GKN

GKN plc Monitor

GKN plc Annual Report 2017
CR Monitor Issue: 
2018/0911
Company covered: 
GKN plc
Period End: 
31 December, 2017
Report issued on 17 September 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Change
Change in reporting segments linked to business disposal.
Change
Extended disclosure of Non-IFRS performance measures.
Change
Disclosure of the impacts of changes in US tax laws.

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.

GKN plc Monitor

GKN plc Annual Report 2015
CR Monitor Issue: 
2016/1008
Company covered: 
GKN plc
Period End: 
31 December, 2015
Report issued on 17 October 2016 covered the following practice issues:
New
Provisional business combination inventory fair value adjustment reversed through income statement.
Change
Revenue recognition policy disclosures for three different revenue streams.
New
Audit report includes statement on directors disclosures on principal risks and viability.
New
Accounting for the provisional value of opening balance sheet of acquired business identified as an area of audit focus.
Change
Cash generating unit divided into two units following a change in the business.
New
Impairment recognised in respect of new cash generating unit.

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. 

Auditors' reports - GKN plc

Period End: 
31 December, 2014
Period End Date: 
2014-12-31
Listing Status: 
FTSE 100
ICB Industry Classification: 
3355 Auto Parts
Auditor: 
PricewaterhouseCoopers

GKN plc Monitor

GKN plc Annual Report 2014
CR Monitor Issue: 
2015/0711
Company covered: 
GKN plc
Period End: 
31 December, 2014
Report issued on 21 July 2015 covered the following practice issues:
Change
Goodwill impairment charges reduce profit before tax by 23.8%.
Change
Audit conclusions on impairment changes disclosed.