Derwent London

Derwent London Monitor

Derwent London Annual Report 2017
CR Monitor Issue: 
2018/1023
Company covered: 
Derwent London
Period End: 
31 December, 2017
Report issued on 30 October 2018 covered the following practice issues:
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
Extended disclosure of principal risks.
Change
Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of amendment to IAS 7 "Statement of cash flows".
Change
Adjustment made to Revaluation reserve due to reversal of impairment loss.

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.