statements of 139 large public limited companies with year ends between 31 March 2016 and 1 April 2017. It is not an exhaustive study of all aspects of IFRS 13 application and its conclusions are limited to our findings in respect of the areas analysed within the financial statements reviewed.

Disclosure of the impacts of IFRS 16 "Leases"

IFRS 16 “Leases” will fundamentally change accounting by lessees as it requires assets previously off balance sheet under operating lease arrangements to be brought on balance sheet as is currently the case for finance leased assets. As a result on application companies will recognise both additional assets and additional liabilities. Consequently there will also be knock on effects in the income statement as operating lease charges are replaced by a depreciation charge and a finance expense. This report analyses the financial statements of a range of companies to firstly establish whether there has been any early adoption and secondly to establish what companies are disclosing in respect of IFRS 16 and its future impacts.