Rightmove

Rightmove plc Monitor

Rightmove plc Annual Report 2018
CR Monitor Issue: 
2019/0607
Company covered: 
Rightmove plc
Period End: 
31 December, 2018
Report issued on 10 June 2019 covered the following practice issues:
Pronouncements
Adoption of IFRS 9 Financial instruments from 1 January 2018.
Pronouncements
Adoption of IFRS 15 Revenue from contracts with customers from 1 January 2018.
Pronouncements
Adoption of IFRS 16 Leases from 1 January 2018.
Restatement
Comparative Earnings per share is restated following a subdivision of shares during the year.

Disclosure of the impact of IFRS 16

This report reviews the IFRS 16 Leases disclosures for the annual reports of 20 listed companies, selected at random, with 31 December 2018 year ends. Two of the reports had early adopted IFRS 16 and for the other reports we evaluated the extent to which detailed quantification as to the expected impact of the standard was disclosed, in order to address points raised by the Financial Reporting Council (FRC) in its Annual Review of Corporate Governance and Reporting 2017/2018

This report builds on the findings from our equivalent report in May 2018 for a sample of 20 listed companies with 31 December 2017 year ends (New standard disclosure – IFRS 16 Leases). No early adopters were found in the sample at that time. Only two companies quantified the expected impact and there was great variety in the level of detail provided, with many not meeting FRC expectations.

Alternative Performance Measures (APMs)

In this Common Practices report we look at what APMs are; how companies are using them; and what they mean for the users of accounts when comparing them to others. This report examines the APMs that are stated within recent company and group accounts for a sample of 20 companies. Our selected sample covers year ends from 30 June 2017 to 31 March 2018. All companies report under International Financial Reporting Standards (IFRS) as adopted in the EU. Throughout this report, we look at some of the recommendations put forward by the European Securities and Markets Agency (ESMA) in their guidelines setting out best practice on APMs in 2015, which became effective from 3 July 2016, as well as the observations made by the FRC, assessing whether and how companies have implemented them. 

Rightmove plc Monitor

Rightmove plc Annual Report 2017
CR Monitor Issue: 
2018/0703
Company covered: 
Rightmove plc
Period End: 
31 December, 2017
Report issued on 03 July 2018 covered the following practice issues:
Pronouncements
Disclosure of the impact of new standards including quantification in respect IFRS 16 "Leases".
Change
Disclosure of financial statement key significant issues in audit committee report.
Change
Assets in progress identified as separate class of property plant and equipment.
Restatement
Restatement of investing cash flows within cash flow statement.
Change
Discussion of key audit matters included in audit report.

Rightmove plc Monitor

Rightmove plc Annual Report 2016
CR Monitor Issue: 
017/0805
Company covered: 
Rightmove plc
Period End: 
31 December, 2016
Report issued on 08 August 2017 covered the following practice issues:
Pronouncements
Summarised non-quantified disclosure of the future impacts of new standards, IFRS 15 and IFRS 16.
Change
Qualitative disclosure of what goodwill recognised in a business acquisition represents.
Change
Introduction of extended information in respect of Non-GAAP performance measures.
Change
Audit report presentation enhanced by inclusion of graphics and tables.

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.