IFRS 8 'Operating segments'

Antofagasta plc Monitor

Antofagasta plc Annual Report 2016
CR Monitor Issue: 
2017/1108
Company covered: 
Antofagasta plc
Period End: 
31 December, 2016
Report issued on 21 November 2017 covered the following practice issues:
Change
Exceptional items including impairments highlighted separately on the face of the income statement by way of a multi-column format.
Change
Results of subsidiary disposed disclosed separately as a discontinued operation.
Change
Disclosure of negative investment in joint venture.
Change
Presentation of deferred tax assets by reporting segment.
Change
Tabular disclosure of principal risks includes new risk factor in respect of "Corruption activities".
Pronouncements
Quantified disclosure of the expected impact of new leasing standard.

Royal Dutch Shell PLC Monitor

Royal Dutch Shell PLC Annual Report 2016
CR Monitor Issue: 
2017/1107
Company covered: 
Royal Dutch Shell PLC
Period End: 
31 December, 2016
Report issued on 21 November 2017 covered the following practice issues:
Change
Change in segment reporting following an alteration to the business management structure.
Change
Financial instrument risk disclosures extended to include a value at risk analysis in respect of carbon emission rights trading.
Restatement
Restatement of amounts offset in respect of derivative contracts to align with a new netting methodology applied this year.
Change
Auditors include discussion of key audit matters in their report instead of areas of focus.
Divergence
No qualitative disclosure as to what goodwill recognised on a business acquisition represents.
Restatement
Restatement of statement of changes in equity in relation to shares held in trust.

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.

Intertek Group Plc Monitor

Intertek Group Plc Annual Report 2016
CR Monitor Issue: 
2017/1008
Company covered: 
Intertek Group Plc
Period End: 
31 December, 2016
Report issued on 17 October 2017 covered the following practice issues:
Pronouncements
Cash pooling arrangement balances presented gross following IFRIC Agenda decision.
Restatement
Segment reporting restated following a change in basis of monitoring performance.
Restatement
Restatement of deferred share awards under long-term incentive plan in order to correct error.
Change
Auditors identify “presentation and valuation of acquisitions” as a new area of audit focus.
Change
Disclosure of new principal risk factors in respect of “customer service” and “Facilities”.
New
Introduction of tabular analysis of net debt.

Petrofac Limited Monitor

Petrofac Limited Annual Report 2016
CR Monitor Issue: 
2017/1001
Company covered: 
Petrofac Limited
Period End: 
31 December, 2016
Report issued on 03 October 2017 covered the following practice issues:
Pronouncements
Introduction of detailed disclosure on expected impacts of adoption of IFRS 15 "Revenue from contracts with customers".
Restatement
Restatement of reporting segments to reflect the business units through which services are provided.
New
Assets and liabilities held for sale presented separately within the statement of financial position.
Change
Disclosure of proposed changes to directors' remuneration policy.

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.

Croda International Plc Monitor

Croda International plc Annual Report 2016
CR Monitor Issue: 
2017/0815
Company covered: 
Croda International Plc
Period End: 
31 December, 2016
Report issued on 29 August 2017 covered the following practice issues:
Pronouncements
IFRIC interpretation leads to change in presentation in respect of cash pooling arrangements.
Pronouncements
Summarised non-quantified disclosure of future impacts of IFRS 9 "Financial instruments".
Restatement
Restatement of segment information as a result of product reclassification.
Restatement
Restatement of segment disclosure of total assets without explanation.
Change
Enhancement of risk disclosures through introduction of risk heat map.

Bunzl plc Monitor

Bunzl plc Annual Report 2016
CR Monitor Issue: 
2017/0813
Company covered: 
Bunzl plc
Period End: 
31 December, 2016
Report issued on 28 August 2017 covered the following practice issues:
Pronouncements
Change in accounting policy in respect of cash pooling balances in line with IFRIC guidance.
Change
Software assets re-classified from property plant and equipment to intangible assets.
Pronouncements
Disclosure of future impacts of impending standards, IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases", with no quantification.
Change
Results from US arm of European based business reclassified from European to North American segment following change in management location.
New
Tabular disclosure added summarising business acquisitions completed during the year.

Koninklijke Philips N.V. Monitor

Koninklijke Philips N.V. Annual Report 2016
CR Monitor Issue: 
2017/0812
Company covered: 
Koninklijke Philips N.V.
Period End: 
31 December, 2016
Report issued on 22 August 2017 covered the following practice issues:
Restatement
Reclassification of all net defined-benefit post-employment plan obligations under long-term provisions.
Change
Cash flow from sale of non-controlling interest in previously wholly owned subsidiary reflected as arising from financing activities.
Restatement
Reporting segment information restated following a change in organisational structure.
Change
Change in reporting segment profit measure.
Pronouncements
Detailed un-quantified disclosure of future impacts of new revenue standard.
Pronouncements
Un-quantified disclosure of the future impact of new financial instruments standard.

Heineken N.V. Monitor

Heineken N.V. Annual Report 2016
CR Monitor Issue: 
2017/0810
Company covered: 
Heineken N.V.
Period End: 
31 December, 2016
Report issued on 22 August 2017 covered the following practice issues:
Pronouncements
IFRIC interpretation leads to change in presentation in respect of cash pooling arrangements.
Change
Reconciliation of non IFRS segment profit measure to profit before tax added.
Change
Proposed change to the measure of performance applied to awards made to directors under a long-term variable award plan.
Change
Disclosure of key assumption applied when calculating fair value less cost of disposal linked to fixed asset impairment.
Restatement
Restatement of figures for "raw material purchase contracts" and "other off-balance sheet obligations".