William Hill

New standard disclosure - IFRS 16 "Leases"

This report revisits the findings of the CR Emerging Issues Report "Disclosure of the impacts of IFRS 16 "Leases", and assesses 20 companies with 31 December 2017 year ends, to understand if some of the trends of the previous report are repeated. After the last report, we expected to see more companies early adopting, as well as more providing qualitative commentary on their expected materiality position post-implementation. We will assess whether this is the case. 16 of the 20 companies reviewed were in the original sample.

New standard disclosure - IFRS 15

IFRS 15 Revenue from Contracts with Customers (IFRS 15) is one of two major new standards being applied from financial periods beginning on or after 1 January 2018 (the other being IFRS 9 Financial Instruments). In the years leading up to this, there has been an increased focus by the Financial Reporting Council (FRC) on the disclosures setting out the impact of forthcoming accounting standards in the financial statements, as required by IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8).

The FRC commented on these disclosures in its Annual Review of Corporate Reporting for the 2016-17 year-ends (annual review), and noted in its year-end advice letter to audit committee chairs and finance directors (FRC advice letter) (attached as an appendix to the report), that it expected to see a ‘step change’ in the quality of the disclosures assessing the impact of new accounting standards in the 2017-18 financial statements.

This report analyses the disclosures assessing the impact of IFRS 15 which have been included in the consolidated financial statements of 20 UK listed companies selected at random with a focus on industries where IFRS 15 has most impact.

William Hill PLC Monitor

William Hill PLC Annual Report 2016
CR Monitor Issue: 
2017/0705
Company covered: 
William Hill PLC
Period End: 
27 December, 2016
Report issued on 11 July 2017 covered the following practice issues:
Change
Income statement format altered to highlight adjustments to statutory results other than exceptional items.
Change
Newly recognised financial instruments categorised in line with IAS 39.
Change
Detailed breakdown of fair value of assets and liabilities in respect of a 100% business acquisition.
Change
Identification of "transformation programme" as a new principal risk factor.
Restatement
Segment reporting restated following merger of "Telephone" and "Online" segments.

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.

Earnings per share - William Hill plc

Period End: 
27 December, 2016
Period End Date: 
2016-12-27
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
5752 Gambling
Auditor: 
Deloitte

Segment disclosures and the chief operating decision maker under IFRS

This report sets out our findings in respect of a review of the IFRS segment disclosures of 25 UK listed companies, drawn from a range of different industries, as covered by IFRS 8 “Operating segments”. We consider a number of points including disclosures in respect of the chief operating decision maker, the factors used to identify reportable segments and whether there has been aggregation of operating segments and income statement and statement of financial position information reported by segment.

William Hill plc

William Hill plc Annual Report 2015
CR Monitor Issue: 
2016/0506
Company covered: 
William Hill plc
Period End: 
29 December, 2015
Report issued on 17 May 2016 covered the following practice issues:
Change
Change in base for calculating net cash from operating activities.
Divergence
Summary financial information in respect of a acquired material associate falls short.
Change
Reasonably possibly change in assumption would lead to impairment of cash generating unit.
Divergence
Impact of change in amortisation life not explained.
New
Viability statement added to strategic report.

William Hill Plc Monitor

William Hill Plc Annual Report 2013
CR Monitor Issue: 
2014/0802
Company covered: 
William Hill Plc
Period End: 
31 December 2013
Report issued on 05 August 2014 covered the following practice issues:
Pronouncements
New information on fair value of financial instruments introduced in line with changes to IFRS.
Pronouncements
Directors' remuneration report changes in line with UK regulations.
Pronouncements
Auditor adopts extended format for auditor's report.

William Hill plc Period End 28 December 2010

William Hill plc Annual Report 2010
CR Monitor Issue: 
2011/0714
Company covered: 
William Hill plc
Period End: 
28 December 2010
Report issued on 28 July 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Divergence
Imprudent treatment to recognise income on a VAT refund.
Change
Additional adjusted earnings per share measure provided.
Change
Hedge accounting discontinued following settlement of the related loan facility.
Change
Fair value measurements classified using a three-level hierarchy.
Change
Change in definition of amounts wagered.