Aveva

Adoption of IFRS 9 Financial Instruments

IFRS 9 Financial Instruments (IFRS 9) has replaced the existing international financial instrument standard IAS 39 Financial Instruments: Recognition and Measurement (IAS 39), for periods beginning on or after 1 January 2018.

This report looks at a selection of December 2018 - March 2019 year ends where full year disclosures in relation to the actual adoption of IFRS 9 are being made for the first time. This report covers both the impact of the adoption of IFRS 9 and what disclosures have been made in relation to the adoption.

Aveva Group Plc Monitor

Submitted by e0aa4410-014d-4... on Thu, 2019-06-20 08:21
Aveva Group Plc Annual Report 2019
CR Monitor Issue: 
2019/0619
Company covered: 
Aveva Group Plc
Period End: 
31 March, 2019
Report issued on 20 June 2019 covered the following practice issues:
Pronouncements
Adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers with effect from 1 April 2018.
Pronouncements
Quantification of the expected impact of IFRS 16 Leases applicable from 1 April 2019.
Change
Finalisation of the accounting of a reverse acquisition in the prior year.
Change
Past service cost recognised for the equalisation of Guaranteed Minimum Pensions (GMP).

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.

AVEVA Group plc

Submitted by 8c8c9ce2-030d-4... on Mon, 2018-03-05 16:15
AVEVA Group plc Annual Report 2017
CR Monitor Issue: 
2018/0303
Company covered: 
AVEVA Group plc
Period End: 
31 March, 2017
Report issued on 06 March 2018 covered the following practice issues:
Change
Defined benefit pension scheme surplus presented separately on the face of the balance sheet.
Change
Deferred revenue disclosed separately from trade and other payables.
Change
Deferred tax classification altered.
Change
Detailed narrative description of proposed changes to directors' remuneration
Pronouncements
Revised FRC ethical standard results in change to non-audit services policy.
Change
Exceptional gain recognised in relation to a prior year business acquisition

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.

Brexit Disclosures in Listed Company Annual reports

The referendum vote to leave the European Union (EU) has undoubtedly led to uncertainty for business and will potentially have far reaching impacts for companies from many different industries. This report, pulled together in March 2017, focuses on the information that companies have disclosed within their annual reports during the latter half of 2016. It sets out disclosures around risk as well as the disclosure of Brexit impacts which have already been felt and the resulting ramifications.

AVEVA Group plc Monitor

Submitted by 8c8c9ce2-030d-4... on Mon, 2017-01-23 13:35
AVEVA Group plc Annual Report 2016
CR Monitor Issue: 
2017/0109
Company covered: 
AVEVA Group plc
Period End: 
31 March, 2016
Report issued on 23 January 2016 covered the following practice issues:
Restatement
Alteration of income statement format results in aggregation of selling & distribution expenses and administrative expenses.
Change
Change in cost allocation results in restatement of selling & distribution costs and administrative expenses.
Change
Change in basis of segment reporting from business type to geographic location.
Change
Allocation of goodwill to cash generating units altered following change in organisational structure.
Restatement
Goodwill decreased following finalisation of asset fair values and consideration in relation to prior year business combination.
Change
Movement in opening deferred tax following a change in tax rates.

Aveva Group plc Monitor

Submitted by Company Reporting on Fri, 2016-02-05 12:03
Aveva Group plc Annual Report 2015
CR Monitor Issue: 
2016/0201
Company covered: 
Aveva Group plc
Period End: 
31 March, 2015
Report issued on 05 February 2016 covered the following practice issues:
Change
Goodwill impairment test method changes from value in use to fair value less costs to sell, with no impairment.
Divergence
Fair value hierarchy level of goodwill measured at fair value less costs to sell not disclosed.
Change
Skills and attributes of assembled workforce explained in goodwill disclosures.
Change
Introduction of colour coded scheme to assess level and potential impact of risks.