Business disposals

GlaxoSmithKline plc Monitor

GlaxoSmithKline plc Annual Report 2018
CR Monitor Issue: 
2019/0618
Company covered: 
GlaxoSmithKline plc
Period End: 
31 December, 2018
Report issued on 19 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
Disclosure in respect of the expected future impact of new accounting standard IFRS 16 Leases.
Change
Disclosure of events after the balance sheet date.
Change
A new section is added to the audit report covering the detection of irregularities including fraud.
Change
The equalisation of Guaranteed Minimum Pensions for men and women results in the recognition of a past service cost.
Change
Disclosure in respect of ‘transactions signed but not yet completed’ within the acquisitions and disposal note.

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.

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.

Bunzl plc Monitor

Bunzl plc Annual Report 2018
CR Monitor Issue: 
2019/0517
Company covered: 
Bunzl plc
Period End: 
31 December, 2018
Report issued on 27 May 2019 covered the following practice issues:
Pronouncements
IFRS 15 Revenue from Contracts with Customers is adopted on a retrospective basis from 1 January 2018.
Pronouncements
IFRS 9 Financial Instruments is adopted with effect from 1 January 2018.
Pronouncements
Adoption of an IFRIC agenda decision related to the treatment of interest and penalties linked to taxation.
Pronouncements
The expected future impact of IFRS 16 Leases is disclosed.
Change
The financial statement impact of business disposals is disclosed.
Change
The impact of equalising Guaranteed Minimum Pensions for men and women is recognised.

Elementis plc Monitor

Elementis plc Annual Report 2018
CR Monitor Issue: 
2019/0425
Company covered: 
Elementis plc
Period End: 
31 December, 2018
Report issued on 29 April 2019 covered the following practice issues:
Restatement
A change in reporting segments results in the restatement of comparative period figures.
Restatement
Comparative Earnings per share (EPS) is restated following a shares rights issue.
Pronouncements
IFRS 9 Financial Instruments is adopted from 1 January 2018 on a retrospective basis.
Pronouncements
A new revenue recognition policy is implemented following the adoption of IFRS 15 Revenue from Contracts with Customers.
Pronouncements
The expected impact of adopting IFRS 16 Leases is disclosed.
Change
The disposal of a business previously classified as a discontinued operation is completed.

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.

Greencore Group Plc Monitor

Greencore Group Plc Annual Report 2018
CR Monitor Issue: 
2019/0405
Company covered: 
Greencore Group Plc
Period End: 
28 September, 2018
Report issued on 2 April 2019 covered the following practice issues:
Restatement
Disclosure made in respect of discontinued operations with restatement of comparative information.
Change
Discussion of key audit matters included in the audit report.
Change
Detailed and additional disclosures relating to accounting estimates and judgement.
Pronouncements
additional information in respect of the impact of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers” and IFRS 16 “leases”.
Change
Deferred tax changes recognised following changes to US tax legislation.
Change
Disclosure regarding contingencies related to the Guaranteed Minimum Pension.

Dunelm Group plc Monitor

Dunelm Group plc Annual Report 2018
CR Monitor Issue: 
2018/1213
Company covered: 
Dunelm Group plc
Period End: 
30 June, 2018
Report issued on 18 December 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases".
Pronouncements
Presentation of a reconciliation of movements in net debt following adoption of an amendment to IAS 7 "Statement of cash flows".
Change
Disclosure on a new share-based payment plan.
Change
Detailed disclosure in respect of business disposal.

Burberry Group plc Monitor

Burberry Group plc Annual Report 2017
CR Monitor Issue: 
2018/1021
Company covered: 
Burberry Group plc
Period End: 
31 March, 2018
Report issued on 30 October 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report.
Change
Separate sections outlining director and auditor responsibilities included in auditors' report.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards including IFRS 9 "Financial instruments", and IFRS 15 "Revenue from contracts with customers".
Change
Detailed disclosure in respect of business disposal and related licensing agreement.
Change
Recognition of goodwill impairment.

Rentokil Initial plc Monitor

Rentokil Initial plc Annual Report 2017
CR Monitor Issue: 
2018/1002
Company covered: 
Rentokil Initial plc
Period End: 
31 December, 2017
Report issued on 01 October 2018 covered the following practice issues:
Change
Presentation of profit on disposal of businesses separately on the face of the income statement.
Pronouncements
Disclosure made in respect of the future impacts of IFRS 9 "Financial instruments" and IFRS 15 "Revenue from contracts with customers".
Change
Changes made to segment reporting.
Pronouncements
Disclosure introduced in respect of ammendment to IAS 7 "Statement of cash flows".
Change
Changes made to the calculation of adjusted profit.
Change
Auditor and Director's responsibilities disclosed in separate sections in the audit report.