Risk disclosures

DS Smith plc Monitor

DS Smith plc Annual Report 2017
CR Monitor Issue: 
2018/0108
Company covered: 
DS Smith plc
Period End: 
30 April, 2017
Report issued on 20 February 2018 covered the following practice issues:
Change
Disclosure of a post balance sheet business acquisition in a subsequent events note.
Pronouncements
Enhanced disclosure explaining the expected impact on adoption of IFRS 15 and IFRS 16.
Change
Enhanced tabular disclosure of principal risks.
Change
Additional disclosure in respect of non-GAAP performance measures.
Change
Audit report presentation enhanced by inclusion of diagrams illustrating audit scope and materiality.

Thomas Cook Group plc Monitor

Thomas Cook Group plc Annual Report 2017
CR Monitor Issue: 
2018/0206
Company covered: 
Thomas Cook Group plc
Period End: 
30 September, 2017
Report issued on 13 February 2018 covered the following practice issues:
Restatement
Correction of accounting errors result in prior year adjustments.
Change
Key audit matters section included in auditors report.
Change
Risk disclosures enhanced by disclosure of link to strategy and movements compared to the prior year.
Change
New financing agreement highlighted in post balance sheet events note.

Sports Direct International plc Monitor

Sports Direct International plc Annual Report 2017
CR Monitor Issue: 
2018/0205
Company covered: 
Sports Direct International plc
Period End: 
30 April, 2017
Report issued on 13 February 2018 covered the following practice issues:
Restatement
Segment reporting structure altered to show international retail business separately.
Change
Aggregate information disclosed in respect of immaterial business combinations.
Change
Profit on disposal of a subsidiary highlighted on the face of the income statement.
Change
Introduction of detailed disclosure in respect of related parties.
Change
Purchase of company strategic stakes disclosed in post balance sheet events note.
Change
Identification of "brexit" as a new principal risk factor.

Micro Focus International plc Monitor

Micro Focus International plc Annual Report 2017
CR Monitor Issue: 
2018/0204
Company covered: 
Micro Focus International plc
Period End: 
30 April, 2017
Report issued on 13 February 2018 covered the following practice issues:
Change
Amortisation of capitalised research and development costs reclassified to cost of sales to achieve comparability.
Change
Goodwill recognised on business acquisition represents value of the assembled workforce and expected future economic benefits.
Pronouncements
Disclosures on amendments to IFRS 2.
Pronouncements
Qualitative disclosures on the future impacts of new revenue standard.
Change
Risk disclosures enhanced by inclusion of flow chart illustrating the risk management cycle.
Change
Disclosure of principal risk factors extended to identify competition as a new risk factor.

Marks & Spencer group plc Monitor

Marks and spencer group plc Annual Report 2017
CR Monitor Issue: 
2018/0203
Company covered: 
Marks & Spencer Group plc
Period End: 
1 April, 2017
Report issued on 2 February 2018 covered the following practice issues:
Change
Identification of new principal risk factors relating to "talent & succession", "UK store estate", and "third party management".
Change
Auditors' report presentation enhanced by inclusion of audit approach summary.
Change
New key audit risk identified in respect of "Accounting for exit costs of certain wholly owned international businesses".
Change
Past service cost recognised on closure of defined benefit pension plan to future accrual.
Change
Disclosure of proposed changes to directors remuneration policy.

Genus plc Monitor

Genus plc Annual Report 2017
CR Monitor Issue: 
2018/0202
Company covered: 
Genus plc
Period End: 
30 June, 2017
Report issued on 6 February 2018 covered the following practice issues:
Change
Discussion of alternative performance measures added to the financial statements.
Restatement
Change in segment reporting to reflect management structure.
Change
Financial instrument disclosures expanded to include table illustrating the ageing of trade receivables that are past due but not impaired.
Change
Identification of new risk factor in respect of "hiring and retaining talented people".
Change
Identification of new key audit matter related to "Orphan pension scheme liabilities related to the Milk Pension Fund".
Change
Presentation of audit report enhanced by inclusion of diagrams.

Kingfisher PLC Monitor

Kingfisher PLC Annual Report 2017
CR Monitor Issue: 
2018/0114
Company covered: 
Kingfisher PLC
Period End: 
31 January, 2017
Report issued on 30 January 2018 covered the following practice issues:
Pronouncements
Extended disclosure on the impacts of IFRS 15, IFRS 16 and IFRS 9.
Change
Auditors' report enhanced by inclusion of a tabular summary of the audit approach.
Change
Disclosure of non-GAAP measures extended to include underlying as well as adjusted measures.
Change
Reconciliation of movements in provisions shows release of an unused amount following changes to restructuring plans.
New
Fair value gains recycled from other comprehensive income form part of profit on disposal.
Restatement
Analysis of deferred tax assets and liabilities by type restated to reflect more appropriate allocation of balances.

Associated British Foods plc Monitor

Associated British Foods plc Annual Report 2017
CR Monitor Issue: 
2018/0112
Company covered: 
Associated British Foods plc
Period End: 
16 September, 2017
Report issued on 23 January 2018 covered the following practice issues:
Change
Change in length of reporting period results in lack of comparability.
Change
Aggregate information disclosed in respect of business combinations.
Change
Disposal gain on sale of two businesses previously classified as held for sale separately highlighted on the face of the income statement.
Change
Tabular disclosure of principal risks includes new risk factor in respect of "Socio-political uncertainty".
Change
Key audit matters section included in the auditors' report.

Halfords Group plc Monitor

Halfords Group plc-Annual report-2017
CR Monitor Issue: 
2018/0109
Company covered: 
Halfords Group plc
Period End: 
31 March, 2017
Report issued on 16 January 2018 covered the following practice issues:
Change
Detailed disclosure of asset fair values recognised on acquisition including separate disclosure of intangible asset values.
Change
Presentation of audit report enhanced by inclusion of overview section and diagrams.
Change
Risk management disclosures enhanced by inclusion of risk matrix diagram and flow chart explaining risk management framework.
Change
Like for like sales identified as a new key performance indicator.
Change
Directors remuneration policy statement extended to explain impact of good leaver conditions on share based payment awards.

Carpetright plc Monitor

Carpetright plc Annual Report 2017
CR Monitor Issue: 
2018/0105
Company covered: 
Carpetright plc
Period End: 
29 April, 2017
Report issued on 9 January 2018 covered the following practice issues:
Change
Multi-column format income statement highlights underlying performance and separately reported items.
Pronouncements
Enhanced disclosure in respect of the future impacts of new accounting standards including IFRS 15, IFRS 16 and IFRS 9.
Pronouncements
Introduction of disclosure on Alternate Performance Measures.
Change
New principal risk identified in relation to business continuity planning.