IFRS 5 'Non-current assets held for sale and discontinued operations'

Severn Trent Plc Monitor

Severn Trent Plc Annual Report 2018
CR Monitor Issue: 
2019/0209
Company covered: 
Severn Trent Plc
Period End: 
31 March, 2018
Report issued on 19 February 2019 covered the following practice issues:
Pronouncements
New disclosure in respect of the impact of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers” and IFRS 16 “leases”.
Change
Discussion of key audit matters included in the audit report.
Restatement
Disclosure made in respect of discontinued operations with restatement of comparative information.
Change
Finalisation of provisional fair values in respect of a prior year business acquisition.
Change
Disclosure made in respect of post balance sheet event.

BHP Billiton Plc Monitor

BHP Billiton Plc Annual Report 2018
CR Monitor Issue: 
2019/0110
Company covered: 
BHP Billiton Plc
Period End: 
30 June, 2018
Report issued on 14 January 2019 covered the following practice issues:
Restatement
Restatement of comparative income statement following classification of businesses disposed as discontinued operations.
Change
Change in deferred tax recognised linked to reduction in US tax rate.
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".
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Change
Change in segmental reporting structure with restatement of comparative information.

Dixons Carphone plc Monitor

Company Name Annual Report Year
CR Monitor Issue: 
2018/0101
Company covered: 
Dixons Carphone plc
Period End: 
28 April, 2018
Report issued on 8 January 2019 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the impact of new accounting standards including IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases".
Change
Changes made to segmental reporting.
Change
Disclosure made in respect of discontinued operations and assets held for sale.
Change
Restatement made in respect of headline tax charge.

Close Brothers Group plc Monitor

Close Brothers Group plc Annual Report 2018
CR Monitor Issue: 
2019/0102
Company covered: 
Close Brothers Group plc
Period End: 
31 July, 2018
Report issued on 08 January 2019 covered the following practice issues:
Change
Separate disclosure regarding discontinued operations.
Pronouncements
Enhanced disclosure in respect of the impacts of the future adoption of IFRS 9 "Financial instruments" including quantification.
Change
Discussion of new key audit matter in respect of IFRS 9 disclosures.
Restatement
Changes in income statement format resulting in restatement of comparative figures.

Disclosure of judgements and estimates

At the end of 2017, the FRC published a thematic review which focused on the disclosure of critical judgements and sources of estimation uncertainty, a requirement of IAS 1 Presentation of Financial Statements. This review was carried out in part because, in its 2016-17 corporate reporting review, the FRC found that companies were not making sufficiently clear disclosures in this area.

Unfortunately, despite this, judgements and estimates still represent an area of difficulty for companies, remaining the area most commonly raised by the Corporate Reporting Review Panel in reviewing company accounts during 2017–18. Common issues include poor explanations, a failure to separate judgements and estimates clearly and discussion of judgements and estimates that were not considered by the company to be significant or material. In some cases the FRC noted that disclosures elsewhere in the accounts suggested that significant judgements were made but these were not included in or referred to in the IAS 1 disclosures.

As a result of this, the FRC can be expected to continue its scrutiny of these disclosures and to challenge companies that do not provide clear, specific disclosures that meet the requirements of IAS 1.

This report analyses the disclosures about judgements and estimates which have been included in the consolidated annual reports of 20 UK listed companies selected at random from the FTSE 350.

Dunelm Group plc Monitor

Dunelm Group plc Annual Report 2018
CR Monitor Issue: 
2018/1213
Company covered: 
Dunelm Group plc
Period End: 
30 June, 2018
Report issued on 18 December 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases".
Pronouncements
Presentation of a reconciliation of movements in net debt following adoption of an amendment to IAS 7 "Statement of cash flows".
Change
Disclosure on a new share-based payment plan.
Change
Detailed disclosure in respect of business disposal.

Kier group plc Monitor

Kier group plc Annual Report 2018
CR Monitor Issue: 
2018/1206
Company covered: 
Kier group plc
Period End: 
30 June, 2018
Report issued on 11 December 2018 covered the following practice issues:
Change
Detailed disclosure in respect of business acquisitions made during the year.
Pronouncements
Extended disclosure in respect of the impact of the new accounting standards including IFRS 9 “Financial instruments”, IFRS 15 “Revenue from contracts with customers” and IFRS 16 "leases".
Restatement
Restatement of prior year cash flow and income statement to correct prior year error.
Change
Discussion of new key audit matter included in the audit report.
Change
Reclassification of amounts in respect of cash flow hedging instruments.
Change
Extended disclosure of principal risks including identification of new risk factors.

Akzo Nobel N.V. Interims Monitor

Interim Financial Report
CR Interim Monitor Issue: 
2018/1116
Period End: 
30 June 2018
Listing Status: 
Europe 350
ICB Industry Classification: 
1775 General Mining
Auditor: 
PricewaterhouseCoopers
Pronouncements
IFRS 15 "Revenue from contracts with customers" adopted resulting in restatement to equity at 1 January 2018.
Pronouncements
IFRS 9 "Financial instruments" adopted resulting in restatement to equity at 1 January 2018.
Pronouncements
Disclosure included in respect of the future expected impact of IFRS 16 "Leases".
Change
Assets and liabilities in respect of discontinued operation classified as held for sale disclosed separately on the face of the balance sheet.

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.

Glencore plc Monitor

Glencore plc Annual Report 2017
CR Monitor Issue: 
2018/1107
Company covered: 
Glencore plc
Period End: 
31 December, 2017
Report issued on 13 November 2018 covered the following practice issues:
Pronouncements
Disclosure added in respect of impacts of IFRS 9 "Financial instruments" and IFRS 15 "Revenue from contracts with customers".
Change
Presentation of a detailed reconciliation of movements in borrowings following adoption of amendment to IAS 7 "Statement of cash flows".
Change
Disclosure added in respect of the sale of a business in accordance with IFRS 5 "Non-current assets held for sale and discontinued operations".
Change
Discussion of key audit matters included in audit report.
Change
Deferred tax balance impacted due to reduction in tax rates.
Change
Extended disclosure of principal risks including identification of Cyber Crime as a new risk factor.