IAS 28 'Investments in associates'

Just Eat plc Monitor

Just Eat Plc Annual Report 2018
CR Monitor Issue: 
2019/0610
Company covered: 
Just Eat plc
Period End: 
31 December 2018
Report issued on 10 June 2019 covered the following practice issues:
Restatement
Changes in the income statement presentation of the share of results of associates results in a restatement of comparative figures.
Restatement
The segmental reporting structure has been revised.
Pronouncements
Adoption of IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments from 1 January 2018.
Pronouncements
Disclosure on the expected future impact of IFRIC 23 Uncertainty over Income Tax Treatments and IFRS 16 Leases.
Change
Change in cash-generating units results in the reallocation of goodwill.
Change
Detailed discussion on two new businesses acquired.

Ferguson Plc Monitor

Ferguson Plc Annual Report 2018
CR Monitor Issue: 
2019/0404
Company covered: 
Ferguson Plc
Period End: 
31 July, 2018
Report issued on 2 April 2019 covered the following practice issues:
Restatement
Disclosure relating to a change in functional currency and presentational currency with restatement of comparative information.
Change
Detailed discussion of a new key audit matter added to the auditor’s report.
Change
Deferred tax changes recognised following changes to US tax legislation.
Change
Disclosure of investments in associates in a separate note with impairment recognized during the year.
Pronouncements
Additional disclosure in respect of the impact of new accounting standards including IFRS 9 “Financial instruments” and IFRS 15 “Revenue from contracts with customers”.

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.

Capital & Counties Properties PLC Monitor

Capital & Counties Properties PLC Annual Report 2017
CR Monitor Issue: 
2018/0902
Company covered: 
Capital & Counties Properties PLC
Period End: 
31 December, 2017
Report issued on 03 September 2018 covered the following practice issues:
Change
Results of discontinued operations presented in separate line on the face of the income statement.
Change
Discussion of key audit matters included in audit report.
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities following the adoption of amendment to IAS 7 "Statement of cash flows".
Pronouncements
Disclosure in respect of the future impacts of new accounting standards including IFRS 9 "Financial instruments" and amendments to existing standards including IAS 28 "Investments in associates" and IAS 40 "Investment property".
Change
Extended disclosure of valuation information in respect of investment and development properties.
Restatement
Restatement of maturity analysis of future minimum lease amounts receivable to correct prior year error.

Fiat Chrysler Automobiles N.V. Monitor

Fiat Chrysler Automobiles N.V. Annual Report 2017
CR Monitor Issue: 
2018/0402
Company covered: 
Fiat Chrysler Automobiles N.V.
Period End: 
31 December, 2017
Report issued on 03 April 2018 covered the following practice issues:
Pronouncements
Adoption of amendment to IAS 7 "Statement of cash flows" results in additional disclosure.
Pronouncements
Extended disclosure in respect of the future impacts of new standards and amendments.
Change
Subsidiary de-consolidated due to a loss of control linked to restrictive monetary policy and inability to pay dividends.

Glencore plc Monitor

Glencore plc Annual Report 2016
CR Monitor Issue: 
2017/1105
Company covered: 
Glencore plc
Period End: 
31 December, 2016
Report issued on 14 November 2017 covered the following practice issues:
Change
Disposed business reflected as discontinued operation.
Change
Reclassification from property plant and equipment deferred mining costs to non-current inventory.
Pronouncements
Summarised non-quantified disclosure of the expected future impacts of new standards including IFRS 9, IFRS 15 and IFRS 16.
Change
Cash flows linked to long-term advances and loans reclassified to operating activities from investing activities.
Restatement
Restatement of the comparative figures for Level 2 "cross currency swaps" and "foreign currency and interest rate contracts".

Koninklijke DSM N.V. Monitor

Koninklijke DSM N.V. Annual Report 2016
CR Monitor Issue: 
2017/1010
Company covered: 
Koninklijke DSM N.V.
Period End: 
31 December, 2016
Report issued on 24 October 2017 covered the following practice issues:
Change
Income statement format altered to exclude disclosure of exceptional items.
Change
Cash received following reduction of holding in associated undertaking reflected as a cash flow from investing activities.
Restatement
Presentation of related party disclosures enhanced to show transactions with associates and joint ventures separately.
Change
Reconciliation of movements in financial instruments extended to include an analysis of loans to associates and joint ventures.
Change
Disclosure of key audit matters extended to include "valuation of a joint venture" and "alternative performance measures" as new areas.
New
Post balance sheet business acquisition highlighted in subsequent events note.

John Wood Group PLC Monitor

John Wood Group PLC Annual Report 2015
CR Monitor Issue: 
2016/0603
Company covered: 
John Wood Group PLC
Period End: 
31 December, 2015
Report issued on 07 June 2016 covered the following practice issues:
New
Impairments recognised in relation to a joint venture.
Restatement
Restricted cash excluded from 'Cash and cash equivalents'.
Restatement
Tax credit relating to share option schemes reclassified as transaction with owners in the statement of changes in equity.
New
Summarised financial information disclosed for material joint ventures.
Divergence
Acquisition of non-controlling interest restated from investing cash flow to financing cash flow without explanation.

Compagnie Financière Richemont SA Monitor

Compagnie Financière Richemont SA Annual Report 2015
CR Monitor Issue: 
2016/0310
Company covered: 
Compagnie Financière Richemont SA
Period End: 
31 March, 2015
Report issued on 29 March 2016 covered the following practice issues:
New
Loss due to currency devaluation approximates 53% of profit before tax.
Change
Disclosure regarding significant influence in successor business to discontinued operation.

Joint Arrangements: An emerging issue under IFRS

This report focuses on the financial reporting by entities that have an interest in arrangements which are controlled jointly with another party, in light of the requirements of IFRS 11 “Joint arrangements”. It covers company application of the concept of joint control taking into account the guidance given by IFRS to companies to determine whether arrangements fall within the scope of IFRS 11. It further covers the review undertaken by companies based on the rights and obligations held to determine whether the joint arrangements that exist are considered joint ventures or joint operations and the subsequent accounting of such arrangements in line with the equity accounting method as per IAS 28 “Investments in associates and joint ventures” or of the entities proportionate share of assets, liabilities, revenue and expenses respectively. Finally it considers the financial and presentational impacts of IFRS 11 adoption.