Vedanta Resources

Vedanta Resources plc Monitor

Vedanta Resources plc Annual Report 2017
CR Monitor Issue: 
2018/0312
Company covered: 
Vedanta Resources plc
Period End: 
31 March, 2017
Report issued on 20 March 2018 covered the following practice issues:
Change
Internal restructuring leads to reduction in subsidiary percentage shareholding.
Pronouncements
Disclosure on new standards and amendments to existing standards that are not yet adopted.
Change
Auditors report presentation enhanced including inclusion of overview section.
New
Sustainability report disclosures enhanced by inclusion of materiality matrix.
Change
Alternative performance measures section added to annual report.
Change
Increase in decommissioning provision linked to change in prior year discount rate.

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.

Vedanta Resources plc Monitor

Vedanta Resources plc Annual Report 2016
CR Monitor Issue: 
2016/1112
Company covered: 
Vedanta Resources plc
Period End: 
31 March, 2016
Report issued on 25 November 2016 covered the following practice issues:
Restatement
Restatement of financial assets-held for trading to re-categorise them from Level 1 to Level 2 of the fair valuation hierarchy.
New
Introduction of a policy statement for bills of exchange payable for the first time in spite of prior year relevance.
Change
Principal risk disclosures enhanced by inclusion of diagram showing the risk management framework.
Change
Reclassification of items between reportable segments following a change in business focus.

Vedanta Resources plc Monitor

Vedanta Resources Annual Report 2015
CR Monitor Issue: 
2016/0309
Company covered: 
Vedanta Resources
Period End: 
31 March, 2015
Report issued on 29 March 2016 covered the following practice issues:
Change
Impairment loss results in loss before tax for the year.
Change
Forward premium is now part of finance cost instead of other gains and losses.

Accounting for mine stripping costs: an emerging issue under IFRS

This report focuses on the accounting treatment of production stage waste removal or stripping activities in a surface mine following the implementation of IFRIC 20 “Stripping costs in the production phase of a surface mine”. It considers company disclosures in respect of the overall impacts of adoption. Areas covered are the conditions that have to be met for such costs to be capitalised and the processes undertaken by companies to determine the amounts to be capitalised and the depreciation method applied in relation to such capitalised costs.