IFRS 17 "Insurance contracts"

Diageo plc Monitor

Diageo plc Annual Report 2018
CR Monitor Issue: 
2018/1118
Company covered: 
Diageo plc
Period End: 
30 June, 2018
Report issued on 27 November 2018 covered the following practice issues:
Pronouncements
Early adoption of IFRS 15 "Revenues from contracts with customers".
Pronouncements
Early adoption of IFRS 9 "Financial Instruments".
Pronouncements
Extended disclosure of the future impacts of IFRS 16 "Leases" and IFRS 7 "Insurance Contracts".
Change
Disclosure of key audit matters included within the auditor’s report.
Change
Change in deferred tax recognised linked to reduction in US tax rate.
Change
Recognition of significant impairment.

Phoenix Group Plc Monitor

Phoenix Group Plc Annual Report 2017
CR Monitor Issue: 
2018/1111
Company covered: 
Phoenix Group Plc
Period End: 
31 December, 2017
Report issued on 20 November 2018 covered the following practice issues:
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of an amendment to IAS 7 "Statement of cash flows".
Change
Reclassification of collective investment schemes from Level 2 to Level 1 of the fair value hierarchy.
Change
Extended discussion of accounting estimates and judgements including extended disclosure of critical accounting judgements.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers", , and IFRS 17 “Insurance contracts”.

Aviva plc Monitor

Aviva plc Annual Report 2017
CR Monitor Issue: 
2018/0818
Company covered: 
Aviva plc
Period End: 
31 December, 2017
Report issued on 28 August 2018 covered the following practice issues:
Change
Discussion of key audit matters included in auditors' report.
Pronouncements
Extended disclosure in respect of new standards not yet applicable including information in respect of IFRS 17 "Insurance contracts".
Change
Detailed disclosure in respect of business disposals.
Change
Amounts reclassified in relation to equity and expenses.
Change
Recognition of goodwill impairment.
Change
Alteration of segmental reporting structure to reflect reclassification of Irish business.

Münchener Rückversicherungs-Gesellschaft AG Monitor

Münchener Rückversicherungs-Gesellschaft AG Annual Report 2017
CR Monitor Issue: 
2018/0724
Company covered: 
Münchener Rückversicherungs-Gesellschaft AG
Period End: 
31 December, 2017
Report issued on 31 July 2018 covered the following practice issues:
Pronouncements
Enhanced disclosure in respect of the impacts of new accounting standards including IFRS 17 "Insurance contracts", IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Change
Change in classification of interest receivable not due.
Pronouncements
Presentation of a reconciliation of movements in liabilities arising form financing activities following adoption of an amendment to IAS 7 "Statement of cash flows".
Pronouncements
Discussion of key audit matters included in the audit report.
Change
Change in segmental reporting structure linked to discontinuation of a business.
Change
Recognition of impairment reversal in respect of deferred acquisition costs.

Legal & General Group plc Monitor

Legal & General Group plc Annual Report 2017
CR Monitor Issue: 
2018/0717
Company covered: 
Legal & General Group plc
Period End: 
31 December, 2017
Report issued on 24 July 2018 covered the following practice issues:
Change
Detailed disclosure in respect of business classified as discontinued operation.
Pronouncements
Disclosure of the impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers", IFRS 16 "Leases" and IFRS 17 "Insurance contracts".
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of amendment to IAS 7 "Statement of cash flows".
Restatement
Amounts reclassified from cash and cash equivalents to financial investments following an assessment of their maturity.
Change
Segmental reporting information restated following reclassification of business as a discontinued operation.
Change
Reverse repurchase agreements reclassified as financial assets.

Hiscox Ltd Monitor

Hiscox Ltd Annual Report 2017
CR Monitor Issue: 
2018\0613
Company covered: 
Hiscox Ltd
Period End: 
31 December, 2017
Report issued on 17 July 2018 covered the following practice issues:
Pronouncements
Disclosure enhanced in relation to impact of IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 17 "Insurance contracts".
Restatement
Restatement of cash flow amount from operating activities to investing activities.
Restatement
Restatement in presentation of investment results to exclude investment management fees.
Change
Extended disclosure of principal risk factors.
Change
Profit and cash flow information disclosed in respect of operations disposed.
Change
Disclosure of change in reporting currency.

Svenska Handelsbanken AB

Svenska Handelsbanken Annual Report 2017
CR Monitor Issue: 
2018/0705
Company covered: 
Svenska Handelsbanken Annual Report 2017
Period End: 
Svenska Handelsbanken
Report issued on 03 July 2018 covered the following practice issues:
Pronouncements
Enhanced disclosure added in respect of impact of IFRS 9 "Financial instruments".
Change
Separate disclosure added in respect of insurance business risk.

Beazley plc Monitor

Beazley plc Annual Report 2017
CR Monitor Issue: 
2018/0616
Company covered: 
Beazley plc
Period End: 
31 December, 2017
Report issued on 20 June 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of new standards: IFRS 17 "Insurance contracts"; IFRS 16 "Leases"; IFRS 9 "Financial instruments"; and IFRS 15 "Revenues from contracts with customers".
New
Recognition of intangible assets following a business combination.
Restatement
Restatement of segmental reporting structure.
Change
High yield bond funds included in analysis of unconsolidated structured entities.
Change
Auditors' report includes separate sections discussing director and auditor responsibilities.
Change
Extended disclosure of principal risks.

Centrica plc Monitor

Centrica plc Annual Report 2017
CR Monitor Issue: 
2018/0615
Company covered: 
Centrica plc
Period End: 
31 December, 2017
Report issued on 19 June 2018 covered the following practice issues:
Restatement
Change in presentation of exceptional items.
Pronouncements
Extended disclosure in respect of new accounting standards issued but not yet effective namely IFRS 9 "Financial instruments"and IFRS 17 "Insurance contracts".
Change
Discussion of key audit matters included in auditors' report.
Change
Enhanced risk disclosures including the presentation of risk framework and risk management diagrams.

Zurich Insurance Group Ltd Monitor

Zurich Insurance Annual Report 2017
CR Monitor Issue: 
2018/0505
Company covered: 
Zurich Insurance
Period End: 
31 December 2017
Report issued on 01 May 2018 covered the following practice issues:
Change
Presentation changes made in the financial statements including reclassifications.
Pronouncements
Disclosure of discussion in respect of new accounting standards IFRS 9, IFRS 16 and IFRS 17.
Change
Changes made to segment reporting.