Norway

Telenor ASA Monitor

Telenor ASA Annual Report 2017
CR Monitor Issue: 
2018/0802
Company covered: 
Telenor ASA
Period End: 
31 December, 2017
Report issued on 07 August 2018 covered the following practice issues:
Change
Discontinued operations line disclosed separately on the face of the income statement.
Pronouncements
Extended disclosure as to the future impacts of new accounting standards IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Pronouncements
Reconciliation of movements in interest liabilities presented following adoption of amendment to IAS 7 "Statement of cash flows".
Change
Discussion of a new key audit matter linked to discontinued operations included in the auditor’s report.
Restatement
Restatement of segmental reporting disclosures following transfer of businesses between segments.
Change
Extended disclosure in respect of joint ventures and associated undertakings showing an analysis of disposals.

Yara International ASA Monitor

Yara International ASA Annual Report 2017
CR Monitor Issue: 
2018/0718
Company covered: 
Yara International ASA
Period End: 
31 December, 2017
Report issued on 24 July 2018 covered the following practice issues:
Pronouncements
Disclosure of impact of new standards namely IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers", and IFRS 16 "Leases".
Change
Extended disclosure in respect of restructuring provision linked to decision to close industrial site.
Change
Extended disclosure in respect of contingent liabilities and contingent assets.
Pronouncements
Presentation of a reconciliation of movements in liabilities arising from financing activities following adoption of amendment to IAS 7 "Statement of cash flows"
Restatement
Restatement of gains and losses on financial instruments without explanation.
Restatement
Restatement of quantitative information linked to liquidity and currency risk disclosures.

Orkla ASA Monitor

Orkla ASA Annual Report 2017
CR Monitor Issue: 
2018/0521
Company covered: 
Orkla ASA
Period End: 
31 December, 2017
Report issued on 25 May 2018 covered the following practice issues:
Change
Results of discontinued operations highlighted in a separate line item on the face of the income statement.
Pronouncements
Disclosure of changes in liabilities arising from financing activities in line with amendment to IAS 7 "Statement of cash flows".

Yara International ASA Monitor

Yara International Annual Report 2016
CR Monitor Issue: 
2017/1109
Company covered: 
Yara International ASA
Period End: 
31 December, 2016
Report issued on 21 November 2017 covered the following practice issues:
Pronouncements
Extended disclosure on expected impacts of impending new revenue standard.
New
Introduction of disclosure in relation to critical judgements.
New
Introduction of tabular presentation explaining future potential reversals of impairment.
Change
Cash flows linked to divested assets disclosed separately in the cash flow statement.
Change
Inclusion of contingent consideration within financial instruments disclosures.
Pronouncements
Detail explanation of amendments to standards that are not yet effective.

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.

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.

Impending Changes: Disclosure of IFRS 15 Impacts

This report focuses on the disclosures given by companies in respect of the impending impacts of the new revenue standard IFRS 15 “Revenue from contracts with customers”. It considers the level of detail given by companies to determine the standard of qualitative information that companies disclose in relation to future changes in accounting policy and to what extent to date we have seen companies give quantitative information as to the impact the standard will have when it is adopted.

Yara International ASA Monitor

Yara International ASA Annual Report 2015
CR Monitor Issue: 
2016/1110
Company covered: 
Yara International ASA
Period End: 
31 December, 2015
Report issued on 21 November 2016 covered the following practice issues:
Change
Gain on business disposal recognised as other income.
Change
Reporting of segmental information on new and old basis following change in the reporting structure.
Change
Disclosure of transactions with the non-controlling interest holders.
Change
Recognition of loss from impairment of interest in a joint venture.
Pronouncements
Positive and negative impacts of impending lease standard reported.
Change
Disclosure of new strategic risk.

Orkla ASA Monitor

Orkla ASA Annual Report 2015
CR Monitor Issue: 
2016/0808
Company covered: 
Orkla ASA
Period End: 
31 December, 2015
Report issued on 23 August 2016 covered the following practice issues:
Pronouncements
Quantified disclosure of probable impact of impending leases standard.
Change
Presentation of accounting policy in relevant note to the accounts.
Change
Change in presentation of the income statement to show interest amounts separately

Statoil ASA Monitor

Statoil ASA Annual Report Year
CR Monitor Issue: 
2016/0604
Company covered: 
Statoil ASA
Period End: 
31 December, 2015
Report issued on 14 June 2016 covered the following practice issues:
Change
Change in operating segments to reflect new corporate structure.
Pronouncements
Disclosures relating to new leases standard.
Change
Unrecognised deferred tax assets analysed by geographic location.
Change
Claims and litigation identified as a separate class of provision.