Impairments

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.

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.

Spectris plc Monitor

Spectris plc Annual Report 2016
CR Monitor Issue: 
2017/0609
Company covered: 
Spectris plc
Period End: 
31 December, 2016
Report issued on 20 June 2017 covered the following practice issues:
Change
Disclosure in respect of cash generating unit goodwill impairments including the relevant reporting segment.
New
Disclosure of proposed changes in directors’ remuneration policy.
Change
Principal risk disclosures enhanced to show risk appetite for each risk factor.
Change
Enhanced clarity of disclosure in respect of adjusted performance measures.

Key assumptions of impairment testing - Randstad Holding nv

Period End: 
31 December, 2016
Period End Date: 
2016-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
2793 Business Training & Employment Agencies
Auditor: 
Deloitte

ThyssenKrupp AG Monitor

ThyssenKrupp AG Annual Report 2016
CR Monitor Issue: 
2017/0507
Company covered: 
ThyssenKrupp AG
Period End: 
30 September, 2016
Report issued on 15 May 2017 covered the following practice issues:
Change
Recognition of impairments to property plant and equipment as a result of market conditions.
Change
Disclosure that changes in assumption would lead to impairment of "critical goodwill"
Change
Discussion of pension valuation assumptions highlights market volatility as the reason for a change in discount rate leading to recognition of a re-measurement loss.
Change
Disclosure of indirect financial targets enhanced and linked to sustainability.
New
Disclosure of compliance principles introduced to the strategic report.

Marks and Spencer Group plc Monitor

Marks and Spencer Group plc Annual Report 2016
CR Monitor Issue: 
2017/0312
Company covered: 
Marks and Spencer
Period End: 
2 April, 2016
Report issued on 28 March 2017 covered the following practice issues:
New
Acquisition of additional interest in joint venture recorded as step acquisition.
Divergence
Calculation of goodwill in respect of step acquisition unclear leading to doubt over IFRS compliance.
New
Intangible impairments recognised in respect of European business.
Change
Auditors’ report presentation enhanced through inclusion of pie-chart and graphs.
Change
Financial statement period extended.
Change
Proposed changes to employee retirement benefits disclosed as a post balance sheet event.

Tate & Lyle PLC Monitor

Tate & Lyle PLC Annual Report 2016
CR Monitor Issue: 
2017/03008
Company covered: 
Tate & Lyle PLC
Period End: 
31 March, 2016
Report issued on 21 March 2017 covered the following practice issues:
New
Control of previous joint venture achieved through stepped acquisition.
Restatement
Segment information restated to show joint ventures and associates on an equity accounting basis.
Change
Change in impairment valuation technique from value-in-use to fair value less cost of disposal for goodwill acquired last year.
Change
Table introduced showing cash flow impacts from individual exceptional items.
Change
Narrative description of key factors impacting the sustainability of its effective tax rate presented.
Change
Additional disclosures on accounting estimates and judgement relating to inventories and taxation presented.

Cable & Wireless Communications Limited Monitor

Cable & Wireless Communications Limited Annual Report 2016
CR Monitor Issue: 
2017/0201
Company covered: 
Cable & Wireless Communications Limited
Period End: 
31 March, 2016
Report issued on 07 February 2017 covered the following practice issues:
Change
Change in ownership of the company identified as a post balance sheet event.
Restatement
Restatement of balance sheet following the finalisation of the provisional accounting for prior year business combinations.
Change
Change in segmental reporting due to a change in the organisational management structure.
Change
Disclosure of events leading to reversal of prior year impairments.
Change
Shortened audit report format following acquisition and delisting from the London stock exchange.
Change
Risk disclosures table extended to include three additional risk factors.

Johnson Matthey Plc Monitor

Johnson Matthey Plc Annual Report 2016
CR Monitor Issue: 
2017/0113
Company covered: 
Johnson Matthey Plc
Period End: 
31 March, 2016
Report issued on 31 January 2017 covered the following practice issues:
Change
Recoverable amount quantified in respect of assets impaired as part of restructuring programme.
Change
Expiry details disclosed in relation to deductible temporary differences, unused tax losses and unused tax credit for which no deferred tax is recognised.
Change
Reclassification of line items in cash flow statement brings presentation into line with IFRS
Change
Graphical presentations added to audit report as part of discussion of materiality and audit scope.
Restatement
Restatement of prior year figures as a result of finalisation of provisionally accounted business acquisition.
Change
Graphical presentation presented to illustrate risk management process.