Business combinations

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.

Just Eat plc Monitor

Just Eat Plc Annual Report 2018
CR Monitor Issue: 
2019/0610
Company covered: 
Just Eat plc
Period End: 
31 December 2018
Report issued on 10 June 2019 covered the following practice issues:
Restatement
Changes in the income statement presentation of the share of results of associates results in a restatement of comparative figures.
Restatement
The segmental reporting structure has been revised.
Pronouncements
Adoption of IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments from 1 January 2018.
Pronouncements
Disclosure on the expected future impact of IFRIC 23 Uncertainty over Income Tax Treatments and IFRS 16 Leases.
Change
Change in cash-generating units results in the reallocation of goodwill.
Change
Detailed discussion on two new businesses acquired.

Bakkavor Group plc Monitor

Bakkavor Group plc Annual Report 2018
CR Monitor Issue: 
2019/0609
Company covered: 
Bakkavor Group plc
Period End: 
31 December, 2018
Report issued on 10 June 2019 covered the following practice issues:
Pronouncements
Additional disclosure as to the expected future impacts of adopting IFRS 15 Revenue from Contracts with Customers, IFRS 9 Financial Instruments, and IFRS 16 Leases.
Change
The equalisation of Guaranteed Minimum Pensions for men and women results in the recognition of a past service cost.
Change
A new section is added to the audit report covering the detection of irregularities including fraud.
Change
A property, plant and equipment impairment charge is recognised.
Change
A loss on disposal is recognised on the sale of a subsidiary.
Change
A bargain purchase gain is recognised on the acquisition of a subsidiary.

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.

Peugeot S.A. Monitor

Peugeot S.A. Annual Report 2018
CR Monitor Issue: 
2019/0515
Company covered: 
Peugeot S.A.
Period End: 
31 December, 2018
Report issued on 20 May 2019 covered the following practice issues:
Restatement
IAS 29 Financial Reporting in Hyperinflationary Economies is applied to operations in Argentina.
Pronouncements
IFRS 9 Financial instruments is adopted with effect from 1 January 2018 on a prospective basis.
Pronouncements
IFRS 15 Revenue from contracts with customers is adopted with effect from 1 January 2018 on a full retrospective basis.
Pronouncements
Disclosures are included in respect of the expected future impact of IFRS 16 Leases which will be adopted from 1 January 2019.
Change
A change in the estimated useful lives of property plant and equipment is recognised.
Change
Material impairments recognised are explained.

Randstad N.V. Monitor

Randstad N.V. Annual Report 2018
CR Monitor Issue: 
2019/0416
Company covered: 
Randstad N.V.
Period End: 
31 December, 2018
Report issued on 23 April 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
Extended disclosure in respect of the expected impact of IFRS 16 “Leases”.
Change
Additional disclosure in relation to the finalisation of purchase consideration for business combinations.
Change
Disposal of subsidiary and recognition of impairment on goodwill and other intangible assets.
Change
Disclosure in respect of tax transparency, tax strategy and dialogue with tax authorities, and additional disclosure in respect of provision for taxation.
Change
Discussion on a new key audit matter included within the auditor’s report.

Sodexo SA Monitor

Sodexo SA Annual Report 2018
CR Monitor Issue: 
2019/0413
Company covered: 
Sodexo SA
Period End: 
31 August, 2018
Report issued on 16 April 2019 covered the following practice issues:
Restatement
Change in presentation of income statement due to new ‘underlying operating profit’ measure.
Pronouncements
Additional disclosure on the impact of new accounting standards including IFRS 9 Financial Instruments, IFRS 15 Revenue from contracts with customers and IFRS 16 Leases.
Change
Additional disclosures made in respect of a business acquired during the year.
Change
Additional disclosure on changes in shareholders ownership as required by the company’s by-laws.
Change
Consumer expectation is disclosed as a new risk in the risk management report.
Change
More details on the calculation of discount rates used in impairment testing have been provided.

Rank Group Monitor

Rank Group Annual Report 2018
CR Monitor Issue: 
2019/0409
Company covered: 
Rank Group
Period End: 
30 June, 2018
Report issued on 09 April 2019 covered the following practice issues:
Change
Detailed business combination disclosures in respect of a subsidiary acquired during the year.
Change
Disclosure of a new share-based payment plan.
Change
Auditors identify “compliance with laws and regulations” as a new key audit matter.

OSRAM Licht AG Monitor

OSRAM Licht Annual Report 2019
CR Monitor Issue: 
2019/03016
Company covered: 
OSRAM Licht AG
Period End: 
30 September, 2018
Report issued on 26 March 2019 covered the following practice issues:
Change
Business acquired during the year consolidated by virtue of contractual rights.
Pronouncements
Additional disclosure in respect of the impact of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers”, IFRS 16 “Leases” and IFRIC 23 ‘Uncertainty over income tax treatments’.
Change
Disclosure in respect of events after the reporting period.
Change
Disclosure of a proposed change in the segmental reporting structure.
Change
Detailed discussion of two new key audit matters added to the auditor’s report.
Change
Deferred tax changes recognised following changes to US tax legislation.