4500 Health Care

GlaxoSmithKline plc Monitor

GlaxoSmithKline plc Annual Report 2016
CR Monitor Issue: 
2017/0811
Company covered: 
GlaxoSmithKline plc
Period End: 
31 December, 2016
Report issued on 22 August 2017 covered the following practice issues:
Restatement
Change in composition of reporting segments linked to restructuring of the business.
Change
Identification of new areas of audit focus in relation to "Acquisition-related liabilities" and "Finance transformation".
Pronouncements
Disclosure of proposed changes in non-audit services policy in line with Financial Reporting Council’s (FRC’s) revised Ethical Standards and new EU Audit Regulation.
Pronouncements
IFRIC interpretation leads to change in presentation in respect of cash pooling arrangements.
Restatement
Analysis of defined benefit scheme assets and obligations restated to exclude defined contribution plan amounts.

Novozymes A/S Monitor

Novozymes A/S Annual Report 2016
CR Monitor Issue: 
2017/0709
Company covered: 
Novozymes A/S
Period End: 
31 December, 2016
Report issued on 18 July 2017 covered the following practice issues:
Pronouncements
Introduction of new section "key audit matters" in auditors' report as a result of change in audit standards.
Change
Allocation of goodwill to cash generating units for impairment test purposes changed.
Change
Breakdown of key management remuneration includes "severance costs"
Change
New principal risk factor added in respect of "Delay of BioAg commercialisation"
Pronouncements
Extended discussion on the impacts of new standards including IFRS 9 and IFRS 16.
Change
Goodwill on acquisition of business attributed to synergy benefits.

Smith & Nephew plc Monitor

Smith & Nephew plc Annual Report 2017
CR Monitor Issue: 
2017/0509
Company covered: 
Smith & Nephew plc
Period End: 
31 December, 2016
Report issued on 15 May 2017 covered the following practice issues:
Change
Format of reconciliation showing relationship between tax expense and accounting profit altered.
Change
Proposed changes in remuneration policy including introduction of new performance measure and shareholding requirements.

Genus plc Monitor

Genus plc Annual Report 2016
CR Monitor Issue: 
2017/0408
Company covered: 
Genus plc
Period End: 
30 June, 2016
Report issued on 17 April 2017 covered the following practice issues:
Change
Recognition of gain following change of pension inflation index and a liability linked to minimum funding requirement.
Change
Disclosure of expiry period of deferred tax assets regarding losses available for carry forward.
New
Disclosure of post balance sheet events relating to litigation proceeding and formation of partnership .
Restatement
Cash flow statement disclosure restated to include cash acquired on acquisition in investing activities.
Restatement
Financial instrument disclosures restated to exclude other taxes and social security.
Change
Assets under construction presented as a separate class of property plant and equipment.

Novartis AG Monitor

Novartis AG Annual Report 2016
CR Monitor Issue: 
2017/0402
Company covered: 
Novartis AG
Period End: 
31 December, 2016
Report issued on 04 April 2017 covered the following practice issues:
Change
Change in segment disclosure to reflect changes in organisational structure.
Pronouncements
Introduction to audit report of a table disclosing key audit matters.
Change
Presentation of additional income statement, statement of changes in equity and cash flow statement comparative information.

BTG plc Monitor

BTG plc Annual Report 2016
CR Monitor Issue: 
2017/0108
Company covered: 
BTG plc
Period End: 
31 March, 2016
Report issued on 17 January 2016 covered the following practice issues:
Change
Change in the remuneration policy sees potential total variable remuneration as percentage of salary fall.
Change
Clarity of principal risk disclosures enhanced by use of tabular format.
New
Explicit statement made that it is not practical to quantify new contingent liability in respect of government investigation.
Change
Auditors' identify contingent liability as new area of risk of material misstatement.
Change
Deferred tax information enhanced by disclosure of individual temporary difference income statement impacts.
New
Residual interest in intangible contractual right acquired.

Smith & Nephew plc Monitor

Smith & Nephew plc Annual Report 2015
CR Monitor Issue: 
2016/1204
Company covered: 
Smith & Nephew plc
Period End: 
31 December, 2015
Report issued on 12 December 2016 covered the following practice issues:
Change
Change in segmental reporting from multiple segments to single segment reporting structure.
Change
Allocation of goodwill to cash generating units for impairment test purposes altered.
Change
Acquisition intangibles assets charge for the year including impairment disclosed separately although such assets are no longer identified as a separate asset class.
Change
Identification and disclosure of three new principal risk areas.
Change
Auditors' report includes graphical representations.
New
Provision recognised in respect of pending legal claims following settlement of similar claims.

AstraZeneca plc Monitor

AstraZeneca plc Annual Report 2015
CR Monitor Issue: 
2016/0911
Company covered: 
AstraZeneca plc
Period End: 
31 December, 2015
Report issued on 27 September 2016 covered the following practice issues:
Change
Redefinition of what is considered revenue with the reclassification of externalisation income from other operating income to revenue.

Roche Holding Ltd Monitor

Roche Holding Ltd Annual Report 2015
CR Monitor Issue: 
2016/0901
Company covered: 
Roche Holding Ltd
Period End: 
31 December, 2015
Report issued on 07 September 2016 covered the following practice issues:
Change
Finalisation of the accounting of business acquisition resulting in decrease to goodwill.
New
Recognition of restructuring costs including loss on divestment.

Deferred tax - Merck

Period End: 
31 December, 2015
Period End Date: 
2015-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
4577 Pharmaceuticals
Auditor: 
KPMG