Serco

Serco Group plc Monitor

Serco Group plc Annual Report 2017
CR Monitor Issue: 
2018/0817
Company covered: 
Serco Group plc
Period End: 
31 December, 2017
Report issued on 28 August 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impact of new accounting standards including detailed quantification in respect of IFRS 15 "Revenues from contracts with customers".
Restatement
Restatement of income statement to reflect changes in cost classifications.
Change
Alteration of segmental disclosures following merger of segments.
Change
Detailed disclosure in respect of step business acquisition.
Change
Disclosure of cash flow impact of business disposals.
Change
Disclosure of post balance sheet non-adjusting events including acquisition of Carillion contracts.

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.

Serco Group Plc Monitor

Serco Group Plc Annual Report 2016
CR Monitor Issue: 
2017/0611
Company covered: 
Serco Group Plc
Period End: 
31 December, 2016
Report issued on 27 June 2017 covered the following practice issues:
Change
Change in accounting policy relating to the foreign exchange movements on investment and financing arrangements.
Restatement
Restatement of prior year comparative segment assets and liabilities.
Change
Goodwill on acquisition of business attributed to preventing disruption to service users.
Change
Deferred tax disclosures enhanced to show amounts in respect of “onerous contract provisions” separate from “other temporary differences”.