IFRS 4 'Insurance contracts'

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.

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.

Zurich Financial Services Ltd Period End 31 December 2010

Zurich Financial Services Ltd Annual Report 2010
CR Monitor Issue: 
2011/0403
Company covered: 
Zurich Financial Services Ltd
Period End: 
31 December 2010
Report issued on 21 April 2011 covered the following practice issues:
Change
Decision to hedge leads to change in policy for measuring underlying insurance liabilities.
Inconsistent
Two newly acquired subsidiaries not consolidated.
Restatement
Change in method of, and correction of errors in, classification prompt prior year adjustments.
Restatement
Inconsistent disclosures of amounts of restatements.

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.

Thomas Cook Group plc Period End 30 September 2008

Thomas Cook Group Annual Report 2008

Pro forma statements published following change of year end date
UK leisure company Thomas Cook changes its reporting date from 31 October to 30 September and publishes pro forma financial statements assuming the year end date had always being 30 September and MyTravel had always been its subsidiary.

Bank of Ireland Period End 31 March 2008

Bank of Ireland  Annual Report Year

Change of segmental disclosures reveals prior year conflict with IFRS
Irish financial service company Bank of Ireland separately discloses segmental interest income and expense that highlights a previous conflict with IFRS.

HSBC Holdings plc Period End 31 December 2007

HSBC Annual Report Year 2008

SPEs consolidated following injections of liquidity
UK bank HSBC consolidates two special purpose entities (SPEs) with total assets of US$40.7 billion, representing 1.7% of balance sheet totals, following substantial injections of liquidity that change its relationship with them.


Gain on dilution of interest in associates recognised in income
UK bank HSBC recognises in the income statement US$1 billion gain on dilution of its interest in five associates, amounting to 4.1% of pre-tax profit, following non-participation in share issues.