IFRS 11 'Joint arrangements'

SES SA Monitor

SES SA Annual Report 2017
CR Monitor Issue: 
2018/1019
Company covered: 
SES SA Annual Report 2017
Period End: 
31 December, 2017
Report issued on 23 October 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases".
Change
Discussion of key audit matters included in audit report.
Restatement
Recognition of prior year adjustment to correct accounting error.
Change
Change in segmental reporting
Change
Detailed disclosure of post balance sheet events.
Change
Change in deferred tax recognised linked to reduction in US tax rate.

Vodafone Group Plc Monitor

Vodafone Group Plc Annual Report 2017
CR Monitor Issue: 
2018/0315
Company covered: 
Vodafone Group Plc
Period End: 
31 March, 2017
Report issued on 27 March 2018 covered the following practice issues:
Change
Subsidiary classified as a discontinued operation following announcement of a plan to contribute it to a newly formed joint venture.
Change
Change in functional currency from pounds sterling to euro.
Change
Reclassification of goodwill to investment in joint venture.
Change
Gain recognised on disposal of subsidiary to a newly formed joint venture.
Change
Post balance sheet disclosure of the transfer of an associated undertaking.
Pronouncements
Disclosure of non-quantified information as to the future impact of IFRS 16.

Compass Group Plc Monitor

Compass Group Plc Annual Report 2015
CR Monitor Issue: 
2016/0208
Company covered: 
Compass Group Plc
Period End: 
30 September, 2015
Report issued on 19 February 2016 covered the following practice issues:
Pronouncements
Move to equity accounting for joint ventures under new Standard.
Change
Income from supplier rebates and discounts identified as an area of audit focus.
Pronouncements
Viability statement introduced under revised UK Corporate Governance Code.

Shaftesbury PLC Monitor

Shaftesbury PLC Annual Report 2015
CR Monitor Issue: 
2016/0206
Company covered: 
Shaftesbury PLC
Period End: 
30 September, 2015
Report issued on 12 February 2016 covered the following practice issues:
Pronouncements
Joint venture accounted for under equity method after adoption of new consolidation Standard.
Pronouncements
Viability statement under revised UK Corporate Governance Code looks forward for five years.

Accounting policy changes - Telford Homes plc

Period End: 
31 March, 2015
Period End Date: 
2015-03-31
Listing Status: 
AIM
ICB Industry Classification: 
3728 Home Construction
Auditor: 
PricewaterhouseCoopers

Joint Arrangements: An emerging issue under IFRS

This report focuses on the financial reporting by entities that have an interest in arrangements which are controlled jointly with another party, in light of the requirements of IFRS 11 “Joint arrangements”. It covers company application of the concept of joint control taking into account the guidance given by IFRS to companies to determine whether arrangements fall within the scope of IFRS 11. It further covers the review undertaken by companies based on the rights and obligations held to determine whether the joint arrangements that exist are considered joint ventures or joint operations and the subsequent accounting of such arrangements in line with the equity accounting method as per IAS 28 “Investments in associates and joint ventures” or of the entities proportionate share of assets, liabilities, revenue and expenses respectively. Finally it considers the financial and presentational impacts of IFRS 11 adoption.