IAS 12 'Income taxes'

SEGRO plc Monitor

SEGRO plc Annual Report 2016
CR Monitor Issue: 
2017/0906
Company covered: 
SEGRO plc
Period End: 
31 December, 2016
Report issued on 08 September 2017 covered the following practice issues:
Change
Graph added to directors remuneration report showing potential remuneration under multiple performance scenarios.
Change
Share premium recognised in relation to shares issued under equity placing.
Pronouncements
Introduction of detailed discussion of future impacts of new standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases" plus amendments to IAS 12 "Income taxes".
New
Table showing non-executive directors shareholding introduced to directors remuneration report.
Change
Risk disclosures enhanced by introduction of a risk heat map diagram.
Change
Summarised income statement and balance sheet information disclosed for newly formed joint venture.

Schroders plc Monitor

Schroders plc Annual Report 2016
CR Monitor Issue: 
2017/0905
Company covered: 
Schroders plc
Period End: 
31 December, 2016
Report issued on 08 September 2017 covered the following practice issues:
Change
Disclosure of key risks split into 4 risk categories including new strategic risk category.
New
Brexit and the impact of Global terrorism identified as two key threats to overall risk profile.
Change
Presentation of deferred tax enhanced to show amounts separately for individual temporary differences.
Change
Detailed explanation of what goodwill acquired in business combination represents.
Divergence
Aggregate disclosure of revenue and profit contribution of multiple businesses acquired rather than separate disclosure.
Change
Auditors identify acquisition accounting as an area of audit focus.

Spirax-Sarco Engineering plc Monitor

Spirax-Sarco Engineering plc Annual Report 2016
CR Monitor Issue: 
2017/0604
Company covered: 
Spirax-Sarco Engineering plc
Period End: 
31 December, 2016
Report issued on 13 June 2017 covered the following practice issues:
New
Introduction of a new note to the financial statements on “Alternative Performance Measures”.
Change
Proposed changes to directors remuneration policy outlined
Change
Measure of profit used in reconciliation of accounting profit to tax expense altered.

Unite Group plc Monitor

Unite Group plc Annual Report 2016
CR Monitor Issue: 
2017/0601
Company covered: 
Unite Group plc
Period End: 
31 December, 2016
Report issued on 6 June 2017 covered the following practice issues:
Change
Reversal of deferred tax liability following decision to convert into a Real Estate Investment Trust.
New
Brexit identified as principal risk.
Change
Separate disclosures of tax for each line item of other comprehensive income.

Diageo plc Monitor

Diageo plc Annual Report 2016
CR Monitor Issue: 
2016/0515
Company covered: 
Diageo plc
Period End: 
30 June, 2016
Report issued on 30 December 2016 covered the following practice issues:
Change
Risks of material misstatement now described as areas of audit focus.
Change
Tabular disclosure of principal risks extended to include new risk factors in respect of International tax and Data privacy.
Change
Presentation of reconciliation of accounting profit to tax expense enhanced through extra dis-aggregation.
Change
Tabular presentation of sensitivity of carrying value of CGU’s to changes in key assumptions.
Change
Change in accounting policy in respect of cash pooling balances in line with IFRIC guidance.

Smith & Nephew plc Monitor

Smith & Nephew plc Annual Report 2017
CR Monitor Issue: 
2017/0509
Company covered: 
Smith & Nephew plc
Period End: 
31 December, 2016
Report issued on 15 May 2017 covered the following practice issues:
Change
Format of reconciliation showing relationship between tax expense and accounting profit altered.
Change
Proposed changes in remuneration policy including introduction of new performance measure and shareholding requirements.

Beazley plc Monitor

Beazley plc Annual Report 2016
CR Monitor Issue: 
2017/0506
Company covered: 
Beazley plc
Period End: 
31 December, 2016
Report issued on 9 May 2017 covered the following practice issues:
Change
Application of reverse acquisition accounting principles when establishing new holding company.
Change
Presentation of the auditors’ report enhanced by the introducing of an overview and graphical representations.
Change
Format of reconciliation showing relationship between tax expense and accounting profit altered.

Sports Direct International plc Monitor

Sports Direct International plc Annual Report 2016
CR Monitor Issue: 
2017/0412
Company covered: 
Sports Direct International plc
Period End: 
24 April, 2016
Report issued on 20 January 2017 covered the following practice issues:
Divergence
Lack of clarity as to the calculation of goodwill in a step acquisition.
Change
Improved disclosures of foreign currency contracts by type.
Change
Disclosure of non-current segment assets by geographical areas introduced.
Change
Identification of related party disclosures as a new audit risk area.
Change
Disclosures of deferred tax assets and liabilities by individual temporary difference further disaggregated.

SuperGroup Plc Monitor

SuperGroup Plc Annual Report 2016
CR Monitor Issue: 
2017/0409
Company covered: 
SuperGroup Plc
Period End: 
30 April, 2016
Report issued on 18 April 2017 covered the following practice issues:
Restatement
Cash flow statement restated bringing presentation into line with stated policy.
Restatement
Segment information restated following allocation of central costs.
Change
Financial statements presented for an extended 53 week accounting period.
Change
Introduction of a reconciliation table showing movements in deferred tax balances.
Change
Disclosure of joint ventures introduced.

Genus plc Monitor

Genus plc Annual Report 2016
CR Monitor Issue: 
2017/0408
Company covered: 
Genus plc
Period End: 
30 June, 2016
Report issued on 17 April 2017 covered the following practice issues:
Change
Recognition of gain following change of pension inflation index and a liability linked to minimum funding requirement.
Change
Disclosure of expiry period of deferred tax assets regarding losses available for carry forward.
New
Disclosure of post balance sheet events relating to litigation proceeding and formation of partnership .
Restatement
Cash flow statement disclosure restated to include cash acquired on acquisition in investing activities.
Restatement
Financial instrument disclosures restated to exclude other taxes and social security.
Change
Assets under construction presented as a separate class of property plant and equipment.