Contingencies

SKF AB

Submitted by 25012e8a-3b28-4... on Tue, 2018-08-14 12:15
SKF AB 2017
CR Monitor Issue: 
2018/0807
Company covered: 
SKF AB
Period End: 
31 December, 2017
Report issued on 14 August 2018 covered the following practice issues:
Change
Change in presentation of income statement to reflect cash discounts in net sales rather than as an expense.
Pronouncements
Extended disclosure in respect of the future impact of IFRS 16 "Leases".
Restatement
Restatement of net sales by segment to reflect reallocation of businesses.
Change
Analysis of contingent liabilities altered to include liabilities in respect of tax claims.

ITV plc Monitor

Submitted by Swati Valecha on Tue, 2018-07-31 10:30
ITV plc Annual Report 2017
CR Monitor Issue: 
2018/0721
Company covered: 
ITV plc
Period End: 
31 December, 2017
Report issued on 31 July 2018 covered the following practice issues:
Pronouncements
Discussion of key audit matters included in audit report.
Pronouncements
Extended disclosure in respect of new standards namely IFRS 15 "Revenues from contracts with customers", IFRS 9 "Financial instruments" and IFRS 16 "Leases".
Change
Disclosure on contingent assets and liabilities included in a note to the accounts.

Yara International ASA Monitor

Submitted by 609607d4-597e-4... on Tue, 2018-07-24 15:01
Yara International ASA Annual Report 2017
CR Monitor Issue: 
2018/0718
Company covered: 
Yara International ASA
Period End: 
31 December, 2017
Report issued on 24 July 2018 covered the following practice issues:
Pronouncements
Disclosure of impact of new standards namely IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers", and IFRS 16 "Leases".
Change
Extended disclosure in respect of restructuring provision linked to decision to close industrial site.
Change
Extended disclosure in respect of contingent liabilities and contingent assets.
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of amendment to IAS 7 "Statement of cash flows"
Restatement
Restatement of gains and losses on financial instruments without explanation.
Restatement
Restatement of quantitative information linked to liquidity and currency risk disclosures.

Bayerische Motoren Werke AG Monitor

Submitted by a63e210f-9bd9-4... on Wed, 2018-06-20 08:00
Bayerische Motoren Werke AG Annual Report 2017
CR Monitor Issue: 
2018/0618
Company covered: 
Bayerische Motoren Werke AG
Period End: 
31 December, 2017
Report issued on 20 June 2018 covered the following practice issues:
Pronouncements
Disclosure of financial impact of new accounting standards issued but not yet effective: IFRS 9 "Financial instruments", IFRS 15 " Revenues from contracts with customers" and IFRS 16 "Leases".
Pronouncements
Disclosure of changes in liabilities arising from financing activities in line with amendment to IAS 7 “Statement of cash flows”.
Change
Inclusion of a discussion on key audit matters in the auditors' report.
Change
Introduction of a table disclosing the valuation method and the inputs used for level 3 financial instruments.
Change
Increased disaggregation of contingent liabilities analysis.
New
Disclosure of directors remuneration enhanced by inclusion of remuneration analysis diagram.

The Unilever Group Monitor

Submitted by anuj lodha on Mon, 2018-05-14 16:37
The Unilever Group Annual Report 2017
CR Monitor Issue: 
2018/0511
Company covered: 
The Unilever Group
Period End: 
31 December, 2017
Report issued on 15 May 2018 covered the following practice issues:
Change
Change in measure of segment profit.
Change
Enhanced disclosure of assets held for sale.
Change
Detailed discussion added on climate change risk.
Change
Tabular presentation of contingent liabilities introduced.
Change
Amounts in respect of material business combination disclosed separately.
Pronouncements
Enhanced disclosure in respect of new standards including some quantification.

Vestas Wind Systems A/S Monitor

Submitted by a63e210f-9bd9-4... on Tue, 2018-05-01 14:42
Vestas Wind Systems A/S Annual Report 2017
CR Monitor Issue: 
2018/0502
Company covered: 
Vestas Wind Systems A/S
Period End: 
31 December, 2017
Report issued on 01 May 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of new accounting standards IFRS 15 and IFRS 16.
Change
Extension of risk disclosures.
Change
Disclosure of contingent liability relating to legal claim.
Change
Disclosure of a sale and lease back transaction.
Change
Disclosure of information in respect of post balance sheet business combination.

Beiersdorf AG Monitor

Submitted by Pratiksha Mandhane on Mon, 2017-05-01 14:49
Beiersdorf AG Annual Report 2016
CR Monitor Issue: 
2017/0501
Company covered: 
Beiersdorf AG
Period End: 
31 December, 2016
Report issued on 2 May 2017 covered the following practice issues:
Pronouncements
Discussion of future impacts of IFRS 16 "Leases" added to accounting policies note.
New
Disclosure of risks extended by inclusion of risk radar diagram and a discussion of risk rankings.
Change
Extended disclosure of contingent liabilities in respect of the legal risk of pending litigation.

Victrex plc Monitor

Submitted by a63e210f-9bd9-4... on Tue, 2017-03-14 10:28
Victrex plc Annual Report 2016
CR Monitor Issue: 
2017/0305
Company covered: 
Victrex plc
Period End: 
30 September, 2016
Report issued on 14 March 2017 covered the following practice issues:
Change
Disclosure of estimates and judgements extended to include information in respect of provisions and contingencies.
Change
Disclosure of proposed changes to directors' remuneration policy.

BTG plc Monitor

Submitted by a63e210f-9bd9-4... on Mon, 2017-01-16 12:11
BTG plc Annual Report 2016
CR Monitor Issue: 
2017/0108
Company covered: 
BTG plc
Period End: 
31 March, 2016
Report issued on 17 January 2016 covered the following practice issues:
Change
Change in the remuneration policy sees potential total variable remuneration as percentage of salary fall.
Change
Clarity of principal risk disclosures enhanced by use of tabular format.
New
Explicit statement made that it is not practical to quantify new contingent liability in respect of government investigation.
Change
Auditors' identify contingent liability as new area of risk of material misstatement.
Change
Deferred tax information enhanced by disclosure of individual temporary difference income statement impacts.
New
Residual interest in intangible contractual right acquired.

Experian plc Monitor

Submitted by 609607d4-597e-4... on Mon, 2016-10-03 15:00
Experian plc Annual Report 2016
CR Monitor Issue: 
2016/1001
Company covered: 
Experian plc
Period End: 
31 March, 2016
Report issued on 3 October 2016 covered the following practice issues:
Change
Change in income statement format to include non-GAAP measures.
Change
Amortisation expense split into "Benchmark" and "Non-benchmark" expense.
Change
Extended corporate governance code disclosures.
New
Disclosure of contingent liability following data security breach.
Restatement
Contingent consideration included in fair value hierarchy represents correction of a prior year error.
Change
Related party disclosures extended to include transactions with pension plan.