1300 Chemicals

BASF SE Monitor

BASF SE Annual Report 2017
CR Monitor Issue: 
2018/0804
Company covered: 
BASF SE
Period End: 
31 December, 2017
Report issued on 07 August 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report.
Change
Separate disclosure of director and auditor responsibilities in the audit report.
Pronouncements
Extended disclosures relating to the impacts of accounting standards, not yet effective including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Pronouncements
Introduction of reconciliation showing movements in liabilities arising from financing activities following adoption of amendment to IAS 7 "Statement of cash flows".
Restatement
Restatement of prior year segmental breakdown.

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.

Clariant Ltd Monitor

Clariant Ltd Annual Report 2017
CR Monitor Issue: 
2018/0708
Company covered: 
Clariant Ltd
Period End: 
31 December, 2017
Report issued on 10 July 2017 covered the following practice issues:
Pronouncements
Extended disclosure in respect of new standards issued but not yet applicable including IFRS 9 "Financial instruments", IFRS 15 "Revenues from contracts with customers" and IFRS 16 "Leases".
Change
Enhanced disclosure in respect of exchange rate policy.
Change
Reclassification of income taxes in the cash flow statement.
Change
Extended disclosure of key audit matters in the auditors' report.
Change
Reclassification of liabilities to a non-current classification to reflect maturity profile.
Change
Extended disclosure of revenue recognition policy.

Umicore SA Monitor

Umicore SA Annual Report 2017
CR Monitor Issue: 
2018/0607
Company covered: 
Umicore SA
Period End: 
31 December, 2017
Report issued on 12 June 2018 covered the following practice issues:
Change
Bargain purchase resulting in recognition of business acquisition gain.
Change
Business acquisition loss recognised in respect of acquisition achieved in stages.
Change
Disclosure of share issue and a business acquisition and disposal in a post balance sheet events note.
Pronouncements
Disclosure included in respect of IFRIC 23 "Uncertainty over income tax treatments"

Koninklijke DSM NV Monitor

Koninklijke DSM NV Annual Report 2017
CR Monitor Issue: 
2018/0403
Company covered: 
Koninklijke DSM NV
Period End: 
31 December, 2017
Report issued on 03 April 2018 covered the following practice issues:
Pronouncements
Extended disclosure on the future impacts of IFRS 9 "Financial instruments", IFRS 15 "Revenue from contracts with customers" and IFRS 16 "Leases".
Restatement
Financial derivatives analysed between current and non-current classifications.
Change
Investing activities cash inflow recognised on disposal of associated undertaking.
Change
Auditors identify disposal of associated undertaking as a key audit matter.

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.

Johnson Matthey plc Monitor

Johnson Matthey plc Annual Report 2017
CR Monitor Issue: 
2017/1101
Company covered: 
Johnson Matthey plc
Period End: 
31 March, 2017
Report issued on 7 November 2017 covered the following practice issues:
Change
Tabular presentation of principal risks extended by inclusion of two new risk factors, "maintaining our competitive advantage" and "product quality".
Change
Goodwill recognised on business combinations attributed to opportunities to access expertise and anticipated future synergies.
Change
Added disclosure showing year on year comparison of results on a constant exchange rate basis.
Change
Disclosures on social and environmental reporting extended by inclusion of a materiality assessment in the form of a diagram.
Change
Discussion on non-GAAP measures introduced in a new annual report section.

Koninklijke DSM N.V. Monitor

Koninklijke DSM N.V. Annual Report 2016
CR Monitor Issue: 
2017/1010
Company covered: 
Koninklijke DSM N.V.
Period End: 
31 December, 2016
Report issued on 24 October 2017 covered the following practice issues:
Change
Income statement format altered to exclude disclosure of exceptional items.
Change
Cash received following reduction of holding in associated undertaking reflected as a cash flow from investing activities.
Restatement
Presentation of related party disclosures enhanced to show transactions with associates and joint ventures separately.
Change
Reconciliation of movements in financial instruments extended to include an analysis of loans to associates and joint ventures.
Change
Disclosure of key audit matters extended to include "valuation of a joint venture" and "alternative performance measures" as new areas.
New
Post balance sheet business acquisition highlighted in subsequent events note.

Air Liquide Monitor

Air Liquide Annual Report 2016
CR Monitor Issue: 
2017/1005
Company covered: 
Air Liquide
Period End: 
31 December, 2016
Report issued on 10 October 2017 covered the following practice issues:
Divergence
Profit contribution of acquired business not disclosed.
New
Discontinued operations highlighted on the face of the income statement.
Change
Enhanced disclosure of non-executive director remuneration.
Change
Managing the environment and climate risks identified as new principal risk factor.

Croda International Plc Monitor

Croda International plc Annual Report 2016
CR Monitor Issue: 
2017/0815
Company covered: 
Croda International Plc
Period End: 
31 December, 2016
Report issued on 29 August 2017 covered the following practice issues:
Pronouncements
IFRIC interpretation leads to change in presentation in respect of cash pooling arrangements.
Pronouncements
Summarised non-quantified disclosure of future impacts of IFRS 9 "Financial instruments".
Restatement
Restatement of segment information as a result of product reclassification.
Restatement
Restatement of segment disclosure of total assets without explanation.
Change
Enhancement of risk disclosures through introduction of risk heat map.