UPM-Kymmene

UPM-Kymmene Corporation Monitor

UPM-kymmene Corporation Annual Report 2017
CR Monitor Issue: 
2018/0901
Company covered: 
UPM-kymmene Corporation
Period End: 
31 December, 2017
Report issued on 03 September 2018 covered the following practice issues:
Pronouncements
Extended disclosure on the expected impact of new accounting standards including IFRS 15 “Revenues from Contracts with Customers”, IFRS 9 “Financial Instruments” and amendment to IFRS 2 “Share-based payments”.
Change
Deferred tax changes recognised following changes to US tax legislation.

UPM-Kymmene Corporation Monitor

UPM-Kymmene Corporation Annual Report 2016
CR Monitor Issue: 
2017/0706
Company covered: 
UPM-Kymmene Corporation
Period End: 
31 December, 2016
Report issued on 11 July 2017 covered the following practice issues:
Change
Underlying reasons for recognition of impairments disclosed.
Change
Change in presentation of cash flow statement to add separate line items for net cash flows from investment hedges and net cash flows from derivatives.
Pronouncements
Auditors report enhanced by inclusion of discussion of key audit matters in line with new auditing standard.
Pronouncements
Introduction of a discussion on new accounting standards in relation to revenue, financial instruments and leases.
New
Additional discussion on Alternative performance measures included.

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.

UPM-Kymmene Oyj Period End 31 December 2009

Gain on revaluation of previously held interest in an acquiree not reported as income
Finnish paper company UPM-Kymmene understates by 52% total comprehensive income by excluding a €358 million gain arising from revaluing its previously held interest in a company acquired during the year, thus falling short of IFRS.

UPM-Kymmene Oyj Period End 31 December 2008

UPM-Kymmene Annual Report 2008

Impairments lead to loss for year
Finnish paper company UPM-Kymmene recognises €230 million impairments of goodwill, leading to a loss for the year, disclosing that it assumes a long-term 1% annual rate of contraction in its largest segment.