IAS 18 'Revenue'

NMC Health Plc Monitor

NMC Health Plc Annual Report 2018
CR Monitor Issue: 
2019/0701
Company covered: 
NMC Health Plc
Period End: 
31 December, 2018
Report issued on 01 July 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
Disclosure of the expected impact of IFRS 16 Leases applicable from 1 January 2019.
Change
Recognition of a gain on bargain purchase in the income statement.
Change
The post balance sheet events note includes disclosure of a newly formed strategic partnership.
Change
New disclosures in respect of finance leases acquired during the year.
Change
Extended disclosure within the ‘post employment benefit plans’ note.

Aveva Group Plc Monitor

Aveva Group Plc Annual Report 2019
CR Monitor Issue: 
2019/0619
Company covered: 
Aveva Group Plc
Period End: 
31 March, 2019
Report issued on 20 June 2019 covered the following practice issues:
Pronouncements
Adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers with effect from 1 April 2018.
Pronouncements
Quantification of the expected impact of IFRS 16 Leases applicable from 1 April 2019.
Change
Finalisation of the accounting of a reverse acquisition in the prior year.
Change
Past service cost recognised for the equalisation of Guaranteed Minimum Pensions (GMP).

Coca-Cola HBC AG Monitor

Coca-Cola HBC AG Annual Report 2018
CR Monitor Issue: 
2019/0615
Company covered: 
Coca-Cola HBC AG
Period End: 
31 December, 2018
Report issued on 13 June 2019 covered the following practice issues:
Pronouncements
Adopted IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments from 1 January 2018.
Pronouncements
Disclosures on expected impact of IFRS 16 extended with quantification provided.
Change
Disclosure of events after the balance sheet date.
Change
Modification of performance share plan in the current year.
Change
New sections in the auditors’ report added in respect of ‘capability of the audit in detecting irregularities, including fraud’ and for ‘going concern’.

Rightmove plc Monitor

Rightmove plc Annual Report 2018
CR Monitor Issue: 
2019/0607
Company covered: 
Rightmove plc
Period End: 
31 December, 2018
Report issued on 10 June 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
Adoption of IFRS 16 Leases from 1 January 2018.
Restatement
Comparative Earnings per share is restated following a subdivision of shares during the year.

Premier Oil plc Monitor

Premier Oil plc Annual Report 2018
CR Monitor Issue: 
2019/0604
Company covered: 
Premier Oil plc
Period End: 
31 December, 2018
Report issued on 01 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
Disclosures included on the expected future impact of IFRS 16 Leases (IFRS 16), which will be adopted from 1 January 2019.
Change
Mandatory conversion of convertible bonds resulting in issues of ordinary shares.
Change
Extended disclosure showing movements in outstanding share options.

Adoption of IFRS 15 Revenue from Contracts with Customers

IFRS 15 Revenue from Contracts with Customers (IFRS 15) has replaced existing international revenue standards IAS 18 Revenue and IAS 11 Construction Contracts, as well as revenue related IFRIC and SIC interpretations, for periods beginning on or after 1 January 2018.

Croner-i has been tracking the disclosures made in relation to the forthcoming adoption of IFRS 15 through these Common Practice reports. Firstly in March 2018 looking at the disclosure of the impacts of the forthcoming standard in annual reports, and then again in September 2018 when the report focussed on the software and telecommunications industries which were expected to be most impacted.

This report looks at a selection of December 2018 and January 2019 year ends where full year disclosures in relation to the actual adoption of IFRS 15 are being made for the first time. This report covers both the impact of the adoption of IFRS 15, and what disclosures have been made in relation to the adoption.

Telenor group Monitor

Telenor group Annual Report 2018
CR Monitor Issue: 
2019/0512
Company covered: 
Telenor group
Period End: 
31 December, 2018
Report issued on 17 May 2019 covered the following practice issues:
Restatement
The cash flow statement has been restated for the year ended 31 December 2017 to reflect changes in accounting policies in relation to supply chain financing arrangements.
Restatement
Segmental information is restated to reflect change in reportable segments.
Pronouncements
Adopted IFRS 15 Revenue from Contracts with Customers (IFRS 15) and IFRS 9 Financial Instruments (IFRS 9), from 1 January 2018.
Pronouncements
Adopted IFRIC 22 Foreign Currency Transactions and Advance Consideration and early adopted IFRIC 23 Uncertainty over Income Tax Treatments from 1 January 2018.
Pronouncements
Disclosure in respect of Amendments in IFRS 2 Share-based Payments and IAS 19 Employee Benefits.
Change
Inclusion of new key audit matters in the Auditors’ Report.

Kuehne + Nagel

kuehne + Nagel Annual Report 2018
CR Monitor Issue: 
2019/0418
Company covered: 
Kuehne + Nagel
Period End: 
31 December, 2018
Report issued on 22 April 2019 covered the following practice issues:
Pronouncements
Impact of adoption of IFRS 9 “Financial instrument” and IFRS 15 “Revenue from contract with customer” discussed in detail.
Pronouncements
Extended discussion on the expected impact of IFRS 16 “Lease”.
Change
A statement on the offset of deferred tax assets and liabilities in the statement of financial position.
Change
Disclosure of a post balance sheet event, namely a share purchase transaction.
Change
Disclosure of a new share-based payment plan.

Victrex plc Monitor

Victrex plc Annual Report 2018
CR Monitor Issue: 
2019/0317
Company covered: 
Victrex plc
Period End: 
30 September, 2018
Report issued on 26 March 2019 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the expected future impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases".
Change
Disclosure that a post balance sheet court ruling will impact pension obligations in the future.
Change
Disclosure of a new share-based payment plan.
Change
Interest and finance income & expenses presented on gross basis instead of net basis.

Euromoney Institutional Investor plc Monitor

Euromoney Institutional Investor plc Annual Report 2018
CR Monitor Issue: 
2019/0314
Company covered: 
Euromoney Institutional Investor plc
Period End: 
30 September, 2018
Report issued on 19 March 2019 covered the following practice issues:
Pronouncements
Additional disclosure 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
Detailed discussion on the new key audit matter added in the auditor’s report.
Restatement
Change in methodology for allocation of corporate cost along with restatement of comparative figures.
Change
Deferred tax changes recognised following changes to US tax legislation.
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of an amendment to IAS 7 "Statement of cash flows".
Change
Extended disclosure in respect of contingent liabilities.