Accounting estimates and judgements

Informa Plc Monitor

Informa Plc Annual Report 2018
CR Monitor Issue: 
2019/0622
Company covered: 
Informa Plc
Period End: 
31 December, 2018
Report issued on 26 June 2019 covered the following practice issues:
Restatement
The segmental information has been restated on the adoption of IFRS 15 Revenue from Contracts with Customers and the presentation of reportable segments has been changed.
Pronouncements
Adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers with effect from 1 January 2018.
Pronouncements
Disclosures included in respect of the future impact of IFRS 16 Leases effective for accounting periods starting on or after 1 January 2019.
Change
Critical accounting judgements and key sources of estimation uncertainty disclosures are extended to include additional information.
Change
Disclosure on new key audit matters included within the auditors’ report with an additional section relating to irregularities and fraud.
Change
Assets and liabilities held for sale are disclosed separately within the statement of financial position.

Ted Baker Plc Monitor

Ted Baker Plc Annual Report 2018
CR Monitor Issue: 
2019/0617
Company covered: 
Ted Baker Plc
Period End: 
26 January, 2019
Report issued on 19 June 2019 covered the following practice issues:
Restatement
£12.1m of costs have been presented as exceptional items. Costs relating to retail asset impairments have been reclassified from administrative to distribution exceptional costs.
Pronouncements
Adoption of IFRS 9 Financial instruments and IFRS 15 Revenue from Contracts with Customers with effect from 1 January 2018.
Pronouncements
Detailed disclosure in respect of the future impact of IFRS 16 Leases.
Change
Acquisition of a footwear business for cash consideration of £20.3 million.
Change
Disclosures on critical accounting judgements and key sources of estimation uncertainty are extended.
Change
New key audit matters are included in the auditors’ report.

Adoption of IFRS 15 Revenue from Contracts with Customers

IFRS 15 Revenue from Contracts with Customers (IFRS 15) has replaced existing international revenue standards IAS 18 Revenue and IAS 11 Construction Contracts, as well as revenue related IFRIC and SIC interpretations, for periods beginning on or after 1 January 2018.

Croner-i has been tracking the disclosures made in relation to the forthcoming adoption of IFRS 15 through these Common Practice reports. Firstly in March 2018 looking at the disclosure of the impacts of the forthcoming standard in annual reports, and then again in September 2018 when the report focussed on the software and telecommunications industries which were expected to be most impacted.

This report looks at a selection of December 2018 and January 2019 year ends where full year disclosures in relation to the actual adoption of IFRS 15 are being made for the first time. This report covers both the impact of the adoption of IFRS 15, and what disclosures have been made in relation to the adoption.

Peugeot S.A. Monitor

Peugeot S.A. Annual Report 2018
CR Monitor Issue: 
2019/0515
Company covered: 
Peugeot S.A.
Period End: 
31 December, 2018
Report issued on 20 May 2019 covered the following practice issues:
Restatement
IAS 29 Financial Reporting in Hyperinflationary Economies is applied to operations in Argentina.
Pronouncements
IFRS 9 Financial instruments is adopted with effect from 1 January 2018 on a prospective basis.
Pronouncements
IFRS 15 Revenue from contracts with customers is adopted with effect from 1 January 2018 on a full retrospective basis.
Pronouncements
Disclosures are included in respect of the expected future impact of IFRS 16 Leases which will be adopted from 1 January 2019.
Change
A change in the estimated useful lives of property plant and equipment is recognised.
Change
Material impairments recognised are explained.

Sanne Group Plc Monitor

Sanne Group Plc Annual Report 2018
CR Monitor Issue: 
2019/0509
Company covered: 
Sanne Group Plc
Period End: 
31 December, 2018
Report issued on 13 May 2019 covered the following practice issues:
Restatement
Prior year figures restated to correct accounting errors made in respect of goodwill arising on acquisitions.
Restatement
Change to the presentation of the alternative performance measure of diluted underlying earnings per share.
Pronouncements
Adopted IFRS 15 Revenue from Contracts with Customers (IFRS 15) and IFRS 9 Financial Instruments (IFRS 9), from 1 January 2018.
Change
Disclosure on new key audit matters included in the auditors’ report.
Change
Critical accounting judgements and key sources of estimation uncertainty disclosures are extended to include additional information.
Change
Disclosures provided for post balance sheet events.

