Lonmin

Lonmin plc Monitor

Lonmin plc Annual Report 2018
CR Monitor Issue: 
2019/0303
Company covered: 
Lonmin plc
Period End: 
30 September, 2018
Report issued on 05 March 2019 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the expected future impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers", and IFRS 16 "Leases".
Change
Calculation of goodwill linked to step acquisition takes into account fair value of previously held interests.
Change
Assets classified as held for sale disclosed separately on the face of balance sheet.
Change
Extended disclosure of accounting estimates and judgements includes a sensitivity analysis.

Risk and viability in the strategic report

In light of recent high-profile collapses such as Carillion, the reporting by companies of risks and long-term viability is once again in the spotlight. Investors and other stakeholders expect detailed, specific information in the annual report which clearly sets out the key risks facing the company and the potential impact of these risks on the company’s longer-term viability. This report analyses the consolidated financial statements of 20 UK listed companies to assess the quality of risk and viability reporting in the annual report.

Lonmin plc Monitor

Lonmin Plc Annual Report 2016
CR Monitor Issue: 
2017/0306
Company covered: 
Lonmin Plc
Period End: 
30 September, 2016
Report issued on 14 March 2017 covered the following practice issues:
Change
Share capital structure reorganised through sub-division, rights issue and consolidation.
Change
Share bonus issue to maintain Black Economic Empowerment share proportion.
Restatement
Restatement of prior year’s loss per share following rights issue.
Change
Audit report enhanced by inclusion of overview and tabular presentation showing scope of audit work.

Lonmin plc Monitor

Lonmin plc Annual Report 2015
CR Monitor Issue: 
2016/0403
Company covered: 
Lonmin plc
Period End: 
30 September, 2015
Report issued on 01 April 2016 covered the following practice issues:
Change
Impairment of non-current assets and receivables contributes to loss for period.
Change
Uncertainty on going concern basis leads to emphasis of matter paragraph in audit report, though opinion not modified.
New
Introduction of viability statement looking ahead for three years.

Recoverable amount disclosures: An emerging issue under IFRS

This report focuses on disclosures related to the recoverable amount of non-current assets or cash generating units as a result of amendments made to IAS 36 “Impairment of assets” following implementation of IFRS 13 “Fair value measurement”. It primarily considers the quantified disclosure of the recoverable amount for non-current assets and cash generating units for which an impairment loss or reversal has been recognised in the current period and disclosures in relation to the method by which such a recoverable amount is determined.

Lonmin Plc Interims Monitor

Interim Financial Report
CR Interim Monitor Issue: 
2014/0803
Period End: 
31 March 2014
ICB Industry Classification: 
1779 Platinum & Precious Metals
Auditor: 
KPMG
Change
Overheads incurred without production, caused by strike, accounted for separately, as impairment test disclosures increase.
Change
Impairment of receivable owing to fall in value of underlying security contributes to loss for period.
Change
Ongoing strike leads to emphasis of matter paragraph on going concern in audit review report.
Change
Potential effects of prospective legislation disclosed.

Lonmin Plc Monitor

Lonmin Plc Annual Report 2013
CR Monitor Issue: 
2014/0111
Company covered: 
Lonmin Plc
Period End: 
30 September 2013
Report issued on 21 January 2014 covered the following practice issues:
Pronouncements
Auditors' report includes assessment of risks of material misstatement and overview of audit scope.
Divergence
Accounting policy extended, as investment in associates reduced to nil through adjustment in equity.
Change
Changes in presentation of directors' remuneration report.