Accounting estimates and judgements

Hays plc Monitor

Hays plc Annual Report 2018
CR Monitor Issue: 
2018/1202
Company covered: 
Hays plc
Period End: 
30 June, 2018
Report issued on 04 December 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respct of new standards issued but not adopted including IFRS 9 “Financial Instruments” and IFRS 15 “Revenue from Contracts and Customer.
Change
Chnage in segmental reporting structure.
Change
Disclosure of post balance sheet change to the funding of defined benefit pension obligations.
Change
Extended disclsoure of critical accounting judgements and estimates to include uncertain tax positions.
Change
Offsetting of deferred tax assets and liabilities.

Phoenix Group Plc Monitor

Phoenix Group Plc Annual Report 2017
CR Monitor Issue: 
2018/1111
Company covered: 
Phoenix Group Plc
Period End: 
31 December, 2017
Report issued on 20 November 2018 covered the following practice issues:
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of an amendment to IAS 7 "Statement of cash flows".
Change
Reclassification of collective investment schemes from Level 2 to Level 1 of the fair value hierarchy.
Change
Extended discussion of accounting estimates and judgements including extended disclosure of critical accounting judgements.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers", , and IFRS 17 “Insurance contracts”.

WPP plc Monitor

WPP plc Annual Report 2017
CR Monitor Issue: 
2018/1003
Company covered: 
WPP plc
Period End: 
31 December, 2017
Report issued on 01 October 2018 covered the following practice issues:
Change
Presentation changes made in the income statement.
Pronouncements
Disclosure extended in respect of the expected impacts of IFRS 9 "Financial instruments" and IFRS 15 "Revenue from contracts with customers".
Change
Extended disclosure in respect of areas of estimation uncertainty and accounting judgement.
Change
Information introduced in relation to US tax changes.
Change
Change in allocation of goodwill for impairment test purposes.
New
Separate Auditors and Directors' responsibility sections included in audit report.

Howden Joinery Group plc Monitor

Howden Joinery Group plc Annual Report 2017
CR Monitor Issue: 
2018/0707
Company covered: 
Howden Joinery Group plc
Period End: 
30 December, 2017
Report issued on 09 July 2018 covered the following practice issues:
Change
Audit report enhanced by inclusion of diagram illustrating the application of materiality.
Change
Audit report includes separate sections discussing director and auditor responsibilities.
Change
Financial statements presented for a period of longer than a year.
Change
Identification of pension actuarial assumptions as an area of accounting estimate and judgement.
Change
Identification of new principal risk in respect of health and safety.
Change
Format of risk heat map presented as part of risk disclosures altered.

Michelin Monitor

Michelin Annual Report 2017
CR Monitor Issue: 
2018/0614
Company covered: 
Michelin
Period End: 
31 December, 2017
Report issued on 19 June 2018 covered the following practice issues:
Pronouncements
Extended discussion in respect of new accounting standards including IFRS 9 "Financial instruments" and IFRS 15 "Revenues from contracts with customers".
Restatement
Prior year restatement recognised in relation to cash and cash equivalents.
Change
Alteration to depreciation life accounted for as a change in accounting estimate.
Change
Intangible assets recognised following a business acquisition.

Daejan Holdings PLC Monitor

Daejan Holdings PLC Annual Report 2017
CR Monitor Issue: 
2017/0102
Company covered: 
Daejan Holdings PLC
Period End: 
31 March, 2017
Report issued on 2 January 2018 covered the following practice issues:
Change
Disclosure of taxation significant judgement and estimate enhanced by inclusion of quantification.
Change
Audit report enhanced by inclusion of overview section and diagrams.
Restatement
Cash payments to non-controlling interests reclassified from operating section to financing section of the cash flow statement.

The Berkeley Group Holdings plc Monitor

Berkeley Group Holdings plc Annual Report 2017
CR Monitor Issue: 
2017/1207
Company covered: 
Berkeley Group Holdings plc
Period End: 
30 April,2017
Report issued on 19 December 2017 covered the following practice issues:
Change
Enhanced disclosure highlights alternative revenue recognition policy to its peers.
Change
New non-financial key performance indicators identified in relation to Apprentices & training and Green house emissions intensity.
Change
Redemption of ordinary shares results in reduction to retained earnings.

Yara International ASA Monitor

Yara International Annual Report 2016
CR Monitor Issue: 
2017/1109
Company covered: 
Yara International ASA
Period End: 
31 December, 2016
Report issued on 21 November 2017 covered the following practice issues:
Pronouncements
Extended disclosure on expected impacts of impending new revenue standard.
New
Introduction of disclosure in relation to critical judgements.
New
Introduction of tabular presentation explaining future potential reversals of impairment.
Change
Cash flows linked to divested assets disclosed separately in the cash flow statement.
Change
Inclusion of contingent consideration within financial instruments disclosures.
Pronouncements
Detail explanation of amendments to standards that are not yet effective.

Fair value measurement information under IFRS

IFRS 13 “Fair value measurement” sets out a single consistent framework for measuring fair value within IFRS financial statements and outlines a standardised set of disclosures in respect of fair value measurements. IFRS 13 has been mandatory now for some years, with application being required for annual reporting periods beginning on or after 1 January 2013. This report sets out the results of how requirements of the standard have been put into practice, both in terms of measurement and disclosure, in the consolidated financial statements of 139 large public limited companies with year ends between 31 March 2016 and 1 April 2017. It is not an exhaustive study of all aspects of IFRS 13 application and its conclusions are limited to our findings in respect of the areas analysed within the financial statements reviewed.

Tesco PLC Monitor

Tesco PLC Annual Report 2017
CR Monitor Issue: 
2017/0904
Company covered: 
Tesco PLC
Period End: 
25 February, 2017
Report issued on 08 September 2017 covered the following practice issues:
Change
Auditors identify "Tesco Bank payment fraud" as a risk of material misstatement.
Change
Balance sheet format altered to correctly present assets and liabilities as either current or non-current.
Change
Impairment recognised as adjusting post balance sheet event as part of discontinued operations.
New
Discussion of critical judgements introduced.
Restatement
Restatement of carrying amount of non-current liabilities within material joint venture to reflect credit risk valuation adjustments.