IAS 8 (revised) 'Accounting policies, changes in accounting estimates and errors'

Coca-Cola HBC AG Monitor

Coca-Cola HBC AG Annual Report 2018
CR Monitor Issue: 
2019/0615
Company covered: 
Coca-Cola HBC AG
Period End: 
31 December, 2018
Report issued on 13 June 2019 covered the following practice issues:
Pronouncements
Adopted IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments from 1 January 2018.
Pronouncements
Disclosures on expected impact of IFRS 16 extended with quantification provided.
Change
Disclosure of events after the balance sheet date.
Change
Modification of performance share plan in the current year.
Change
New sections in the auditors’ report added in respect of ‘capability of the audit in detecting irregularities, including fraud’ and for ‘going concern’.

Segro plc Monitor

Segro plc Annual Report 2018
CR Monitor Issue: 
2019/0614
Company covered: 
Segro plc
Period End: 
31 December, 2018
Report issued on 14 June 2019 covered the following practice issues:
Restatement
The segmental reporting structure has been revised.
Pronouncements
Adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers from 1 January 2018.
Pronouncements
Disclosure of expected impact from adopting amendment to IFRS 3 Business combinations from 1 January 2020.
Change
The recognition of pension buy-out costs in the income statement.
Change
A new section is added to the audit report covering the detection of irregularities including fraud.

Paddy Power Betfair plc Monitor

Paddy Power Betfair plc Annual Report 2018
CR Monitor Issue: 
2019/0613
Company covered: 
Paddy Power Betfair plc
Period End: 
31 December, 2018
Report issued on 14 June 2019 covered the following practice issues:
Pronouncements
Adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers from 1 January 2018.
Pronouncements
Expected impact of adopting IFRS 16 Leases from 1 January 2019 is quantified.
Change
Disclosure of the merger of a newly acquired and existing business.
Change
£26.5 million impairment recognised against goodwill within the US business.
Change
Gain recognised on disposal of a non-controlling interest.
Change
Disclosure of events after the balance sheet date, including an acquisition for consideration of £101 million.

RELX plc Monitor

RELX plc Annual Report 2018
CR Monitor Issue: 
2019/0605
Company covered: 
RELX plc
Period End: 
31 December, 2018
Report issued on 01 June 2019 covered the following practice issues:
Pronouncements
Early adoption of IFRS 16 Leases with effect from 1 January 2018.
Pronouncements
Adoption of IFRS 9 Financial instruments with effect from 1 January 2018.
Pronouncements
Adoption of IFRS 15 Revenue from contracts with customers with effect from 1 January 2018.
Change
A corporate and share simplification is undertaken removing a dual parent company structure.
Change
Disclosure in respect of key audit matters is extended with two new key audit matters identified by the auditors.

Premier Oil plc Monitor

Premier Oil plc Annual Report 2018
CR Monitor Issue: 
2019/0604
Company covered: 
Premier Oil plc
Period End: 
31 December, 2018
Report issued on 01 June 2019 covered the following practice issues:
Pronouncements
Adoption of IFRS 15 Revenue from Contracts with Customers (IFRS 15) and IFRS 9 Financial Instruments (IFRS 9) from 1 January 2018.
Pronouncements
Disclosures included on the expected future impact of IFRS 16 Leases (IFRS 16), which will be adopted from 1 January 2019.
Change
Mandatory conversion of convertible bonds resulting in issues of ordinary shares.
Change
Extended disclosure showing movements in outstanding share options.

Moneysupermarket.com Group plc Monitor

Moneysupermarket.com Group plc Annual Report 2018
CR Monitor Issue: 
2019/0603
Company covered: 
Moneysupermarket.com Group plc
Period End: 
31 December, 2018
Report issued on 01 June 2019 covered the following practice issues:
Restatement
The segmental information has been restated to reflect changes in the presentation of reportable segments.
Pronouncements
IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers have been adopted from 1 January 2018.
Pronouncements
Extended disclosure for the expected future impacts of IFRS 16 Leases.
Change
Auditor’s report includes a new key audit matter and an additional statement on the going concern assumption.
Change
A detailed discussion is presented for a business acquired during the year.
Change
Discussion on reallocation of goodwill to the cash-generating units and on additional goodwill recognised after acquisition.

Essentra plc Monitor

Essentra plc Annual Report 2018
CR Monitor Issue: 
2019/0602
Company covered: 
Essentra plc
Period End: 
31 December, 2018
Report issued on 01 June 2019 covered the following practice issues:
Restatement
The segmental information is altered to reflect a change in organisational structure including restatement of the comparative year presentation.
Pronouncements
Adoption of IFRS 15 Revenue from contracts with customers from 1 January 2018.
Pronouncements
IFRS 9 Financial Instruments adoption from 1 January 2018 results in an adjustment within equity.
Pronouncements
The expected future impact of adopting IFRS 16 Leases is quantified.
Change
The impact of equalising Guaranteed Minimum Pensions for men and women is recognised as an exceptional item.
Change
The strategic report includes extended principal risk information.

Acacia Mining plc Monitor

Acacia Mining plc Annual Report 2018
CR Monitor Issue: 
2019/0601
Company covered: 
Acacia Mining plc
Period End: 
31 December, 2018
Report issued on 01 June 2019 covered the following practice issues:
Pronouncements
Adoption of IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments from 1 January 2018.
Pronouncements
Adoption of amendment to IFRS 2 Share-based Payment from 1 January 2018.
Pronouncements
The expected future impact of adopting IFRS 16 Leases is disclosed.
Change
Assets and liabilities held for sale are disclosed separately within the statement of financial position.
Change
The disclosure on contingencies is extended to disclose regulatory contingencies which arose in the current financial year.
Change
Disclosure of events after the balance sheet date.

Adoption of IFRS 15 Revenue from Contracts with Customers

IFRS 15 Revenue from Contracts with Customers (IFRS 15) has replaced existing international revenue standards IAS 18 Revenue and IAS 11 Construction Contracts, as well as revenue related IFRIC and SIC interpretations, for periods beginning on or after 1 January 2018.

Croner-i has been tracking the disclosures made in relation to the forthcoming adoption of IFRS 15 through these Common Practice reports. Firstly in March 2018 looking at the disclosure of the impacts of the forthcoming standard in annual reports, and then again in September 2018 when the report focussed on the software and telecommunications industries which were expected to be most impacted.

This report looks at a selection of December 2018 and January 2019 year ends where full year disclosures in relation to the actual adoption of IFRS 15 are being made for the first time. This report covers both the impact of the adoption of IFRS 15, and what disclosures have been made in relation to the adoption.

Grafton Group plc Monitor

Grafton Group plc Annual Report 2018
CR Monitor Issue: 
2019/0519
Company covered: 
Grafton Group plc
Period End: 
31 December, 2018
Report issued on 28 May 2019 covered the following practice issues:
Pronouncements
Adoption of IFRS 9 Financial instruments from 1 January 2018.
Pronouncements
Adoption of IFRS 15 Revenue from contracts with customers from 1 January 2018.
Pronouncements
Disclosure of the expected impacts of IFRS 16 Leases adoption.
Change
Disclosure of information in relation to a business disposal.
Change
Presentation of a reconciliation of movements in net debt showing changes in liabilities arising from financing activities.