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. 

Rexam plc Monitor

Rexam plc Annual Report 2015
CR Monitor Issue: 
Company covered: 
Rexam plc
Period End: 
31 December, 2015
Report issued on 10 May 2016 covered the following practice issues:
Takeover of the company awaiting shareholder's approval.
Effect of change in estimated useful life of machinery for future period is not shown.
Deferred tax assets recognised in respect of tax losses now considered recoverable.
Settlement of government indirect tax incentive restated from financing cash flow to operating cash flow.
Goodwill recognised on business combination.
Extended associated undertaking summary financial information including current and non-current assets.

Provisions under IFRS

The focus of this report is the disclsoure of provisions within IFRS financial statements. Included is an examination of company disclosures relating to individual classes of provision such as nature and timing as well as movements during the year. Our analysis is based on the financial statements of 26 large listed European companies drawn from a broad range of countries and industries. 

Inventories - Rexam plc

Period End: 
31 December 2011
Period End Date: 
Listing Status: 
FTSE 100, S&P Europe 350
ICB Industry Classification: 
2723 Containers & Packaging

Inventories under IFRS

Based on a sample of 28 large listed European companies that report under IFRS, supplemented by Company Reporting data and comment, this report analyses the disclosure of inventory accounting practice. Included is an examination of company disclosures relating to cost allocation formulae and a survey of the methods identified.