Provident Financial

Provident Financial plc Monitor

Provident Financial plc Annual Report 2018
CR Monitor Issue: 
2019/0508
Company covered: 
Provident Financial plc
Period End: 
31 December, 2018
Report issued on 13 May 2019 covered the following practice issues:
Restatement
Comparative year basic and diluted loss per share figures are restated to reflect the bonus element of a rights issue.
Pronouncements
IFRS 9 Financial instruments is adopted.
Pronouncements
An accounting policy discussion of IFRS 16 Leases includes quantification as to the expected impact of adoption.
Change
A discussion of Brexit is included in the financial and capital risk management note to the accounts.

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.

Provident Financial plc Monitor

Provident Financial plc Annual Report 2016
CR Monitor Issue: 
2017/0804
Company covered: 
Provident Financial plc
Period End: 
31 December, 2016
Report issued on 08 August 2017 covered the following practice issues:
Pronouncements
Non-quantified impact disclosures in respect of IFRS 9 make reference to change in impairment method.
Change
Principal risk disclosures extended by inclusion of discussion of new risk factors.
Restatement
Restatement of amount of other receivables and prepayments & accrued income.

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.

Provident Financial plc Monitor

Provident Financial plc Annual Report 2015
CR Monitor Issue: 
2016/1205
Company covered: 
Provident Financial plc
Period End: 
31 December, 2015
Report issued on 12 December 2016 covered the following practice issues:
Change
Gain on fair value measurement of an investment classified as "available for sale" recognised in other comprehensive income.
New
Introduction of a risk map for describing risks and their impact.
Pronouncements
Change in Companies Act results in disclosure of full list of subsidiaries.