Hunting

Hunting PLC Monitor

Hunting PLC Annual Report 2017
CR Monitor Issue: 
2018/0801
Company covered: 
Hunting PLC
Period End: 
31 December, 2017
Report issued on 7 August 2018 covered the following practice issues:
Change
Audit report includes separate sections discussing director and auditor responsibilities.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards: IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Restatement
Restatement of segmental information linked to change in management structure.
Change
Change in disclosure of directors remuneration policy including separate disclosure of performance metrics.
Restatement
Restatement of fair value disclosures.

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.

Hunting PLC Monitor

Hunting PLC Annual Report 2015
CR Monitor Issue: 
2016\0703
Company covered: 
Hunting PLC
Period End: 
31 December, 2015
Report issued on 29 July 2016 covered the following practice issues:
New
Pension curtailment gain results in gain on business disposal.
New
Restructuring cost of US$7.1 million recognised as an exceptional item.
Change
Goodwill impairment test recoverable amount calculation basis changed to fair value less costs to sell basis from value in use.
Change
Presentation of a breakdown of all goodwill allocated to individual cash generating units.
New
Graphical representation of principal risks added charting probability of impact.

Hunting PLC Monitor

Hunting Plc Annual Report 2013
CR Monitor Issue: 
2014/1207
Company covered: 
Hunting PLC
Period End: 
31 December 2013
Report issued on 15 December 2014 covered the following practice issues:
Change
Functional and presentation currency change from Sterling to US dollars.
Restatement
Recognition of pension administration costs as incurred increases comparative equity by 0.8%.
Pronouncements
Additional fair value disclosures for financial instruments.
Pronouncements
External auditor extends format of auditor's report.

Hunting plc Monitor

Hunting plc Annual Report 2012
CR Monitor Issue: 
2013/0803
Company covered: 
Hunting plc
Period End: 
31 December 2012
Report issued on 05 August 2013 covered the following practice issues:
Change
Gain on favorable tax settlement included in discontinued operations.
Change
Discontinued gain arises from classification of receipt as capital rather than revenue for tax purposes.
Restatement
Tax balances restated for right of offset and to reflect "underlying positions" in tax jurisdictions.
Pronouncements
Amendment on classification of other comprehensive income adopted early.
Change
Revenue from rental equipment identified separately.

The classification of acquisition transaction costs, an emerging issue under IFRS

This report focuses on companies’ presentation of acquisition-related costs both in the income and cash flow statements. More specifically it considers where such costs are reflected in the income statement and whether they are identified as operating or investing in nature within the cash flow statement.  

Hunting plc

Hunting plc Annual Report 2011
CR Monitor Issue: 
2012/0501
Company covered: 
Hunting plc
Period End: 
31 December 2011
Report issued on 03 May 2012 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Divergence
Goodwill disclosed by cash-generating unit, indicating prior year non-compliance with disclosure requirement.
Change
Amortisation of intangible assets included under exceptional items.
Change
Impending disposal classified as discontinued operation.
Change
Amortisation of intangibles excluded from measure of segmental profit.
Change
Trademarks presented as separate class of intangible asset.
Change
Amortisation and exceptional items of acquired businesses disclosed.