IFRS 4 'Insurance contracts'

Adoption of IFRS 9 Financial Instruments

IFRS 9 Financial Instruments (IFRS 9) has replaced the existing international financial instrument standard IAS 39 Financial Instruments: Recognition and Measurement (IAS 39), for periods beginning on or after 1 January 2018.

This report looks at a selection of December 2018 - March 2019 year ends where full year disclosures in relation to the actual adoption of IFRS 9 are being made for the first time. This report covers both the impact of the adoption of IFRS 9 and what disclosures have been made in relation to the adoption.

Hiscox Ltd Monitor

Hiscox Ltd Annual Report 2018
CR Monitor Issue: 
2019/0621
Company covered: 
Hiscox Ltd
Period End: 
31 December, 2018
Report issued on 25 June 2019 covered the following practice issues:
Restatement
Change in functional and presentational currency with restatement of comparative information.
Restatement
The segmental reporting structure has been revised.
Pronouncements
Adoption of IFRS 15 Revenue from Contracts with Customers from 1 January 2018.
Pronouncements
Disclosure of the expected impact of adopting IFRS 16 Leases, IFRS 9 Financial Instruments and Amendments to IAS 19.
Change
The recognition of a past service cost following the equalisation of Guaranteed Minimum Pensions (GMP) for both men and women.
Change
Restatement of line items within 'cash flows from financing activities' in the comparative period of the cash flow statement with nil net impact on overall cash flows.

Lancashire Holdings Limited Monitor

Lancashire Holdings Limited Annual Report 2018
CR Monitor Issue: 
2019/0506
Company covered: 
Lancashire Holdings Limited
Period End: 
31 December, 2018
Report issued on 10 May 2019 covered the following practice issues:
Pronouncements
The adoption of IFRS 15 Revenue from Contracts with Customers from 1 January 2018.
Pronouncements
The expected future impact of adopting IFRS 17 Insurance Contracts, IFRS 9 Financial Instruments and IFRS 16 Leases is disclosed.
Change
Additional disclosure on alternative performance measures used in the Report.
Change
‘Brexit’ is identified as a new principal risk.

Hastings Group Holdings plc Interims Monitor

Interim Financial Report
CR Interim Monitor Issue: 
2019/0111
Period End: 
30 June 2018
Listing Status: 
Europe 350
ICB Industry Classification: 
8536 Property & Casualty Insurance
Auditor: 
Deloitte
Pronouncements
Adoption of IFRS 15 "Revenue from contracts with customers".
Pronouncements
Early adoption of IFRS 16 "Leases".
Change
Disclosure in respect of a contingent tax liability.
Change
Disclosure of a related party transaction.

Diageo plc Monitor

Diageo plc Annual Report 2018
CR Monitor Issue: 
2018/1118
Company covered: 
Diageo plc
Period End: 
30 June, 2018
Report issued on 27 November 2018 covered the following practice issues:
Pronouncements
Early adoption of IFRS 15 "Revenues from contracts with customers".
Pronouncements
Early adoption of IFRS 9 "Financial Instruments".
Pronouncements
Extended disclosure of the future impacts of IFRS 16 "Leases" and IFRS 7 "Insurance Contracts".
Change
Disclosure of key audit matters included within the auditor’s report.
Change
Change in deferred tax recognised linked to reduction in US tax rate.
Change
Recognition of significant impairment.

Phoenix Group Plc Monitor

Phoenix Group Plc Annual Report 2017
CR Monitor Issue: 
2018/1111
Company covered: 
Phoenix Group Plc
Period End: 
31 December, 2017
Report issued on 20 November 2018 covered the following practice issues:
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of an amendment to IAS 7 "Statement of cash flows".
Change
Reclassification of collective investment schemes from Level 2 to Level 1 of the fair value hierarchy.
Change
Extended discussion of accounting estimates and judgements including extended disclosure of critical accounting judgements.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers", , and IFRS 17 “Insurance contracts”.

BNP Paribas Fortis SA/NV Monitor

BNP Paribas Fortis SA/NV Annual Report 2017
CR Monitor Issue: 
2018/1020
Company covered: 
BNP Paribas Fortis SA/NV
Period End: 
31 December, 2017
Report issued on 23 October 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report.
Pronouncements
Extended disclosure in respect of the impacts of IFRS 9 "Financial instruments" and IFRS 15 "Revenue from contracts with customers".
Change
Changes made in respect of segmental reporting structure.
Change
Disclosure of reduction in corporate income tax rate linked to reform of tax legislation.
Change
Changes in accounting method for a number of entities from the equity method to full consolidation.

Aviva plc Monitor

Aviva plc Annual Report 2017
CR Monitor Issue: 
2018/0818
Company covered: 
Aviva plc
Period End: 
31 December, 2017
Report issued on 28 August 2018 covered the following practice issues:
Change
Discussion of key audit matters included in auditors' report.
Pronouncements
Extended disclosure in respect of new standards not yet applicable including information in respect of IFRS 17 "Insurance contracts".
Change
Detailed disclosure in respect of business disposals.
Change
Amounts reclassified in relation to equity and expenses.
Change
Recognition of goodwill impairment.
Change
Alteration of segmental reporting structure to reflect reclassification of Irish business.

Hiscox Ltd Monitor

Hiscox Ltd Annual Report 2017
CR Monitor Issue: 
2018\0613
Company covered: 
Hiscox Ltd
Period End: 
31 December, 2017
Report issued on 17 July 2018 covered the following practice issues:
Pronouncements
Disclosure enhanced in relation to impact of IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 17 "Insurance contracts".
Restatement
Restatement of cash flow amount from operating activities to investing activities.
Restatement
Restatement in presentation of investment results to exclude investment management fees.
Change
Extended disclosure of principal risk factors.
Change
Profit and cash flow information disclosed in respect of operations disposed.
Change
Disclosure of change in reporting currency.

RSA Insurance Group plc Monitor

RSA Insurance Group Annual Report 2017
CR Monitor Issue: 
2018/0706
Company covered: 
RSA Insurance Group
Period End: 
31 December, 2017
Report issued on 09 July 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report including identification of the recoverability of the parent company's investments in subsidiaries as a key audit matter.
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities on adoption of amendment to IAS 7 "Statement of cash flows".
Change
Newly issued loan notes included as part of equity.
Restatement
Restatement of analysis of other operating income without explanation.
Change
Additional insurance contracts reconciliation presented showing movements in deferred acquisition costs.