0001 Oil & Gas

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.

SOCO International plc Monitor

SOCO International plc Annual Report 2016
CR Monitor Issue: 
2017/0903
Company covered: 
SOCO International plc
Period End: 
31 December, 2016
Report issued on 05 September 2017 covered the following practice issues:
Change
Impairments accounting policy extended to include disclosure of impairment indicators in respect of exploration and evaluation assets.
Change
Audit report enhanced by inclusion of summary of audit approach and tabular disclosure in respect of materiality.
Change
Geographic breakdown added in respect of exploration and evaluation intangible assets.
Change
Human resource, climate change, and cyber risk identified as new areas of principal risk.
New
Introduction of diagram showing risk management structure within risk management report section of the strategic report.

OMV AG Monitor

OMV AG Annual Report 2016
CR Monitor Issue: 
2017/0801
Company covered: 
OMV AG
Period End: 
31 December, 2016
Report issued on 1 August 2017 covered the following practice issues:
Pronouncements
Disclosure of key audit matters in the auditors' report as per requirement of new audit standard.
Change
Reallocation of goodwill between cash generating units (CGUs) as a result of changes in managerial structure.
Change
Contribution of acquired business to revenue and profit dislosed.
New
Introduction of table disclosing major class of assets and liabilities of disposal groups.

Vestas Wind Systems A/S Monitor

Vestas Wind Systems A/S Annual Report 2016
CR Monitor Issue: 
2017/0401
Company covered: 
Vestas Wind Systems A/S
Period End: 
31 December, 2016
Report issued on 4 April 2017 covered the following practice issues:
Pronouncements
Disclosure of the key audit matters in the auditor’s report.
Change
Principal risks table extended to identify new risk factors in respect of "Cyber risks" and "transition to auction-based & risk of reduced support to wind energy".

Ophir Energy plc Monitor

Ophir Energy plc Annual Report 2015
CR Monitor Issue: 
2016/1207
Company covered: 
Ophir Energy plc
Period End: 
31 December, 2015
Report issued on 19 December 2016 covered the following practice issues:
New
Disclosure on business combinations including fair values of net assets acquired.
New
Computation of Gross profit reflected in the income statement for the first time this year following business combination.
Inconsistent
Summarised joint venture information disclosed not fully in line with IFRS.
New
Impairment recognised in relation to newly acquired oil and gas properties.
New
Capital instrument disclosures extended to reflect information on interest bearing bank loans and bonds.
Change
Financial instrument disclosures extended to include information on contractual maturities of non-derivative financial liabilities.

Amec Foster Wheeler plc Monitor

Amec Foster Wheeler plc Annual Report 2015
CR Monitor Issue: 
2016/1003
Company covered: 
Amec Foster Wheeler plc
Period End: 
31 December, 2015
Report issued on 4 October 2016 covered the following practice issues:
Change
Restatement of financial statements due to finalisation of provisional business combination accounting.
Change
Change in presentation of reporting segments.
New
Recognition of goodwill impairment leading to a net loss for the year.
New
Disclosure of material joint venture.
Change
Disclosure of intention to close defined benefit pension schemes to future accrual.

SOCO International plc Monitor

SOCO International plc Annual Report 2015
CR Monitor Issue: 
2016/0909
Company covered: 
SOCO International plc
Period End: 
31 December, 2015
Report issued on 27 September 2016 covered the following practice issues:
Change
Contingent consideration fair valued using non-observable market data reclassified as current asset.
Change
Enhanced clarity of disclosure in respect of audit risk areas of material misstatement.
New
Discussion of risk of material misstatement introduced in respect of contingent consideration receivable.
Pronouncements
Complete list of subsidiary undertakings is disclosed.
New
Graphical presentation introduced to describe the procedure of assessing Board’s independence.

Hunting PLC Monitor

Hunting PLC Annual Report 2015
CR Monitor Issue: 
2016\0703
Company covered: 
Hunting PLC
Period End: 
31 December, 2015
Report issued on 29 July 2016 covered the following practice issues:
New
Pension curtailment gain results in gain on business disposal.
New
Restructuring cost of US$7.1 million recognised as an exceptional item.
Change
Goodwill impairment test recoverable amount calculation basis changed to fair value less costs to sell basis from value in use.
Change
Presentation of a breakdown of all goodwill allocated to individual cash generating units.
New
Graphical representation of principal risks added charting probability of impact.

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.

John Wood Group PLC Monitor

John Wood Group PLC Annual Report 2015
CR Monitor Issue: 
2016/0603
Company covered: 
John Wood Group PLC
Period End: 
31 December, 2015
Report issued on 07 June 2016 covered the following practice issues:
New
Impairments recognised in relation to a joint venture.
Restatement
Restricted cash excluded from 'Cash and cash equivalents'.
Restatement
Tax credit relating to share option schemes reclassified as transaction with owners in the statement of changes in equity.
New
Summarised financial information disclosed for material joint ventures.
Divergence
Acquisition of non-controlling interest restated from investing cash flow to financing cash flow without explanation.