Elementis plc Monitor

Elementis plc Annual Report 2017
CR Monitor Issue: 
Company covered: 
Elementis plc
Period End: 
31 December, 2017
Report issued on 17 September 2018 covered the following practice issues:
Discussion of key audit matters included within audit report.
Separate sections outlining director and auditor responsibilities included in auditors' report.
Detailed disclosure in respect of the valuation of intangible assets recognised as part of business combination.
Profit from discontinued operations highlighted separately on the face of the income statement.
Segmental reporting change linked to the agreed sale of operations.
Change in calculation of adjusted operating profit to exclude amortisation of intangible assets arising on acquisition.

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.