Biological assets

Pernod Ricard SA Monitor

Pernod Ricard plc Annual Report 2017
CR Monitor Issue: 
2017/1209
Company covered: 
Pernod Ricard SA
Period End: 
30 June, 2017
Report issued on 19 December 2017 covered the following practice issues:
Pronouncements
Audit report enhanced by inclusion of disclosure on key audit matters.
Pronouncements
Change in accounting policy results in bearer plants being accounted for as property plant and equipment rather than biological assets.
New
Introduction of tabular breakdown of fees paid to auditors.

Fair value measurement information under IFRS

IFRS 13 “Fair value measurement” sets out a single consistent framework for measuring fair value within IFRS financial statements and outlines a standardised set of disclosures in respect of fair value measurements. IFRS 13 has been mandatory now for some years, with application being required for annual reporting periods beginning on or after 1 January 2013. This report sets out the results of how requirements of the standard have been put into practice, both in terms of measurement and disclosure, in the consolidated financial statements of 139 large public limited companies with year ends between 31 March 2016 and 1 April 2017. It is not an exhaustive study of all aspects of IFRS 13 application and its conclusions are limited to our findings in respect of the areas analysed within the financial statements reviewed.

Fair value measurement disclosures - other assets: an emerging issue under IFRS

This report surveys fair value measurement disclosures on assets other than financial instruments, investment property and bearer plants.  Our sample covers biological assets, land and buildings, non-financial assets held in defined benefit pension schemes and cash-generating units whose recoverable amount is calculated using fair value less costs to sell. We note a predominance of classification at Level 3, indicating use of unobservable inputs.

Bearer plants: an emerging issue under IFRS

This report analyses corporate disclosures on the expected or actual effects of Agriculture: Bearer plants (Amendments to IAS 16 and IAS 41), issued in June 2014, including one case of early adoption and four pre-adoption disclosures.

Anglo-Eastern Plantations Plc Monitor

Anglo-Eastern Plantations Plc Annual Report 2014
CR Monitor Issue: 
2015/0815
Company covered: 
Anglo-Eastern Plantations Plc
Period End: 
31 December 2014
Report issued on 25 August 2015 covered the following practice issues:
Pronouncements
Bearer plants Amendment expected to have significant effects.
Inconsistent
Fair value of receivables disclosed as in excess of book value, but impairment considered unnecessary.
Change
Introduction of a note on non-controlling interests.

R.E.A. Holdings plc Monitor

R.E.A. Holdings plc Annual Report 2014
CR Monitor Issue: 
2015/0814
Company covered: 
R.E.A. Holdings plc
Period End: 
31 December, 2014
Report issued on 25 August 2015 covered the following practice issues:
Divergence
Reversal of tax provision reduces tax charge by 82.7%, on dispute disclosed last year in strategic report.
Pronouncements
Depreciation charge will replace fair value movements when bearer plants reclassified.

Narborough Plantations plc Monitor

Narborough Plantations plc Annual Report 2014
CR Monitor Issue: 
2015/0811
Company covered: 
Narborough Plantations plc
Period End: 
31 December, 2014
Report issued on 18 August 2015 covered the following practice issues:
Pronouncements
Bearer plants Amendment expected to have significant effect on financial statements.
Change
Associate's financial information reconciled to the carrying value of interest in associates.

Camellia Plc Monitor

Camellia Plc Annual Report 2014
CR Monitor Issue: 
2015/0713
Company covered: 
Camellia Plc
Period End: 
31 December, 2014
Report issued on 28 July 2015 covered the following practice issues:
Divergence
Weighted average duration and membership status disclosed for UK pension scheme liabilities only.
Change
Additional disclosures on subsidiaries with non-controlling interests.
Pronouncements
Bearer plants Amendment expected to have material effect on financial statements.

M.P. Evans Group plc Monitor

M.P. Evans Group plc Annual Report 2014
CR Monitor Issue: 
2015/0610
Company covered: 
M.P. Evans Group plc
Period End: 
31 December, 2014
Report issued on 29 June 2015 covered the following practice issues:
Change
Revaluation reserve transferred to retained earnings in respect of former property disposal.
Pronouncements
Bearer plants Amendment expected to have material effect on financial statements.
Change
Additional information on impairment disclosed in management commentary.
Change
Introduction of net debt reconciliation.
Change
Guidance of non-mandatory Corporate governance code applied.

Asian Citrus Holdings Limited Monitor

Asian Citrus Holdings Limited Annual Report 2012
CR Monitor Issue: 
2013/0208
Company covered: 
Asian Citrus Holdings Limited
Period End: 
30 June 2012
Report issued on 11 February 2013 covered the following practice issues:
Change
Change of accounting policy on biological assets increases comparative net assets but decreases profit.