Taxation

Cobham plc Monitor

Cobham plc Annual Report 2017
CR Monitor Issue: 
2018/0609
Company covered: 
Cobham plc
Period End: 
31 December, 2017
Report issued on 12 June 2018 covered the following practice issues:
Pronouncements
Change in policy in respect of income tax interest and penalties linked to IFRS Interpretations Committee agenda decision.
Pronouncements
Adoption of amendment to IAS 7 "Statement of cash flows" results in additional disclosure in respect of changes in liabilities arising from financing activities.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards.
Restatement
Restatement of basic and diluted EPS linked to rights issue.
Restatement
Restatement of segment disclosures following allocation of profits and net assets.

BTG plc Monitor

BTG plc Annual Report 2017
CR Monitor Issue: 
2018/0104
Company covered: 
BTG plc
Period End: 
31 March, 2017
Report issued on 9 January 2018 covered the following practice issues:
New
Book values, fair value adjustments and fair values disclosed in a tabular format in respect of business acquired.
Pronouncements
Section discussing Alternative Performance Measures introduced to the annual report.
Change
Change in income statement format results in less dis-aggregation.
Change
Enhanced analysis of deferred tax assets.
Change
Change in method for calculating impairment test recoverable amount.
Change
Change in balance sheet format leads to less dis-aggregation.

Daejan Holdings PLC Monitor

Daejan Holdings PLC Annual Report 2017
CR Monitor Issue: 
2017/0102
Company covered: 
Daejan Holdings PLC
Period End: 
31 March, 2017
Report issued on 2 January 2018 covered the following practice issues:
Change
Disclosure of taxation significant judgement and estimate enhanced by inclusion of quantification.
Change
Audit report enhanced by inclusion of overview section and diagrams.
Restatement
Cash payments to non-controlling interests reclassified from operating section to financing section of the cash flow statement.

Prudential plc Monitor

Prudential plc Annual Report 2016
CR Monitor Issue: 
2017/0912
Company covered: 
Prudential plc
Period End: 
31 December, 2016
Report issued on 26 September 2017 covered the following practice issues:
Pronouncements
Narrative disclosure of impacts of new standards not yet adopted includes IFRS 16 "Leases" and amendments to IFRS 4 "Insurance contracts" and IAS 12 "Income taxes"
Change
Format of statement of financial position altered by exclusion of sub-totals and headings.
Change
Disclosure of critical accounting policies, estimates and judgements enhanced by use of a tabular format.
Change
Provision recognised in respect of sale of annuities following agreement with Financial Conduct Authority.
Change
Disclosure of relationship between tax expense and accounting profit enhanced by inclusion of additional narrative explanation in addition to the presentation of a reconciliation.
Change
Accruals and deferred income included in financial liability contractual maturity analysis.

Aggreko Plc Monitor

Aggreko Plc Annual Report 2016
CR Monitor Issue: 
2017/0909
Company covered: 
Aggreko Plc
Period End: 
31 December, 2016
Report issued on 19 September 2017 covered the following practice issues:
Restatement
Change in contract organisational management structure leads to restatement of segment disclosures.
Change
Segment disclosures expanded to include geographic breakdown of revenue and non-current assets.
Change
Change in depreciation life of tangible fixed asset accounted for prospectively.
Pronouncements
Expanded disclosure of future impending impacts of new standard IFRS 15 "Revenue from contracts with customers" without quantification.
Change
Auditors discussion of audit scope enhanced by inclusion of pie charts.
Change
Sensitivity analysis included in discussion of area of significant judgement and estimate in relation to taxation.

Spirax-Sarco Engineering plc Monitor

Spirax-Sarco Engineering plc Annual Report 2016
CR Monitor Issue: 
2017/0604
Company covered: 
Spirax-Sarco Engineering plc
Period End: 
31 December, 2016
Report issued on 13 June 2017 covered the following practice issues:
New
Introduction of a new note to the financial statements on “Alternative Performance Measures”.
Change
Proposed changes to directors remuneration policy outlined
Change
Measure of profit used in reconciliation of accounting profit to tax expense altered.

Unite Group plc Monitor

Unite Group plc Annual Report 2016
CR Monitor Issue: 
2017/0601
Company covered: 
Unite Group plc
Period End: 
31 December, 2016
Report issued on 6 June 2017 covered the following practice issues:
Change
Reversal of deferred tax liability following decision to convert into a Real Estate Investment Trust.
New
Brexit identified as principal risk.
Change
Separate disclosures of tax for each line item of other comprehensive income.

Diageo plc Monitor

Diageo plc Annual Report 2016
CR Monitor Issue: 
2016/0515
Company covered: 
Diageo plc
Period End: 
30 June, 2016
Report issued on 30 December 2016 covered the following practice issues:
Change
Risks of material misstatement now described as areas of audit focus.
Change
Tabular disclosure of principal risks extended to include new risk factors in respect of International tax and Data privacy.
Change
Presentation of reconciliation of accounting profit to tax expense enhanced through extra dis-aggregation.
Change
Tabular presentation of sensitivity of carrying value of CGU’s to changes in key assumptions.
Change
Change in accounting policy in respect of cash pooling balances in line with IFRIC guidance.

Smith & Nephew plc Monitor

Smith & Nephew plc Annual Report 2017
CR Monitor Issue: 
2017/0509
Company covered: 
Smith & Nephew plc
Period End: 
31 December, 2016
Report issued on 15 May 2017 covered the following practice issues:
Change
Format of reconciliation showing relationship between tax expense and accounting profit altered.
Change
Proposed changes in remuneration policy including introduction of new performance measure and shareholding requirements.

Beazley plc Monitor

Beazley plc Annual Report 2016
CR Monitor Issue: 
2017/0506
Company covered: 
Beazley plc
Period End: 
31 December, 2016
Report issued on 9 May 2017 covered the following practice issues:
Change
Application of reverse acquisition accounting principles when establishing new holding company.
Change
Presentation of the auditors’ report enhanced by the introducing of an overview and graphical representations.
Change
Format of reconciliation showing relationship between tax expense and accounting profit altered.