SIC 15 'Operating leases - incentives'

Halma plc Monitor

Halma plc Annual Report 2018
CR Monitor Issue: 
Company covered: 
Halma plc
Period End: 
31 March, 2018
Report issued on 12 February 2019 covered the following practice issues:
Disclosure in respect of the expected impact of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers” and IFRS 16 “Leases”.
Deferred tax changes recognised following changes to US tax legislation.
Presentation of a reconciliation of movements in liabilities following adoption of an amendment to IAS 7 "Statement of cash flows".
Extended disclosure in respect of contingent liabilities.

Topps Tiles plc Period End 30 September 2006

Costs of share buy back included in operating result

UK retailer Topps Tiles includes in result from operations, the £1.1 million costs of a £122 million share buy back that leaves it with net liabilities of £63 million.


Lack of transparency on share-based payment schemes

UK retailer Topps Tiles recognises a £66,000 expense for share-based payments, but its disclosures of the underlying calculations are unclear.

Quintain Estates and Development plc Period End 31 March 2006

Dual use assets excluded from discontinued operation
UK property company Quintain Estates and Development treats a £2.8 million loss on activities at Wembley Arena as a discontinued operation, but retains ownership of related assets.

Company anticipates IASB move on joint ventures
UK property company Quintain Estates and Development accounts for £120 million interest in joint ventures by the equity method and tells us that it expects the IASB to prohibit proportionate consolidation.

Land Securities plc Period End 31 March 2006

IFRS standard fails on property goodwill impairment tests
UK property company Land Securities writes off immediately £65 million goodwill arising as a result of deferred tax following an acquisition, but finds itself at odds with industry peer CLS on the issue.

Smoothing of renegotiated debt
UK property company Land Securities moves to IFRS and ceases to treat a bond exchange as extinguishment of old debt and recognition of new debt.

Liberty International plc Period End 31 December 2005

Net assets reduce under IFRS
UK property company Liberty sees its net assets fall by 22% to £2.5 billion, largely through recognition of a deferred tax liability on property revaluation gains, while profit increases as revaluation gains on investment property are recognised in the income statement.