Reserve accounting

ASML Holding NV Period End 31 December 2010

ASML Holding NV Annual Report 2010
Undue reliance on US GAAP’s concept of control widens scope of consolidation
Dutch semiconductor manufacturer ASML consolidates a special purpose entity (SPE) that it controls, following changes to US GAAP which it uses to interpret the concept of control in SIC 12 “Consolidation – special purpose entities”, although there is relevant guidance in SIC 12.

Cash measured at fair value is reclassified to the highest category
Dutch semiconductor manufacturer ASML reclassifies money market funds to Level 1 from Level 2 of the fair value hierarchy of IFRS 7 “Financial instruments: disclosures”, but discloses elsewhere that it classifies them as loans and receivables.

Industria de Diseno Textil SA Period End 31 January 2010

Industria de Diseno Textil SA Annual Report 2010
Operating cash flow calculation restated to highlight impairments on separate line
Spanish clothing retailer Industria de Diseno Textil (Inditex) revises the presentation of its calculation of €2.3 billion operating cash flows, with no net effect, and tells us why it has done so.

Cap Gemini SA Period End 31 December 2009

Cap Gemini Annual Report 2009
Information on acquisitions strategy emerges in context of segmental disclosures
French IT services company Cap Gemini states that its acquisitions strategy is decided by geographical area, but this brief disclosure on its acquisitions strategy appears in the context of its segmental disclosures.

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.

Carlsberg A/S Period End 31 December 2009

Carlsberg A/S Annual Report 2009
Reallocation of goodwill for which impairment testing assumptions not disclosed previously
Danish brewer Carlsberg reallocates the goodwill in a separate cash-generating unit (CGU) to its Northern & Western Europe CGU and, although not stated explicitly in its previous disclosure, tells us that the assumptions used in testing goodwill for impairment in prior years were the same for both CGUs.