Separately disclosed items

Vesuvius plc Monitor

Vesuvius plc Annual Report 2015
CR Monitor Issue: 
2016/0801
Company covered: 
Vesuvius plc
Period End: 
31 December, 2015
Report issued on 12 August 2016 covered the following practice issues:
Change
Option pricing models employed when valuing share-based payments identified.
Change
Malus provision added to existing clawback arrangements in respect of directors remuneration.
New
Restructuring costs identified as a separately reported item.
Change
Obsolete stock provision identified and quantified.
Change
Explanation of what goodwill on business combinations represents.

British Sky Broadcasting Group plc Period End 30 June 2010

British Sky Broadcasting Group plc Annual Report 2010
Related party disclosures scattered through annual report
UK broadcaster British Sky Broadcasting discloses how it intends to manage a potential offer by its largest shareholder to buy out other shareholders but does not, and is not required by IFRS, to concentrate disclosure of all relevant facts within the related parties note.

Litigation settlement boosts profit by 37%
UK broadcaster British Sky Broadcasting discloses that settlement in the current year of litigation, for which it previously disclosed an unquantified contingent asset, increases pre-tax profit by £318 million, or 37%.

Banco de Sabadell SA Period End 31 December 2009

Banco de Sabadell SA Annual Report 2009
Gains on preference share buy-backs and sale and leaseback transactions boost profit
Spanish bank Banco de Sabadell buys back part of its preference shares issued in 2006 and enters into sale and leaseback transactions, with €164 million gains arising that represent some 29% of pre-tax profit.

Issue of mandatorily convertible bonds increases equity by more than 10%
Spanish bank Banco de Sabadell classifies €500 million mandatorily convertible bonds as equity which increases by more than 10% but its disclosures to support this classification lack clarity.

Euromoney Institutional Investor plc Period End 30 September 2009

Euromoney Institutional Investor plc Annual Report 2009

Severe” changes in assumptions used in testing goodwill for impairment
UK publisher Euromoney Institutional Investor indicates impairment would result from “severe” changes in the assumptions used in goodwill impairment test, although IFRS requires disclosure only of reasonably possible changes that would eliminate headroom.

Hays plc Period End 30 June 2009

Goodwill sensitivity analysis lacks clarity and write-back of goodwill remains short of detail
UK recruitment agency Hays provides a goodwill sensitivity analysis, although reasons for potential impairment lack clarity, and it continues not to indicate to which acquisition goodwill write back relates.

3i Group plc Period End 31 March 2009

3i Group plc Annual Report 2009

Change in fair value measurement basis contributes 30% of loss

UK financial company 3i changes its method of measuring the fair value of recently acquired unquoted investments from cost less provisions to a market adjustment basis that leads to a £584 million reduction in value that contributes 30% of loss before tax.


Volatility associated with newly issued bonds mitigated by hedge arrangements

UK financial company 3i uses call spread overlays to reduce volatility associated with a £430 million issue of cash-settled bonds.

3i Group plc Period End 31 March 2009

3i Group plc Annual Report 2009

Change in fair value measurement basis contributes 30% of loss

UK financial company 3i changes its method of measuring the fair value of recently acquired unquoted investments from cost less provisions to a market adjustment basis that leads to a £584 million reduction in value that contributes 30% of loss before tax.


Volatility associated with newly issued bonds mitigated by hedge arrangements

UK financial company 3i uses call spread overlays to reduce volatility associated with a £430 million issue of cash-settled bonds.

Man Group plc Period End 31 March 2009

Inconsistent classification of an item as revenue

UK financial company Man reverses a prior year change to exclude from its revenue gains and losses on investments measured at fair value, leading to a lack of consistency, with current year revenue being boosted by US$260 million or 12%.


Separately disclosed items reduce profit by 40%

UK financial company Man discloses separately on the face of its income statement five items with a net expense of US$500 million that reduce pre-tax profit by 40%.


Disclosures about the nature of a US$107 million charge lack clarity

UK financial company Man reports an accelerated amortisation charge of US$107 million, which reduces its pre-tax profit by 12.6%, with its financial review suggesting that it is an impairment, leading to a lack of clarity.

Telecom Italia SpA Period End 31 December 2008

Telecom Italia Annual Report 2008

Tax realignments, less new costs for employees boost profit by 16%
Italian telecoms operator Telecom Italia recognises net income from tax realignments that, after expensing of employee agreements, increases post-tax profit by 16%.


Business excluded from consolidation following its nationalisation
Italian telecoms operator Telecom Italia excludes a Bolivian business from consolidation following nationalisation.