IAS 23 'Borrowing costs'

SES SA Monitor

SES SA Annual Report 2017
CR Monitor Issue: 
2018/1019
Company covered: 
SES SA Annual Report 2017
Period End: 
31 December, 2017
Report issued on 23 October 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".
Change
Discussion of key audit matters included in audit report.
Restatement
Recognition of prior year adjustment to correct accounting error.
Change
Change in segmental reporting
Change
Detailed disclosure of post balance sheet events.
Change
Change in deferred tax recognised linked to reduction in US tax rate.

Novozymes A/S Monitor

Novozymes A/S Annual Report 2016
CR Monitor Issue: 
2017/0709
Company covered: 
Novozymes A/S
Period End: 
31 December, 2016
Report issued on 18 July 2017 covered the following practice issues:
Pronouncements
Introduction of new section "key audit matters" in auditors' report as a result of change in audit standards.
Change
Allocation of goodwill to cash generating units for impairment test purposes changed.
Change
Breakdown of key management remuneration includes "severance costs"
Change
New principal risk factor added in respect of "Delay of BioAg commercialisation"
Pronouncements
Extended discussion on the impacts of new standards including IFRS 9 and IFRS 16.
Change
Goodwill on acquisition of business attributed to synergy benefits.

Gulf Keystone Petroleum Limited Monitor

Gulf Keystone Petroleum Limited Annual Report Year
CR Monitor Issue: 
2013/0714
Company covered: 
Gulf Keystone Petroleum Limited
Period End: 
31 December 2012
Report issued on 29 July 2013 covered the following practice issues:
Change
Unrecognised contingent asset in outstanding legal case explicitly identified.
Change
Outstanding litigation risk included in principal risks and uncertainties.
Change
Convertible bond distinguished into liability and equity components.
Change
Borrowing costs related to oil blocks capitalised.
Change
Drilling and exploration well costs added to carrying value of assets held for sale.

London Mining plc Monitor

London Mining plc Annual Report 2012
CR Monitor Issue: 
2013/0712
Company covered: 
London Mining plc
Period End: 
31 December 2012
Report issued on 23 July 2013 covered the following practice issues:
Change
Revenue recognised following start of commercial production at mine.
Change
Capitalisation of borrowing costs ceases as mine starts commercial production.
Change
Tax reconciliation changed to use rate in principal tax jurisdiction.
Change
Business classified as discontinued operation following strategic review.

Songbird Estates plc Monitor

Songbird Estates plc Annual Report 2012
CR Monitor Issue: 
2013/0607
Company covered: 
Songbird Estates plc
Period End: 
31 December 2012
Report issued on 17 June 2013 covered the following practice issues:
Change
Acquisition of remaining interest in former 50% associate treated as asset acquisition.
Change
Properties under construction carried at fair value.
Divergence
Interest capitalised on properties under construction, but rate not disclosed in audited accounts.

Vestas Wind Systems A/S Period End 31 December 2010

Vestas Wind Systems A/S Annual Report 2010
Change in revenue recognition policy significantly reduces prior year profit and equity
Danish wind turbine manufacturer Vestas Wind Systems changes its policies to delay the timing of recognising revenue from supply-and-installation projects and to record warranty provisions at an earlier time and the resultant restatements of prior year comparatives reduce pre-tax profit by 75% and equity by 24%.

Restructuring costs reduce profit by 40%
Danish wind turbine manufacturer Vestas Wind Systems records €158 million costs on a restructuring, mainly relating to impairments and staff costs, and reports them as a separate line item titled “one-off costs”.

BT Group plc Period End 31 March 2010

BT Group plc Annual Report 2010
Third party concerns revealed, as pensions deficit drives company into negative equity
UK telecoms company BT’s pensions deficit before deferred tax has increased to £7.9 billion in the year, as the company publishes additional detail on the calculation of liabilities and notes the “substantial” concerns of the Pensions Regulator as it moves into a £2.6 billion net liabilities position.

Non-executives included in key management personnel in correction of error
UK telecoms company BT restates its accounts to include its Chairman and non-executive directors in its disclosures on key management personnel, increasing comparative salaries and short-term benefits of these personnel by £1.6 million, or 23.5%, to £8.4 million.