IFRS 15 'Revenue from contracts with customers'

Smith & Nephew Plc Monitor

Smith & Nephew Plc Annual Report Year
CR Monitor Issue: 
2018/0517
Company covered: 
Smith & Nephew Plc
Period End: 
31 December, 2017
Report issued on 22 May 2018 covered the following practice issues:
Pronouncements
Disclosure of changes in liabilities arising from financing activities in line with amendment to IAS 7 "Statement of cash flows".
Pronouncements
Inclusion of discussion in respect of new accounting standards IFRS 15 and IFRS 9.
Change
Discussion of key audit matters included in audit report.
Change
Business restructuring disclosed as post balance sheet event.
Change
Enhanced risk disclosures including additional information in respect of principal risks.
Restatement
Restatement of intangible asset amortisation without explanation.

E.ON SE Monitor

E.ON SE Annual Report 2017
CR Monitor Issue: 
2018/0518
Company covered: 
E.ON SE
Period End: 
31 December, 2017
Report issued on 22 May 2018 covered the following practice issues:
Change
Extended disclosure of key audit matters included in audit report.
Pronouncements
Disclosure of changes in liabilities arising from financing activities in line with amendment to IAS 7 "Statement of cash flows".
Pronouncements
Extended disclosure in respect of new standards issued but not yet applicable including impact quantification.

Grainger plc Monitor

Grainger plc Annual Report 2017
CR Monitor Issue: 
2018/0516
Company covered: 
Grainger plc
Period End: 
30 September, 2017
Report issued on 28 May 2018 covered the following practice issues:
Change
Audit report includes discussion of key audit matters.
Pronouncements
Extended disclosure in respect of new standards issued but not yet effective namely IFRS 9, IFRS 15, IFRS 16.
Change
Introduction of tabular disclosure illustrating the calculation of net debt and the loan to value ratio.
Change
Extended disclosure of principal risks includes identification of new risk areas.
Change
Presentation of a maturity analysis of amounts receivable as a lessor.
Change
Acquisition of properties and new funding arrangements disclosed as post balance sheet events.

Heineken N.V. Monitor

Heineken N.V. Annual Report 2017
CR Monitor Issue: 
2018/0519
Company covered: 
Heineken N.V.
Period End: 
31 December, 2017
Report issued on 22 May 2018 covered the following practice issues:
Pronouncements
Disclosure of impact of new standards issued but not yet adopted including quantification in respect of IFRS 15.
Change
Qualitative description of factors that make up business acquisition goodwill.
Change
Extended disclosure in respect of pension plan assets and obligations.
Change
Enhanced disclosure on fair value hedges includes maturity analysis.
Restatement
Change in segment measure of profit.
Change
Introduction of a reconciliation table showing movements in current interest bearing liabilities excluding bank overdrafts and commercial papers.

Deutsche Telekom AG Monitor

Deutsche Telekom AG Annual Report 2017
CR Monitor Issue: 
2018/0520
Company covered: 
Deutsche Telekom AG
Period End: 
31 December, 2017
Report issued on 22 May 2018 covered the following practice issues:
Pronouncements
Disclosure of reconciliation of changes in liabilities arising from financing activities on adoption of amendment to IAS 7.
Pronouncements
Extended disclosure in respect of IFRS 15 “Revenue from contracts with customers”.
Change
Change in segment reporting structure.
Change
Discussion of key audit matters included in audit report.
Change
Change in the presentation of deferred tax information.
Restatement
Restatement of operating lease obligations.

New standard disclosure - IFRS 16 "Leases"

This report revisits the findings of the CR Emerging Issues Report "Disclosure of the impacts of IFRS 16 "Leases", and assesses 20 companies with 31 December 2017 year ends, to understand if some of the trends of the previous report are repeated. After the last report, we expected to see more companies early adopting, as well as more providing qualitative commentary on their expected materiality position post-implementation. We will assess whether this is the case. 16 of the 20 companies reviewed were in the original sample.

Electrolux AB Monitor

Electrolux AB Annual Report 2017
CR Monitor Issue: 
2018/0513
Company covered: 
Electrolux AB
Period End: 
31 December, 2017
Report issued on 15 May 2018 covered the following practice issues:
Pronouncements
Enhanced disclosure with respect to impact of new accounting standards including quantification.
Change
Detailed disclosure of business combinations.
Pronouncements
Additional Disclosure in line with amendment to IAS 7 “Statement of cash flows”.
Change
Change in estimate used for impairment test of intangible asset with indefinite life.
New
Separate statement on sustainability reporting included within annual report.

Wolters Kluwer NV Monitor

Wolters Kluwer NV Annual Report 2017
CR Monitor Issue: 
2018/0512
Company covered: 
Wolters Kluwer NV
Period End: 
31 December, 2017
Report issued on 15 May 2018 covered the following practice issues:
Pronouncements
Introduction of a reconciliation of movements in liabilities arising from financing activities.
Pronouncements
Enhanced disclosure in respect of new accounting standards including quantification in respect of IFRS 15.
Change
Change in segment geographical entity wide disclosures.
Change
Assets held for sale presented separately on the face of the balance sheet.
Change
Amounts deducted from revenue rather than reflected as costs of sales.

Fortum Oyj Monitor

Fortum Oyj Annual Report 2017
CR Monitor Issue: 
2018/0514
Company covered: 
Fortum Oyj
Period End: 
31 December, 2017
Report issued on 15 May 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of new accounting standards issued but not yet adopted including IFRS 15, IFRS 9 and IFRS 16.
Pronouncements
Disclosure of changes in liabilities arising from financing activities in line with amendment to IAS 7.
Change
Enhanced disclosure in respect of future minimum lease payments.
Change
Extended disclosure in respect of capital commitments.
Restatement
Change in the segment reporting structure.

The Unilever Group Monitor

The Unilever Group Annual Report 2017
CR Monitor Issue: 
2018/0511
Company covered: 
The Unilever Group
Period End: 
31 December, 2017
Report issued on 15 May 2018 covered the following practice issues:
Change
Change in measure of segment profit.
Change
Enhanced disclosure of assets held for sale.
Change
Detailed discussion added on climate change risk.
Change
Tabular presentation of contingent liabilities introduced.
Change
Amounts in respect of material business combination disclosed separately.
Pronouncements
Enhanced disclosure in respect of new standards including some quantification.