Capital & Counties Properties

Capital & Counties Properties PLC Monitor

Capital & Counties Properties PLC Annual Report 2017
CR Monitor Issue: 
Company covered: 
Capital & Counties Properties PLC
Period End: 
31 December, 2017
Report issued on 03 September 2018 covered the following practice issues:
Results of discontinued operations presented in separate line on the face of the income statement.
Discussion of key audit matters included in audit report.
Presentation of a reconciliation of movements in liabilities arising from financing activities following the adoption of amendment to IAS 7 "Statement of cash flows".
Disclosure in respect of the future impacts of new accounting standards including IFRS 9 "Financial instruments" and amendments to existing standards including IAS 28 "Investments in associates" and IAS 40 "Investment property".
Extended disclosure of valuation information in respect of investment and development properties.
Restatement of maturity analysis of future minimum lease amounts receivable to correct prior year error.

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.