Centrica

Centrica plc Monitor

Centrica plc Annual Report 2017
CR Monitor Issue: 
2018/0615
Company covered: 
Centrica plc
Period End: 
31 December, 2017
Report issued on 19 June 2018 covered the following practice issues:
Restatement
Change in presentation of exceptional items.
Pronouncements
Extended disclosure in respect of new accounting standards issued but not yet effective namely IFRS 9 "Financial instruments"and IFRS 17 "Insurance contracts".
Change
Discussion of key audit matters included in auditors' report.
Change
Enhanced risk disclosures including the presentation of risk framework and risk management diagrams.

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.

FRS 101 "Reduced disclosure framework"- A review of application in parent company accounts of IFRS groups

The preparation of parent company financial statements is something that all consolidated IFRS groups have to consider. In light of the great level of recent change in this area in the UK this represents a one-off report giving guidance on the preparation of parent company financial statements under FRS 101 "Reduced Disclosure Framework". It focuses on UK groups that prepare IFRS consolidated accounts.

The report sets out the key findings from our review of the first-time application of FRS 101 “Reduced Disclosure Framework” by a group of 29 parent companies that prepare consolidated financial statements under IFRS.  We consider a number of points including: how companies informed shareholders of the intention to implement FRS 101; the format of the primary financial statements; disclosure of the list of exemptions taken; the concept of equivalent disclosure in the consolidated financial statements; the length of company financial statements under FRS 101; and changes in accounting policy on adoption. 

Centrica plc Monitor

Centrica plc Annual Report 2015
CR Monitor Issue: 
2016/0510
Company covered: 
Centrica plc
Period End: 
31 December, 2015
Report issued on 24 May 2016 covered the following practice issues:
Change
Going concern of the company identified as an area of audit focus.
Change
Impact of reduction in the tax rate identified as exceptional item.
Change
Change in profit measure used for evaluating segmental performance.
Pronouncements
Brief disclosure of impending leases Standard.
Pronouncements
Viability statement published, looking ahead for three years.

Non-controlling interests - Centrica

Period End: 
31 December 2014
Period End Date: 
2014-12-31
Listing Status: 
FTSE 100, S&P Europe 350
ICB Industry Classification: 
7573 Gas Distribution
Auditor: 
PricewaterhouseCoopers

Leases - Centrica plc

Period End: 
31 December 2010
Period End Date: 
2010-12-31
Listing Status: 
FTSE 100, S&P Europe 350
ICB Industry Classification: 
7573 Gas Distribution
Auditor: 
PricewaterhouseCoopers

Centrica plc Period End 31 December 2010

Centrica plc Annual Report 2010
CR Monitor Issue: 
2011/1105
Company covered: 
Centrica plc
Period End: 
31 December 2010
Report issued on 10 November 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Long-term arrangement on power plant classified as operating lease.
Restatement
Segmental information subject to multiple restatements indicated in footnotes, as net assets rather than assets and liabilities disclosed by segment.
Restatement
Commitments presented net of amounts where there is a right of offset with counterparty.
Change
Increased disclosure on renewable obligation certificates.