Millennium & Copthorne Hotels

Segment Reporting

The requirement to disclose information on operating segments has been around for a number of years, firstly under IAS 14 Segment Reporting, and currently under IFRS 8 Operating Segments which has been applicable for entities with publicly traded debt or equity instruments (or those which are about to publicly trade) since 2009.
 
This report looks at the operating segment disclosures in the consolidated financial statements of 20 UK listed companies selected at random.
 

Millennium & Copthorne Hotels Plc Monitor

Millennium & Copthorne Hotels Plc Annual Report 2017
CR Monitor Issue: 
2018/0612
Company covered: 
Millennium & Copthorne Hotels Plc
Period End: 
31 December, 2017
Report issued on 17 July 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers” and IFRS 16 “Leases”.
Change
Disclosure of key audit matters in the audit report.
Change
Goodwill recognised in respect of business combination fully impaired in year of acquisition.

Millennium & Copthorne Hotels Plc

Millennium & Copthorne Hotels Annual Report 2016
CR Monitor Issue: 
2017/0901
Company covered: 
Millennium & Copthorne Hotels Plc
Period End: 
31 December, 2016
Report issued on 5 September 2017 covered the following practice issues:
Pronouncements
Change in non audit services policy in line with revised ethical guidance and EU directive.
Change
Disclosure of proposed changes in directors' remuneration policy.
Change
Disclosure of post balance sheet acquisition of a lease.

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.

Millennium & Copthorne Hotels plc Monitor

Millennium & Copthorne Hotels plc Annual Report 2015
CR Monitor Issue: 
2016/0803
Company covered: 
Millennium & Copthorne Hotels plc
Period End: 
31 December, 2015
Report issued on 15 August 2016 covered the following practice issues:
Change
Business combination income contribution specified.
Divergence
No reason specified for incomplete acquisition accounting.
Pronouncements
List of all related undertaking disclosed following a change in Companies legislation.
New
Circumstances and events behind hotel property impairments explained.