Ireland

Paddy Power Betfair plc Monitor

Paddy Power Betfair plc Annual Report 2018
CR Monitor Issue: 
2019/0613
Company covered: 
Paddy Power Betfair plc
Period End: 
31 December, 2018
Report issued on 14 June 2019 covered the following practice issues:
Pronouncements
Adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers from 1 January 2018.
Pronouncements
Expected impact of adopting IFRS 16 Leases from 1 January 2019 is quantified.
Change
Disclosure of the merger of a newly acquired and existing business.
Change
£26.5 million impairment recognised against goodwill within the US business.
Change
Gain recognised on disposal of a non-controlling interest.
Change
Disclosure of events after the balance sheet date, including an acquisition for consideration of £101 million.

Grafton Group plc Monitor

Grafton Group plc Annual Report 2018
CR Monitor Issue: 
2019/0519
Company covered: 
Grafton Group plc
Period End: 
31 December, 2018
Report issued on 28 May 2019 covered the following practice issues:
Pronouncements
Adoption of IFRS 9 Financial instruments from 1 January 2018.
Pronouncements
Adoption of IFRS 15 Revenue from contracts with customers from 1 January 2018.
Pronouncements
Disclosure of the expected impacts of IFRS 16 Leases adoption.
Change
Disclosure of information in relation to a business disposal.
Change
Presentation of a reconciliation of movements in net debt showing changes in liabilities arising from financing activities.

Greencore Group Plc Monitor

Greencore Group Plc Annual Report 2018
CR Monitor Issue: 
2019/0405
Company covered: 
Greencore Group Plc
Period End: 
28 September, 2018
Report issued on 2 April 2019 covered the following practice issues:
Restatement
Disclosure made in respect of discontinued operations with restatement of comparative information.
Change
Discussion of key audit matters included in the audit report.
Change
Detailed and additional disclosures relating to accounting estimates and judgement.
Pronouncements
additional information 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
Deferred tax changes recognised following changes to US tax legislation.
Change
Disclosure regarding contingencies related to the Guaranteed Minimum Pension.

UDG Healthcare plc Monitor

UDG Healthcare plc Annual Report 2018
CR Monitor Issue: 
2019/0311
Company covered: 
UDG Healthcare plc
Period End: 
30 September, 2018
Report issued on 19 March 2019 covered the following practice issues:
Change
Exceptional items highlighted within a separate column on the face of the income statement.
Pronouncements
Extended disclosure in respect of the expected future impacts of new accounting standards including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers", and IFRS 16 "Leases".
Change
Deferred tax changes recognised following changes to US tax legislation.
Change
Recognition of a significant goodwill impairment.
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
Detailed disclosure in respect of business disposal.

Kerry Group Plc Monitor

Kerry Group Plc Annual Report 2017
CR Monitor Issue: 
2018/1022
Company covered: 
Kerry Group Plc
Period End: 
31 December, 2017
Report issued on 30 October 2018 covered the following practice issues:
Change
Change in deferred tax linked to reduction in US tax rate.
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 16 "Leases".
Change
Detailed disclosure in respect of business acquisitions made during the year.
Change
Separate sections outlining director and auditor responsibilities included in auditors' report.

Fair value measurement information under IFRS

IFRS 13 “Fair value measurement” sets out a single consistent framework for measuring fair value within IFRS financial statements and outlines a standardised set of disclosures in respect of fair value measurements. IFRS 13 has been mandatory now for some years, with application being required for annual reporting periods beginning on or after 1 January 2013. This report sets out the results of how requirements of the standard have been put into practice, both in terms of measurement and disclosure, in the consolidated financial statements of 139 large public limited companies with year ends between 31 March 2016 and 1 April 2017. It is not an exhaustive study of all aspects of IFRS 13 application and its conclusions are limited to our findings in respect of the areas analysed within the financial statements reviewed.

Ryanair Ltd Monitor

Ryanair Ltd Annual Report 2017
CR Monitor Issue: 
2017/1103
Company covered: 
Ryanair Ltd
Period End: 
31 March, 2017
Report issued on 07 November 2017 covered the following practice issues:
Pronouncements
Additional disclosures on new impending standards on leases and revenue from contracts with customers.
Change
Cash flows linked to interest paid and interest received disclosed separately.
Change
Discussion of new principal risk factor added within the strategic report in relation to "Substantial dependence over discretionary air travel".

Brexit Disclosures in Listed Company Annual reports

The referendum vote to leave the European Union (EU) has undoubtedly led to uncertainty for business and will potentially have far reaching impacts for companies from many different industries. This report, pulled together in March 2017, focuses on the information that companies have disclosed within their annual reports during the latter half of 2016. It sets out disclosures around risk as well as the disclosure of Brexit impacts which have already been felt and the resulting ramifications.

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. 

Grafton Group plc Monitor

Grafton Group plc Annual Report 2015
CR Monitor Issue: 
2016\1108
Company covered: 
Grafton Group plc
Period End: 
31 December, 2015
Report issued on 22 November 2016 covered the following practice issues:
Change
Material operating items recognised highlighted as non-recurring in a separate note.
Pronouncements
New non-audit services policy linked to change in regulation.
New
Geographic entity wide segment information extended to include the Netherlands following a business acquistion.
Inconsistent
Segment geographic measure of assets not in line with IFRS requirements.
Change
Policy statement in respect of supplier rebate arrangements disclosed for the first time despite prior year relevance.
Inconsistent
Intangible asset amortisation life not disclosed separately for each class of intangible asset.