Greggs

Greggs plc Monitor

Greggs plc Annual Report 2018
CR Monitor Issue: 
2018/0513
Company covered: 
Greggs plc
Period End: 
29 December, 2018
Report issued on 20 May 2019 covered the following practice issues:
Pronouncements
IFRS 9 Financial Instruments is adopted with effect from 31 December 2017.
Pronouncements
IFRS 15 Revenue from Contracts with Customers is adopted with effect from 31 December 2017.
Pronouncements
The expected future impact of adopting IFRS 16 Leases is disclosed.
Change
Discussion of two new key audit matters included in auditor’s report.
Change
The impact of equalising Guaranteed Minimum Pensions for men and women is recognised as an exceptional item.
Change
The segmental disclosures are enhanced by the inclusion of a reconciliation of reportable segment revenues and profit to the entity totals.

Greggs PLC Monitor

Greggs PLC Annual Report 2017
CR Monitor Issue: 
2018/1009
Company covered: 
Greggs PLC
Period End: 
30 December, 2017
Report issued on 09 October 2018 covered the following practice issues:
Change
Separate discussion of director and auditor responsibilities and key audit matters in the audit report.
Change
Disclosure of post balance sheet disposal of vacant site.
Change
Change in defined benefit pension liability after taking into account new assumption in respect of the commutation of benefits.
Change
Separate alternative performance measures section added.
Change
Change in disclosure of key management remuneration.

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.

Operating Lease disclosures under IFRS

This report sets out our findings in respect of a review of the operating lease disclosures when acting as lessee of 35 companies listed on the London stock exchange. We consider a number of points including the disclosure, as currently governed under IFRS by IAS 17 “Leases”, of total future minimum lease payments focusing on the assets identified and the time periods presented; disclosure of minimum sublease payments expected to be received; disclosure of lease and sublease payments recognised in the period; and disclosure of the general terms of significant leasing arrangements including contingent rent payable basis, the existence and terms of renewal or purchase options and escalation clauses and restrictions imposed by lease arrangements such as those concerning dividends, additional debt and further leasing.