IFRS 15 'Revenue from contracts with customers'

Aggreko Plc Monitor

Aggreko Plc Annual Report 2016
CR Monitor Issue: 
2017/0909
Company covered: 
Aggreko Plc
Period End: 
31 December, 2016
Report issued on 19 September 2017 covered the following practice issues:
Restatement
Change in contract organisational management structure leads to restatement of segment disclosures.
Change
Segment disclosures expanded to include geographic breakdown of revenue and non-current assets.
Change
Change in depreciation life of tangible fixed asset accounted for prospectively.
Pronouncements
Expanded disclosure of future impending impacts of new standard IFRS 15 "Revenue from contracts with customers" without quantification.
Change
Auditors discussion of audit scope enhanced by inclusion of pie charts.
Change
Sensitivity analysis included in discussion of area of significant judgement and estimate in relation to taxation.

SEGRO plc Monitor

SEGRO plc Annual Report 2016
CR Monitor Issue: 
2017/0906
Company covered: 
SEGRO plc
Period End: 
31 December, 2016
Report issued on 08 September 2017 covered the following practice issues:
Change
Graph added to directors remuneration report showing potential remuneration under multiple performance scenarios.
Change
Share premium recognised in relation to shares issued under equity placing.
Pronouncements
Introduction of detailed discussion of future impacts of new standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases" plus amendments to IAS 12 "Income taxes".
New
Table showing non-executive directors shareholding introduced to directors remuneration report.
Change
Risk disclosures enhanced by introduction of a risk heat map diagram.
Change
Summarised income statement and balance sheet information disclosed for newly formed joint venture.

Pearson plc Annual Report

Pearson plc Annual Report 2016
CR Monitor Issue: 
2017/0814
Company covered: 
Pearson plc
Period End: 
31 December, 2016
Report issued on 29 August 2017 covered the following practice issues:
Change
Change in disclosed basis of valuation for Level 3 fair value measurements following disposal.
Pronouncements
Extended non-quantified disclosure of the future impacts of IFRS 15 “Revenue from contract with customers”.
Change
Identification of "major restructuring programme" and "major finance transformation programme" as new areas of audit focus.
Change
Presentation of tabular disclosure showing a maturity analysis of minimum sub-lease payments expected to be received.
Restatement
Segment reporting restated following changes in management responsibilities.

Bunzl plc Monitor

Bunzl plc Annual Report 2016
CR Monitor Issue: 
2017/0813
Company covered: 
Bunzl plc
Period End: 
31 December, 2016
Report issued on 28 August 2017 covered the following practice issues:
Pronouncements
Change in accounting policy in respect of cash pooling balances in line with IFRIC guidance.
Change
Software assets re-classified from property plant and equipment to intangible assets.
Pronouncements
Disclosure of future impacts of impending standards, IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases", with no quantification.
Change
Results from US arm of European based business reclassified from European to North American segment following change in management location.
New
Tabular disclosure added summarising business acquisitions completed during the year.

Koninklijke Philips N.V. Monitor

Koninklijke Philips N.V. Annual Report 2016
CR Monitor Issue: 
2017/0812
Company covered: 
Koninklijke Philips N.V.
Period End: 
31 December, 2016
Report issued on 22 August 2017 covered the following practice issues:
Restatement
Reclassification of all net defined-benefit post-employment plan obligations under long-term provisions.
Change
Cash flow from sale of non-controlling interest in previously wholly owned subsidiary reflected as arising from financing activities.
Restatement
Reporting segment information restated following a change in organisational structure.
Change
Change in reporting segment profit measure.
Pronouncements
Detailed un-quantified disclosure of future impacts of new revenue standard.
Pronouncements
Un-quantified disclosure of the future impact of new financial instruments standard.

Rightmove plc Monitor

Rightmove plc Annual Report 2016
CR Monitor Issue: 
017/0805
Company covered: 
Rightmove plc
Period End: 
31 December, 2016
Report issued on 08 August 2017 covered the following practice issues:
Pronouncements
Summarised non-quantified disclosure of the future impacts of new standards, IFRS 15 and IFRS 16.
Change
Qualitative disclosure of what goodwill recognised in a business acquisition represents.
Change
Introduction of extended information in respect of Non-GAAP performance measures.
Change
Audit report presentation enhanced by inclusion of graphics and tables.

Rentokil Initial plc Monitor

Rentokil Initial plc Annual Report 2016
CR Monitor Issue: 
2017/0802
Company covered: 
Rentokil Initial plc
Period End: 
31 December, 2016
Report issued on 1 August 2017 covered the following practice issues:
Change
Assets and liabilities in respect of disposal group disclosed in aggregate on the face of the statement of financial position.
Pronouncements
Detailed disclosure about alternative performance measures in accordance with new guidelines
Pronouncements
Introduction of brief disclosure about impacts of new leasing and revenue standards.

Carillion plc Monitor

Carillion plc Annual Report 2016
CR Monitor Issue: 
2017/0708
Company covered: 
Carillion plc
Period End: 
31 December, 2016
Report issued on 18 July 2017 covered the following practice issues:
Restatement
Finalisation of business acquisition fair values including contingent consideration leads to change in goodwill.
Change
Revenue recognition under licensing agreements identified as a risk of material misstatement by the auditors.
New
Introduction of discussion on alternative performance measures.
Change
Non-recurring items including restructuring costs highlighted separately.
Pronouncements
Improved discussion on new standards covering leases, revenue from contracts with customers and financial instruments.
Change
Brexit identified as new risk factor within tabular disclosure of principal risks.

The Sage Group plc Monitor

The Sage Group plc Annual Report 2016
CR Monitor Issue: 
2017/0707
Company covered: 
The Sage Group plc
Period End: 
30 September, 2016
Report issued on 17 July 2017 covered the following practice issues:
Change
Designation as "Exceptional (non-recurring) items" identified as a significant accounting and reporting matter in corporate governance report.
Change
'Changes in finance systems and processes' identified as a risk of material misstatement by auditors.
Pronouncements
Un-quantified disclosure added regarding impact of impending revenue recognition standard.
Change
Newly acquired 20.7% holding in investment accounted for as an associate using the equity method.
New
Flowchart added to directors remuneration report showing amended conditions attached to performance share plan.
New
Directors remuneration report enhanced by inclusion of remuneration at a glance section.

UPM-Kymmene Corporation Monitor

UPM-Kymmene Corporation Annual Report 2016
CR Monitor Issue: 
2017/0706
Company covered: 
UPM-Kymmene Corporation
Period End: 
31 December, 2016
Report issued on 11 July 2017 covered the following practice issues:
Change
Underlying reasons for recognition of impairments disclosed.
Change
Change in presentation of cash flow statement to add separate line items for net cash flows from investment hedges and net cash flows from derivatives.
Pronouncements
Auditors report enhanced by inclusion of discussion of key audit matters in line with new auditing standard.
Pronouncements
Introduction of a discussion on new accounting standards in relation to revenue, financial instruments and leases.
New
Additional discussion on Alternative performance measures included.