Ultra Electronics

Ultra Electronics Holdings plc Monitor

Ultra Electronics Holdings plc Annual Report 2017
CR Monitor Issue: 
2018/0912
Company covered: 
Ultra Electronics Holdings plc
Period End: 
31 December, 2017
Report issued on 17 September 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report.
Pronouncements
Disclosure of reconciliation of liabilities arising from financing activities.
Pronouncements
Quantified disclosure in respect of the impacts of IFRS 15 "Revenues from contracts with customers".

Ultra Electronics Holdings plc Monitor

Ultra Electronics Holdings plc Annual Report 2016
CR Monitor Issue: 
2017/1007
Company covered: 
Ultra Electronics Holdings plc
Period End: 
31 December, 2016
Report issued on 17 October 2017 covered the following practice issues:
Change
Business disposal loss highlighted in a separate line on the face of the income statement.
Change
Cash inflow on partial disposal of a subsidiary reflected as a financing cash flow.
Change
Recognition of defined benefit pension gain on closure of scheme to future accrual.
Change
Qualitative disclosure as to the future impacts of IFRS 15 "Revenues from contracts with customers".
Change
Presentation of audit report enhanced by inclusion of a summary of the audit approach and diagrams in respect of materiality and audit scope.
Change
Clear presentation of changes in long-term incentive plan terms.

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.

Contingent business combination payments to employees, an emerging issue under IFRS

This report focuses on companies’ treatment and disclosure of contingent business combination payments to selling parties which are linked to their employment subsequent to the transfer of control to the new owners. More specifically it considers whether companies describe such payments as consideration including them as part of the business combination or alternatively as a separate transaction. Company disclosures and the terminology used is also examined.    

Ultra Electronics Holdings plc

Ultra Electronics Holdings plc Annual Report 2011
CR Monitor Issue: 
2012/0708
Company covered: 
Ultra Electronics Holdings plc
Period End: 
31 December 2011
Report issued on 17 July 2012 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Loans at below market rates treated as government grants.
Restatement
Unexplained restatement of net foreign exchange loss.
Divergence
Inconsistent classification of accruals in tables of financial liabilities.
Change
Actuarial gain arises from change of pensions inflation index.
Change
Employee retention agreement costs described as additional consideration.