Insurance contracts

Lancashire Holdings Limited Monitor

Lancashire Holdings Limited Annual Report 2017
CR Monitor Issue: 
2018/0813
Company covered: 
Lancashire Holdings Limited
Period End: 
31 December, 2017
Report issued on 21 August 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report.
Change
Separate disclosure of director and auditor responsibilities in the audit report.
Change
Disclosure of transaction with subsidiary of associated undertaking included in related party transactions note.
Change
Disclosure of change in performance conditions attached to director share-based payment plan.
Change
Extended disclosure in respect of insurance losses.

RSA Insurance Group plc Monitor

RSA Insurance Group Annual Report 2017
CR Monitor Issue: 
2018/0706
Company covered: 
RSA Insurance Group
Period End: 
31 December, 2017
Report issued on 09 July 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report including identification of the recoverability of the parent company's investments in subsidiaries as a key audit matter.
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities on adoption of amendment to IAS 7 "Statement of cash flows".
Change
Newly issued loan notes included as part of equity.
Restatement
Restatement of analysis of other operating income without explanation.
Change
Additional insurance contracts reconciliation presented showing movements in deferred acquisition costs.

Tullow Oil PLC Monitor

Tullow Oil PLC Annual Report 2016
CR Monitor Issue: 
2017/1208
Company covered: 
Tullow Oil PLC
Period End: 
31 December, 2016
Report issued on 19 December 2017 covered the following practice issues:
Restatement
Investing and operating sections of cash flow statement restated without full explanation.
Change
Assets held for sale reflected as a separate line item on the face of the statement of financial position.
Change
Lease recognition identified as a critical accounting judgement.
Change
Presentation of auditors report enhanced by inclusion of a summary of audit approach and an extended discussion on the application of materiality.
New
New accounting policy disclosed in respect of insurance receipts.
Change
Disclosure of new Key Performance Indicators in relation to capital expenditure and exploration.

Admiral Group plc Monitor

Admiral Group plc Annual Report 2016
CR Monitor Issue: 
2017/1112
Company covered: 
Admiral Group plc
Period End: 
31 December, 2016
Report issued on 28 November 2017 covered the following practice issues:
Change
Post balance sheet change in discount rate taken into account in valuation of insurance liabilities.
Change
Presentation of a sensitivity analysis in respect of discount rate applied when valuing insurance liabilities.
Restatement
Restatement of cash flow statement following reclassification.
Change
Market risk identified as a new principal risk factor.
Change
Presentation of audit report enhanced by inclusion of audit approach summary and diagrams in respect of audit scope and materiality.
New
Additional performance measures discussion introduced.

Lloyds Banking Group plc Monitor

Lloyds Banking Group plc Annual Report 2016
CR Monitor Issue: 
2017/1104
Company covered: 
Lloyds Banking Group plc
Period End: 
31 December, 2016
Report issued on 14 November 2017 covered the following practice issues:
Pronouncements
Detailed disclosure of expected impacts on adoption of new financial instruments standard.
Change
Recognition of gain in other comprehensive income following re-classification of instrument from held-to-maturity to available-for-sale.
Restatement
Restatement of segment reporting information following a change in management structure.
Change
Identification of new areas of audit focus in respect of significant transactions and privileged access to information technology.
Change
Reconciliation of movements disclosed in relation to non-life insurance contracts.

Banco Bilbao Vizcaya Argentaria SA Period End 31 December 2009

Banco Bilbao Vizcaya Argentaria SA Annual Report 2009
Impairments heightened by write-down of goodwill
Spanish Bank Banco Bilbao Vizcaya Argentaria recognises €1.1 billion impairment of goodwill in businesses in the USA that reduces pre-tax profit by 16%, adding that reasonably possible changes to key assumptions may lead to further charges in the future.

Disclosures on contracts with resale and repurchase commitments revised and extended
Spanish bank Banco Bilbao Vizcaya Argentaria restates upwards by 2.3% the comparative amount of financial instruments purchased with resale commitments, telling us that it now includes contracts with the Bank of Spain.

Banco Bilbao Vizcaya Argentaria SA Period End 31 December 2009

Banco Bilbao Vizcaya Argentaria SA Annual Report 2009
Impairments heightened by write-down of goodwill
Spanish Bank Banco Bilbao Vizcaya Argentaria recognises €1.1 billion impairment of goodwill in businesses in the USA that reduces pre-tax profit by 16%, adding that reasonably possible changes to key assumptions may lead to further charges in the future.

Disclosures on contracts with resale and repurchase commitments revised and extended
Spanish bank Banco Bilbao Vizcaya Argentaria restates upwards by 2.3% the comparative amount of financial instruments purchased with resale commitments, telling us that it now includes contracts with the Bank of Spain.

Danske Bank A/S Period End 31 December 2009

Proposal to end deferral loophole on corporate bonds draws comment
Danish Bank Danske Bank draws attention, in its discussion of impending changes in IFRS, to the implicit intention of the International Accounting Standards Board no longer to permit deferral of movements in the fair value of corporate bonds, the company having last year adopted this classification for DKK117 billion corporate bonds.