Burberry

Burberry Group plc Monitor

Burberry Group plc Annual Report 2017
CR Monitor Issue: 
2018/1021
Company covered: 
Burberry Group plc
Period End: 
31 March, 2018
Report issued on 30 October 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report.
Change
Separate sections outlining director and auditor responsibilities included in auditors' report.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards including IFRS 9 "Financial instruments", and IFRS 15 "Revenue from contracts with customers".
Change
Detailed disclosure in respect of business disposal and related licensing agreement.
Change
Recognition of goodwill impairment.

Burberry Group plc Monitor

Burberry Group plc Annual Report 2017
CR Monitor Issue: 
2017/0908
Company covered: 
Burberry Group plc
Period End: 
31 March, 2017
Report issued on 19 September 2017 covered the following practice issues:
Change
Transactions with non-controlling shareholders lead to acquisition of increased share of economic rights in subsidiaries.
Change
Recognition of treasury shares following share buy back.
Change
Principal risk disclosures expanded to include discussion of Brexit.
New
Disclosure of a post balance sheet agreement to dispose of a business to a third party.
Pronouncements
Un-quantified disclosure as to the future impacts of IFRS 9 "Financial instruments".

Disclosure of the impacts of IFRS 16 "Leases"

IFRS 16 “Leases” will fundamentally change accounting by lessees as it requires assets previously off balance sheet under operating lease arrangements to be brought on balance sheet as is currently the case for finance leased assets. As a result on application companies will recognise both additional assets and additional liabilities. Consequently there will also be knock on effects in the income statement as operating lease charges are replaced by a depreciation charge and a finance expense. This report analyses the financial statements of a range of companies to firstly establish whether there has been any early adoption and secondly to establish what companies are disclosing in respect of IFRS 16 and its future impacts.

Operating Lease disclosures under IFRS

This report sets out our findings in respect of a review of the operating lease disclosures when acting as lessee of 35 companies listed on the London stock exchange. We consider a number of points including the disclosure, as currently governed under IFRS by IAS 17 “Leases”, of total future minimum lease payments focusing on the assets identified and the time periods presented; disclosure of minimum sublease payments expected to be received; disclosure of lease and sublease payments recognised in the period; and disclosure of the general terms of significant leasing arrangements including contingent rent payable basis, the existence and terms of renewal or purchase options and escalation clauses and restrictions imposed by lease arrangements such as those concerning dividends, additional debt and further leasing. 

Burberry Group plc Monitor

Burberry Group plc Annual Report 2016
CR Monitor Issue: 
2016/0811
Company covered: 
Burberry Group plc
Period End: 
31 March, 2016
Report issued on 19 August 2016 covered the following practice issues:
Pronouncements
Presentation of full list of related undertakings.
New
Disclosure of acquisition of non-controlling interest after the balance sheet date.
Change
Hedging reserve split into cash flow and net investment hedge elements.
Change
Increase in onerous lease provision linked to impairment review.

Burberry Group plc

Burberry Group plc Annual Report 2012
CR Monitor Issue: 
2012/1011
Company covered: 
Burberry Group plc
Period End: 
31 March 2012
Report issued on 26 October 2012 covered the following practice issues:
Change
Cash flows from capital contributions by non-controlling interests reclassified to financing activities.
Change
Inventory provisioning and Impairment of trade receivables added to key sources of estimation and judgments.
Change
Maturity analysis of derivatives used for hedging introduced.
Restatement
Deferred consideration added to maturity analysis of other non-current creditors, accruals and deferred income.
Change
Corporate governance report relates gender balance on board to corporate brand.

Burberry Group plc Period End 31 March 2009

Burberry Group plc Annual Report 2009

Restructuring costs and goodwill impairment lead to a loss for the year

UK designer and distributor Burberry recognises £54.9 million restructuring costs and a £116 million goodwill impairment that result in a loss for the year.


Use of the term Non-GAAP in notes to describe adjusting items potentially confusing

UK designer and distributor Burberry expands to notes its use of the term Non-GAAP for adjusting items which are in fact accounted for in accordance with IFRS, leading to a presentation which may confuse the reader.