Lancashire Holdings Limited Monitor

Lancashire Holdings Limited Annual Report 2017
CR Monitor Issue: 
Company covered: 
Lancashire Holdings Limited
Period End: 
31 December, 2017
Report issued on 21 August 2018 covered the following practice issues:
Discussion of key audit matters included in audit report.
Separate disclosure of director and auditor responsibilities in the audit report.
Disclosure of transaction with subsidiary of associated undertaking included in related party transactions note.
Disclosure of change in performance conditions attached to director share-based payment plan.
Extended disclosure in respect of insurance losses.

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.