The Renewables Infrastructure Group Limited Monitor

The Renewables Infrastructure Group Limited Annual Report 2018
CR Monitor Issue: 
2019/0507
Company covered: 
The Renewables Infrastructure Group Limited
Period End: 
31 December, 2018
Report issued on 10 May 2019 covered the following practice issues:
Pronouncements
IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers have been adopted from 1 January 2018.
Change
Audit report enhanced by inclusion of a diagram illustrating the application of materiality.
Change
A new area of judgement is identified this year.
Change
Additional disclosure within sensitivity analysis of financial instruments.

Elementis plc Monitor

Elementis plc Annual Report 2018
CR Monitor Issue: 
2019/0425
Company covered: 
Elementis plc
Period End: 
31 December, 2018
Report issued on 29 April 2019 covered the following practice issues:
Restatement
A change in reporting segments results in the restatement of comparative period figures.
Restatement
Comparative Earnings per share (EPS) is restated following a shares rights issue.
Pronouncements
IFRS 9 Financial Instruments is adopted from 1 January 2018 on a retrospective basis.
Pronouncements
A new revenue recognition policy is implemented following the adoption of IFRS 15 Revenue from Contracts with Customers.
Pronouncements
The expected impact of adopting IFRS 16 Leases is disclosed.
Change
The disposal of a business previously classified as a discontinued operation is completed.

Koninklijke Philips NV Monitor

Koninklijke Philips NV Annual Report 2018
CR Monitor Issue: 
2019/0412
Company covered: 
Koninklijke Philips NV
Period End: 
31 December, 2018
Report issued on 16 April 2019 covered the following practice issues:
Restatement
Recognition of a change in the segmental reporting structure including restatement of the prior year comparatives.
Pronouncements
Adopted IFRS 9 Financial Instruments (IFRS 9) and IFRS 15 Revenue from contracts with customers (IFRS 15) from 1st January 2018.
Pronouncements
Disclosures included in respect of the future impact of IFRS 16 Leases effective for accounting periods starting on or after 1 January 2019.
Change
Change in allocation of goodwill to cash generating units for impairment purpose.
Change
A quantified sensitivity analysis regarding accounting estimates and judgements in respect of the fair value of contingent consideration payable has been included in the Report this year.
Change
Disclosure in respect of post-balance sheet events has been included in the report.

Crest Nicholson Holdings Plc Monitor

Crest Nicholson Holdings plc Annual Report 2018
CR Monitor Issue: 
2019/0408
Company covered: 
Crest Nicholson Holdings plc
Period End: 
31 October, 2018
Report issued on 09 April 2019 covered the following practice issues:
Pronouncements
Additional disclosures have been made in the Report on the impact of IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.
Change
A retirement benefit surplus and contingencies related to guaranteed minimum pension amounts have been recognised in the Report and further details disclosed.
Change
A quantified sensitivity analysis regarding key accounting estimates and judgments has been included in the Report this year.

Greencore Group Plc Monitor

Greencore Group Plc Annual Report 2018
CR Monitor Issue: 
2019/0405
Company covered: 
Greencore Group Plc
Period End: 
28 September, 2018
Report issued on 2 April 2019 covered the following practice issues:
Restatement
Disclosure made in respect of discontinued operations with restatement of comparative information.
Change
Discussion of key audit matters included in the audit report.
Change
Detailed and additional disclosures relating to accounting estimates and judgement.
Pronouncements
additional information in respect of the impact of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers” and IFRS 16 “leases”.
Change
Deferred tax changes recognised following changes to US tax legislation.
Change
Disclosure regarding contingencies related to the Guaranteed Minimum Pension.