2797 Industrial Suppliers

SIG plc Monitor

SIG plc Annual Report 2017
CR Monitor Issue: 
2018/1017
Company covered: 
SIG plc
Period End: 
31 December, 2017
Report issued on 23 October 2018 covered the following practice issues:
Change
Discussion of key audit matters included in audit report.
Change
Separate sections outlining director and auditor responsibilities included in auditors' report.
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".
Restatement
Recognition of prior year adjustment to correct historical overstatement of profits.
Change
Reclassification of exchange difference to profit or loss linked to disposal of foreign operations.
Change
Extended disclosure of non-IFRS performance measures.

Electrocomponents plc Monitor

Electrocomponents plc Annual Report 2017
CR Monitor Issue: 
2018/0106
Company covered: 
Electrocomponents plc
Period End: 
31 March, 2017
Report issued on 9 January 2018 covered the following practice issues:
Change
Geographical breakdown of revenue and non-current assets included within segment information note.
Restatement
Income statement restated to reallocate costs from distribution & marketing expenses to costs of sales.
Pronouncements
Change in presentation in respect of cash pooling arrangements.
Pronouncements
Introduction of disclosure on Alternative Performance Measures.

SIG PLC Monitor

SIG PLC Annual Report 2016
CR Monitor Issue: 
2017/1203
Company covered: 
SIG PLC
Period End: 
31 December, 2016
Report issued on 05 December 2017 covered the following practice issues:
Change
Recognition of business disposal impairments.
Change
Recognition of goodwill impairments linked to market and macroeconomic uncertainty.
Change
Change in accounting policy in relation to cash pooling arrangements.
Pronouncements
Enhanced disclosure in respect of the future impacts of new accounting standards including IFRS 15 and IFRS 16.
Change
Added disclosure in respect of non-IFRS alternative performance measures.
Change
Loss recognised on closure of pension scheme to future accrual.

Wolseley plc Monitor

Wolseley plc Annual Report 2016
CR Monitor Issue: 
2017/0207
Company covered: 
Wolseley plc
Period End: 
31 July, 2016
Report issued on 21 February 2017 covered the following practice issues:
Change
Amounts payable in respect of taxes and social security included in financial instrument liquidity risk maturity analysis.
Change
Cash & cash equivalents and bank loans & overdrafts presented on net basis.
Change
"New competitors and technology" identified as a principal risk.
Change
Graphical presentations showing application of materiality and scope of audit are introduced.

Diploma PLC Monitor

Diploma PLC Annual Report 2016
CR Monitor Issue: 
2017/0204
Company covered: 
Diploma PLC
Period End: 
30 September, 2016
Report issued on 13 February 2017 covered the following practice issues:
Change
Maturity analysis of operating lease commitments extended to include amounts in respect of non-land and buildings leases.
Change
Disclosure of currency risk sensitivity analysis introduced to the financial statements.
Pronouncements
Consideration of new EU regulation added to discussion of non-audit services policy.

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.

Electrocomponents plc Monitor

Electrocomponents plc Annual Report 2016
CR Monitor Issue: 
2016/1009
Company covered: 
Electrocomponents plc
Period End: 
31 March, 2016
Report issued on 17 October 2016 covered the following practice issues:
Pronouncements
Change in accounting policy in respect of offsetting multi-currency cash pools following issue of IFRIC guidance.
Change
Operating segments restructured to increase accountability and transparency of the business.
Change
Reorganised costs identified as an area of audit focus by the external auditors.

Electrocomponents plc Monitor

Electrocomponents plc Annual Report 2015
CR Monitor Issue: 
2015/1106
Company covered: 
Electrocomponents plc
Period End: 
31 March, 2015
Report issued on 24 November 2015 covered the following practice issues:
New
Past service gain on defined benefit pension plan increases profit before tax by 26.9%.
Change
Vendor rebates recognised on accruals basis under new guidelines.

Premier Farnell Plc Monitor

Premier Farnell Plc Annual Report 2015
CR Monitor Issue: 
2015/0904
Company covered: 
Premier Farnell Plc
Period End: 
1 February 2015
Report issued on 08 September 2015 covered the following practice issues:
Restatement
Non-pension plan assets held in Trust and pension obligations restated.
Change
Financial instruments classified by valuation category.
Change
Illustration indicates external audit planning process.