0001 Oil & Gas

Royal Dutch Shell PLC Monitor

Royal Dutch Shell PLC Annual Report 2017
CR Monitor Issue: 
2018/0808
Company covered: 
Royal Dutch Shell PLC
Period End: 
31 December, 2017
Report issued on 14 August 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of the future impacts of IFRS 9 "Leases", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Change
Extended disclosure of key audit matters in the audit report.
Change
Format of strategic report disclosure of key performance indicators altered
Change
Fair value of 50% joint venture stake represents value of consideration paid in business combination.
Restatement
Restatement of segment geographical entity wide disclosures.

Hunting PLC Monitor

Hunting PLC Annual Report 2017
CR Monitor Issue: 
2018/0801
Company covered: 
Hunting PLC
Period End: 
31 December, 2017
Report issued on 7 August 2018 covered the following practice issues:
Change
Audit report includes separate sections discussing director and auditor responsibilities.
Pronouncements
Extended disclosure in respect of the impacts of new accounting standards: IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Restatement
Restatement of segmental information linked to change in management structure.
Change
Change in disclosure of directors remuneration policy including separate disclosure of performance metrics.
Restatement
Restatement of fair value disclosures.

Tullow Oil PLC Monitor

Tullow oil PLC Annual Report Year
CR Monitor Issue: 
2018/0613
Company covered: 
Tullow oil PLC
Period End: 
31 December, 2017
Report issued on 19 June 2018 covered the following practice issues:
Pronouncements
Extended disclosure in respect of new accounting standards IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases".
Change
Added cash flow reconciliation disclosures.
Restatement
Restatement of basic and diluted EPS.

Tullow Oil PLC Monitor

Tullow Oil PLC Annual Report 2016
CR Monitor Issue: 
2017/1208
Company covered: 
Tullow Oil PLC
Period End: 
31 December, 2016
Report issued on 19 December 2017 covered the following practice issues:
Restatement
Investing and operating sections of cash flow statement restated without full explanation.
Change
Assets held for sale reflected as a separate line item on the face of the statement of financial position.
Change
Lease recognition identified as a critical accounting judgement.
Change
Presentation of auditors report enhanced by inclusion of a summary of audit approach and an extended discussion on the application of materiality.
New
New accounting policy disclosed in respect of insurance receipts.
Change
Disclosure of new Key Performance Indicators in relation to capital expenditure and exploration.

Royal Dutch Shell PLC Monitor

Royal Dutch Shell PLC Annual Report 2016
CR Monitor Issue: 
2017/1107
Company covered: 
Royal Dutch Shell PLC
Period End: 
31 December, 2016
Report issued on 21 November 2017 covered the following practice issues:
Change
Change in segment reporting following an alteration to the business management structure.
Change
Financial instrument risk disclosures extended to include a value at risk analysis in respect of carbon emission rights trading.
Restatement
Restatement of amounts offset in respect of derivative contracts to align with a new netting methodology applied this year.
Change
Auditors include discussion of key audit matters in their report instead of areas of focus.
Divergence
No qualitative disclosure as to what goodwill recognised on a business acquisition represents.
Restatement
Restatement of statement of changes in equity in relation to shares held in trust.

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.