Fair value measurement

Hammerson plc Monitor

Hammerson plc Annual Report 2017
CR Monitor Issue: 
2018/0714
Company covered: 
Hammerson plc
Period End: 
31 December, 2017
Report issued on 17 July 2018 covered the following practice issues:
Pronouncements
Enhanced disclosure in respect of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Change
Net exchange gain re-classified to profit and loss account.
Restatement
Restatement of cash flow from operating activities to investing activities.
Change
Enhanced disclosure of accounting policies in relation to disposals and derivatives.
Change
Extended disclosure in respect of pensions scheme including asset and sensitivity analysis information.
Change
Disclosure of key inputs employed in the valuation of Level 3 financial instruments. .

Bayerische Motoren Werke AG Monitor

Bayerische Motoren Werke AG Annual Report 2017
CR Monitor Issue: 
2018/0618
Company covered: 
Bayerische Motoren Werke AG
Period End: 
31 December, 2017
Report issued on 20 June 2018 covered the following practice issues:
Pronouncements
Disclosure of financial impact of new accounting standards issued but not yet effective: IFRS 9 "Financial instruments", IFRS 15 " Revenues from contracts with customers" and IFRS 16 "Leases".
Pronouncements
Disclosure of changes in liabilities arising from financing activities in line with amendment to IAS 7 “Statement of cash flows”.
Change
Inclusion of a discussion on key audit matters in the auditors' report.
Change
Introduction of a table disclosing the valuation method and the inputs used for level 3 financial instruments.
Change
Increased disaggregation of contingent liabilities analysis.
New
Disclosure of directors remuneration enhanced by inclusion of remuneration analysis diagram.

Mediclinic plc Monitor

Mediclinic plc Annual Report 2017
CR Monitor Issue: 
2018/0310
Company covered: 
Mediclinic plc
Period End: 
31 March, 2017
Report issued on 20 March 2018 covered the following practice issues:
Restatement
Additional goodwill recognised following finalisation of business combination fair values.
Change
Assets and liabilities held for sale disclosed in separate lines on the face of the statement of financial position.
Change
Enhanced disclosure of financial instruments including fair value information.
Change
Disclosure of cash settled share based payment plan.
Change
Auditors' identify new area of audit focus in respect of "risk of fraud in revenue recognition".
Pronouncements
Additional disclosure on early adoption of amendment to IAS 7 "Statement of cash flows"

Voestalpine AG Monitor

voestalpine AG Annual Report 2017
CR Monitor Issue: 
2017/1110
Company covered: 
voestalpine AG
Period End: 
31 March, 2017
Report issued on 28 November 2017 covered the following practice issues:
Pronouncements
Discussion of key audit matters introduced within the audit report.
Pronouncements
Extended disclosure on the expected future impacts of impending new financial instruments, revenue, and lease standards.
Change
Disclosure of transfer of own bonds from Level 2 to Level 1 of fair value valuation hierarchy.

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.

Land Securities Group Plc Monitor

Land Securities Group Plc Annual Report 2017
CR Monitor Issue: 
2017/1012
Company covered: 
Land Securities Group Plc
Period End: 
31 March, 2017
Report issued on 31 October 2017 covered the following practice issues:
Change
Consideration of materiality results in aggregation of non-significant amounts on the face of the primary financial statements.
New
Disclosure of non-adjusting post balance sheet events included in the notes to the accounts.
Restatement
Financial instrument and fair value disclosures restated to include other investments for the first time.

Bayerische Motoren Werke AG Monitor

Bayerische Motoren Werke AG Annual Report 2016
CR Monitor Issue: 
2017/1004
Company covered: 
Bayerische Motoren Werke AG
Period End: 
31 December, 2016
Report issued on 10 October 2017 covered the following practice issues:
Pronouncements
Disclosure of impending impact from future adoption of new revenue recognition standard, IFRS 15, including quantification.
Pronouncements
Disclosure of qualitative information as to the future impacts of the new financial instruments standard, IFRS 9.
Change
Disclosure of fair value information for financial assets and financial liabilities measured at amortised cost.
Pronouncements
Adoption of amendment to IAS 1 leads to consideration of materiality in relation to disclosures.

British Land Company PLC Monitor

British Land Company PLC Annual Report 2016
CR Monitor Issue: 
2017/0208
Company covered: 
British Land Company PLC
Period End: 
31 March, 2016
Report issued on 20 February 2017 covered the following practice issues:
Change
Change in format of the income statement.
Change
Cash flow from acquisition of additional interest in subsidiary reclassified to financing activities from investing activities.
Change
Identification of new reportable segment.
Change
Disclosure of new input used for valuation of investment property.
Change
Change in presentation for calculation of leverage ratio and financial covenants applicable for unsecured debt.
Divergence
Disclosure of summarised financial information in respect of subsidiary with material non-controlling interests not fully in line with information suggested by IFRS.

Close Brothers Group plc Monitor

Close Brothers Group plc Annual Report 2016
CR Monitor Issue: 
2017/0203
Company covered: 
Close Brothers Group plc
Period End: 
31 July, 2016
Report issued on 7 February 2017 covered the following practice issues:
Change
Change in allocation of depreciation in respect of assets rented out under operating leases.
Change
Changes in presentation of segmental information as a result of allocation of treasury income to individual lending businesses.
Change
Change in calculation of net interest margin and restatement of net margin interest ratio.
Change
Change in disclosure of maximum exposure to the credit risk following restatement of comparative undrawn commitments.
Change
Transfer of listed equity shares from Level 1 to Level 2 within the fair value valuation hierarchy.

Halfords Group plc Monitor

Halfords Group plc Annual Report 2016
CR Monitor Issue: 
2017/0110
Company covered: 
Halfords Group plc
Period End: 
1 April, 2016
Report issued on 23 January 2017 covered the following practice issues:
Change
Discussion of business model altered to include reference to integrated approach to sustainable growth.
Change
Performance criteria for share based payments altered to reflect compound annual growth rate in EBITDA target over the vesting period.
Restatement
Total future minimum income receipts from sublet restated without explanation.
Restatement
Provision to carry inventories at fair value less costs to sell restated although there is no specific disclosure of the carrying value of inventories carried at fair value less costs to sell.
Change
Unsecured bank overdraft carried at amortised cost included in analysis of fair values.