Impairments

Electrolux AB Monitor

Electrolux AB Annual Report 2017
CR Monitor Issue: 
2018/0513
Company covered: 
Electrolux AB
Period End: 
31 December, 2017
Report issued on 15 May 2018 covered the following practice issues:
Pronouncements
Enhanced disclosure with respect to impact of new accounting standards including quantification.
Change
Detailed disclosure of business combinations.
Pronouncements
Additional Disclosure in line with amendment to IAS 7 “Statement of cash flows”.
Change
Change in estimate used for impairment test of intangible asset with indefinite life.
New
Separate statement on sustainability reporting included within annual report.

Vedanta Resources plc Monitor

Vedanta Resources plc Annual Report 2017
CR Monitor Issue: 
2018/0312
Company covered: 
Vedanta Resources plc
Period End: 
31 March, 2017
Report issued on 20 March 2018 covered the following practice issues:
Change
Internal restructuring leads to reduction in subsidiary percentage shareholding.
Pronouncements
Disclosure on new standards and amendments to existing standards that are not yet adopted.
Change
Auditors report presentation enhanced including inclusion of overview section.
New
Sustainability report disclosures enhanced by inclusion of materiality matrix.
Change
Alternative performance measures section added to annual report.
Change
Increase in decommissioning provision linked to change in prior year discount rate.

Tate & Lyle PLC Monitor

Tate & Lyle PLC Annual Report 2017
CR Monitor Issue: 
2018/0305
Company covered: 
Tate & Lyle PLC
Period End: 
31 March, 2017
Report issued on 13 March 2018 covered the following practice issues:
Change
Exceptional impairment charge recognised in respect of business disposal.
Restatement
Finalisation of business combination asset values results in recognition of additional goodwill.
Change
Recognition of pension settlement gain.
Change
Deferred tax credit recognised in respect of tax losses.
Change
Goodwill impairment linked to lower growth expectations.
Pronouncements
Extended disclosure in respect of the future impacts of new accounting standards.

Whitbread PLC Monitor

Whitbread PLC Annual Report 2017
CR Monitor Issue: 
2018/0210
Company covered: 
Whitbread PLC
Period End: 
2 March, 2017
Report issued on 27 February 2018 covered the following practice issues:
Change
Recognition of impairments in relation to assets reclassified as held for sale.
Change
Audit report enhanced by inclusion of a summary of audit approach section and diagrams and tables in respect of audit materiality and scope.
Change
Tabular disclosure of principal risks extended to include discussion of two new risk factors.
Change
Discussion of Key Performance Indicators extended by inclusion of disclosure on new indicators.

BTG plc Monitor

BTG plc Annual Report 2017
CR Monitor Issue: 
2018/0104
Company covered: 
BTG plc
Period End: 
31 March, 2017
Report issued on 9 January 2018 covered the following practice issues:
New
Book values, fair value adjustments and fair values disclosed in a tabular format in respect of business acquired.
Pronouncements
Section discussing Alternative Performance Measures introduced to the annual report.
Change
Change in income statement format results in less dis-aggregation.
Change
Enhanced analysis of deferred tax assets.
Change
Change in method for calculating impairment test recoverable amount.
Change
Change in balance sheet format leads to less dis-aggregation.

SIG PLC Monitor

SIG PLC Annual Report 2016
CR Monitor Issue: 
2017/1203
Company covered: 
SIG PLC
Period End: 
31 December, 2016
Report issued on 05 December 2017 covered the following practice issues:
Change
Recognition of business disposal impairments.
Change
Recognition of goodwill impairments linked to market and macroeconomic uncertainty.
Change
Change in accounting policy in relation to cash pooling arrangements.
Pronouncements
Enhanced disclosure in respect of the future impacts of new accounting standards including IFRS 15 and IFRS 16.
Change
Added disclosure in respect of non-IFRS alternative performance measures.
Change
Loss recognised on closure of pension scheme to future accrual.

Yara International ASA Monitor

Yara International Annual Report 2016
CR Monitor Issue: 
2017/1109
Company covered: 
Yara International ASA
Period End: 
31 December, 2016
Report issued on 21 November 2017 covered the following practice issues:
Pronouncements
Extended disclosure on expected impacts of impending new revenue standard.
New
Introduction of disclosure in relation to critical judgements.
New
Introduction of tabular presentation explaining future potential reversals of impairment.
Change
Cash flows linked to divested assets disclosed separately in the cash flow statement.
Change
Inclusion of contingent consideration within financial instruments disclosures.
Pronouncements
Detail explanation of amendments to standards that are not yet effective.

Fair value measurement information under IFRS

IFRS 13 “Fair value measurement” sets out a single consistent framework for measuring fair value within IFRS financial statements and outlines a standardised set of disclosures in respect of fair value measurements. IFRS 13 has been mandatory now for some years, with application being required for annual reporting periods beginning on or after 1 January 2013. This report sets out the results of how requirements of the standard have been put into practice, both in terms of measurement and disclosure, in the consolidated financial statements of 139 large public limited companies with year ends between 31 March 2016 and 1 April 2017. It is not an exhaustive study of all aspects of IFRS 13 application and its conclusions are limited to our findings in respect of the areas analysed within the financial statements reviewed.

Babcock International Group Monitor

Babcock International Group Annual Report 2017
CR Monitor Issue: 
2017/1006
Company covered: 
Babcock International Group
Period End: 
31 March, 2017
Report issued on 10 October 2017 covered the following practice issues:
Change
Cash outflow on acquisition of non-controlling interest reflected within financing section of the cash flow statement
Change
Goodwill on business acquisition attributed to market position and the value of the workforce.
Pronouncements
Extended disclosure on the future impacts of IFRS 15 and IFRS 16.
Change
Impairment review leads to goodwill write-down.

SOCO International plc Monitor

SOCO International plc Annual Report 2016
CR Monitor Issue: 
2017/0903
Company covered: 
SOCO International plc
Period End: 
31 December, 2016
Report issued on 05 September 2017 covered the following practice issues:
Change
Impairments accounting policy extended to include disclosure of impairment indicators in respect of exploration and evaluation assets.
Change
Audit report enhanced by inclusion of summary of audit approach and tabular disclosure in respect of materiality.
Change
Geographic breakdown added in respect of exploration and evaluation intangible assets.
Change
Human resource, climate change, and cyber risk identified as new areas of principal risk.
New
Introduction of diagram showing risk management structure within risk management report section of the strategic report.