Business combinations

Royal Dutch Shell PLC Monitor

Royal Dutch Shell PLC Annual Report 2017
CR Monitor Issue: 
2018/0808
Company covered: 
Royal Dutch Shell PLC
Period End: 
31 December, 2017
Report issued on 14 August 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of IFRS 9 "Leases", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Change
Extended disclosure of key audit matters in the audit report.
Change
Format of strategic report disclosure of key performance indicators altered
Change
Fair value of 50% joint venture stake represents value of consideration paid in business combination.
Restatement
Restatement of segment geographical entity wide disclosures.

Deutsche Post AG Monitor

Deutsche Post AG Annual Report 2017
CR Monitor Issue: 
2018/0805
Company covered: 
Deutsche Post AG
Period End: 
31 December, 2017
Report issued on 07 August 2018 covered the following practice issues:
Pronouncements
Disclosure of the future impacts of new standards that are currently not effective: IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of amendment to IAS 7 Statement of cash flows".
Change
Detailed disclosure in respect of business acquired during the year.
Restatement
Restatement of segmental disclosures following reclassification of businesses between segments.
Change
Reduction in useful life of intangible asset results in additional amortisation.

Intertek Group Plc Monitor

Intertek Group Plc Annual Report 2017
CR Monitor Issue: 
2018/0725
Company covered: 
Intertek Group Plc
Period End: 
31 December, 2017
Report issued on 31 July 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the impacts of IFRS 9 "Financial instruments" and IFRS 15 "Revenues from contracts with customers".
Change
Extended risk disclosure including identification of new principal risk factor.
Change
Added disclosure outlining sustainability goals.
Change
Reduction in US tax rate leads to re-measurement of deferred tax liabilities.
Change
Sensitivity analysis introduced to acquisition note in respect of contingent consideration.

Reckitt Benckiser Group plc

Reckitt Benckiser Group plc Annual Report 2017
CR Monitor Issue: 
2018/0716
Company covered: 
Reckitt Benckiser Group plc
Period End: 
31 December, 2017
Report issued on 24 July 2018 covered the following practice issues:
Change
Detailed disclosure in respect of discontinued operations.
Pronouncements
Presentation of a discussion on the impacts of new standards that are issued but not yet effective including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Pronouncements
Format of net debt reconciliation altered following adoption of amendment to IAS 7 "Statement of cash flows".
Change
Detailed disclosure in relation to business combination during the year including a qualitative description of what goodwill represents.
Change
Discussion of key audit matters included in the audit report.
Restatement
Restatement of segmental disclosures linked to business acquisition.

Rolls-Royce Holdings plc Monitor

Rolls-Royce Holdings plc Annual Report 2017
CR Monitor Issue: 
2018/0715
Company covered: 
Rolls-Royce Holdings plc
Period End: 
31 December, 2017
Report issued on 17 July 2018 covered the following practice issues:
Pronouncements
Enhanced disclosure with respect to new accounting standards including quantification in respect of IFRS 15 "Revenues from contracts with customers".
Change
Disclosure of a reduction in the number of reporting segments linked to business simplification.
Change
Enhanced disclosure in respect of capitalisation of internally generated development costs.
Restatement
Restatement of comparative lease amount linked to correction in exchange rate applied.
Change
Bargain purchase gain recognised in respect of step acquisition.
Change
Additional deferred tax asset recognised following a change in UK tax law.

Millennium & Copthorne Hotels Plc Monitor

Millennium & Copthorne Hotels Plc Annual Report 2017
CR Monitor Issue: 
2018/0612
Company covered: 
Millennium & Copthorne Hotels Plc
Period End: 
31 December, 2017
Report issued on 17 July 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers” and IFRS 16 “Leases”.
Change
Disclosure of key audit matters in the audit report.
Change
Goodwill recognised in respect of business combination fully impaired in year of acquisition.

Informa PLC Monitor

Informa PLC Annual Report 2017
CR Monitor Issue: 
2017/0711
Company covered: 
Informa PLC
Period End: 
31 December, 2017
Report issued on 17 July 2018 covered the following practice issues:
Restatement
Restatement of provisional business acquisition amounts following finalisation of fair values.
Change
Disclosure of new key audit matter in the audit report.
Change
Separate disclosure of directors and auditors responsibilities in the audit report.
Change
Extended risk disclosures including identification of new principal risk factor.
Pronouncements
Quantified information disclosed in relation to the future impact of IFRS 15 "Revenues from contracts with customers".

Inchcape plc Monitor

Inchcape plc Annual Report 2017
CR Monitor Issue: 
2018/0710
Company covered: 
Inchcape plc
Period End: 
31 December, 2017
Report issued on 29 June 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers” and IFRS 16 “Leases”.
Change
Discussion of key audit matters included in auditors' report.
Change
Prior year provisional business combination amounts finalised.
Restatement
Restatement of segmental information linked to business acquired.

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.

Michelin Monitor

Michelin Annual Report 2017
CR Monitor Issue: 
2018/0614
Company covered: 
Michelin
Period End: 
31 December, 2017
Report issued on 19 June 2018 covered the following practice issues:
Pronouncements
Extended discussion in respect of new accounting standards including IFRS 9 "Financial instruments" and IFRS 15 "Revenues from contracts with customers".
Restatement
Prior year restatement recognised in relation to cash and cash equivalents.
Change
Alteration to depreciation life accounted for as a change in accounting estimate.
Change
Intangible assets recognised following a business acquisition.