Wärtsilä

Wärtsilä Corporation Monitor

Wärtsilä Corporation Annual Report 2017
CR Monitor Issue: 
2018/0417
Company covered: 
Wärtsilä Corporation
Period End: 
31 December, 2017
Report issued on 23 April 2018 covered the following practice issues:
Restatement
Restatement of comparative cash flow statement without explanation.
Pronouncements
Early adoption of IFRS 9 “Financial instruments”.
Pronouncements
Extended disclosure in respect of IFRS 15 “Financial instruments”.
Change
Business combination goodwill attributed to acquired know-how and expertise.
Change
Disclosure of post balance sheet business combination.

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.

Pensions - Wartsila

Period End: 
31 December, 2016
Period End Date: 
2016-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
2757 Industrial Machinery
Auditor: 
KPMG

Wartsila Corporation Monitor

Wartsila Corporation Annual Report 2016
CR Monitor Issue: 
2017/0404
Company covered: 
Wartsila Corporation
Period End: 
31 December, 2016
Report issued on 11 April 2017 covered the following practice issues:
Pronouncements
Auditors include disclosure of key audit matters in their report.
Restatement
Restatement of comparative financial liabilities without explanation.

Related party disclosures Wartsila

Period End: 
31 December, 2016
Period End Date: 
2016-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
2757 Industrial Machinery
Auditor: 
KPMG

Wärtsilä Corporation Monitor

Wärtsilä Corporation Annual Report 2013
CR Monitor Issue: 
2014/0417
Company covered: 
Wärtsilä Corporation
Period End: 
31 December 2013
Report issued on 28 April 2014 covered the following practice issues:
Pronouncements
Retrospective adoption pension rules reduces equity by 1.8%.
Change
Restructuring developments disclosed in post balance sheet events.

Wärtsilä Corporation Period End 31 December 2009

Significant restructuring disclosed outside financial statements
Finnish engineering company Wärtsilä discloses a significant reduction of capacity, that it expects to lead to €140 million non-recurring costs equal to 25% of current year profit but, contrary to IFRS requirements, locates the principal disclosure outside the financial statements and notes.


State of order book included in segmental disclosures
Finnish engineering company Wärtsilä discloses information by three business areas, including significant declines of up to 83% in new orders, whilst drawing attention to limitations of the information.