Meggitt

Meggitt plc Monitor

Meggitt plc Annual Report 2016
CR Monitor Issue: 
2017/0910
Company covered: 
Meggitt plc
Period End: 
31 December, 2016
Report issued on 26 September 2017 covered the following practice issues:
Restatement
Provisional fair values finalised in respect of prior year business acquisitions.
New
Business disposed not identified as discontinued operation as it did not represent a major line of business or separate geographical location.
Pronouncements
Disclosure of additional information in relation to the future impacts of IFRS 15 “Revenue from contract with customers” including some quantification.
Change
Disclosure of "business interruption" as a separate area of principal risk.

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.

FRS 101 "Reduced disclosure framework"- A review of application in parent company accounts of IFRS groups

The preparation of parent company financial statements is something that all consolidated IFRS groups have to consider. In light of the great level of recent change in this area in the UK this represents a one-off report giving guidance on the preparation of parent company financial statements under FRS 101 "Reduced Disclosure Framework". It focuses on UK groups that prepare IFRS consolidated accounts.

The report sets out the key findings from our review of the first-time application of FRS 101 “Reduced Disclosure Framework” by a group of 29 parent companies that prepare consolidated financial statements under IFRS.  We consider a number of points including: how companies informed shareholders of the intention to implement FRS 101; the format of the primary financial statements; disclosure of the list of exemptions taken; the concept of equivalent disclosure in the consolidated financial statements; the length of company financial statements under FRS 101; and changes in accounting policy on adoption. 

Meggitt plc Monitor

Meggitt plc Annual Report 2015
CR Monitor Issue: 
2016/0411
Company covered: 
Meggitt plc
Period End: 
31 December, 2015
Report issued on 15 April 2016 covered the following practice issues:
Pronouncements
Brief disclosure on impending leases Standard.
Change
Impairment assessment of development and other capitalised costs considered as area of audit focus.

Meggit plc Interims Monitor

Interim Financial Report
CR Interim Monitor Issue: 
2013/1110
Period End: 
30 June 2013
Listing Status: 
FTSE 100
ICB Industry Classification: 
2713 Aerospace
Pronouncements
Application of new pension rules reduces operating profit and profit before tax.
Pronouncements
Application of fair value measurement Standard leads to increased disclosure on financial instruments.
Pronouncements
Required classification of other comprehensive income adopted.
Change
Gain on business disposal comprising 11.4% of profit before tax disclosed in notes.

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.  

Meggitt plc

Meggitt plc Annual Report 2011
CR Monitor Issue: 
2012/0604
Company covered: 
Meggitt plc
Period End: 
31 December 2011
Report issued on 11 June 2012 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Difference between cost and fair value of acquired inventory added back to underlying operating profit.
Change
No description or quantification of expected effects of revised IAS 19.
Divergence
Maturity and sensitivity analyses restated without explanation.
Divergence
Unexplained reclassification of fees for audit services.
Restatement
Other intangibles excluded from segmental analysis of additions to non-current assets.
Change
Disclosure of accounting policy for provisions changed.