JD Sports Fashion

JD Sports Fashion Plc Monitor

JD Sports Fashion Plc Annual Report 2017
CR Monitor Issue: 
2017/0807
Company covered: 
JD Sports Fashion Plc
Period End: 
28 January, 2017
Report issued on 15 August 2017 covered the following practice issues:
Change
Book values and provisional fair values disclosed in respect of businesses acquired.
Change
Restatement of earnings per share following share split.
Change
Brexit and cyber security identified as areas of principal risk
Change
Recognition of accelerated depreciation following a review of the useful life of assets.
Change
Introduction of glossary including discussion of alternative performance measures

Disclosure of the impacts of IFRS 16 "Leases"

IFRS 16 “Leases” will fundamentally change accounting by lessees as it requires assets previously off balance sheet under operating lease arrangements to be brought on balance sheet as is currently the case for finance leased assets. As a result on application companies will recognise both additional assets and additional liabilities. Consequently there will also be knock on effects in the income statement as operating lease charges are replaced by a depreciation charge and a finance expense. This report analyses the financial statements of a range of companies to firstly establish whether there has been any early adoption and secondly to establish what companies are disclosing in respect of IFRS 16 and its future impacts.

Operating Lease disclosures under IFRS

This report sets out our findings in respect of a review of the operating lease disclosures when acting as lessee of 35 companies listed on the London stock exchange. We consider a number of points including the disclosure, as currently governed under IFRS by IAS 17 “Leases”, of total future minimum lease payments focusing on the assets identified and the time periods presented; disclosure of minimum sublease payments expected to be received; disclosure of lease and sublease payments recognised in the period; and disclosure of the general terms of significant leasing arrangements including contingent rent payable basis, the existence and terms of renewal or purchase options and escalation clauses and restrictions imposed by lease arrangements such as those concerning dividends, additional debt and further leasing. 

JD Sports Fashion Plc Monitor

JD Sports Fashion Plc Annual Report 2016
CR Monitor Issue: 
2016/0906
Company covered: 
JD Sports Fashion Plc
Period End: 
30 January, 2016
Report issued on 20 September 2016 covered the following practice issues:
Divergence
Unexplained restatement in financial instrument fair values table.
Inconsistent
Reason for re-categorisation from Level 3 to Level 2 of valuation hierarchy not disclosed.
Pronouncements
Viability statement looking forward for five years presented.
New
IFRS 3 disclosures presented in respect of post balance sheet business combination.

JD Sports Fashion Plc Monitor

JD Sports Fashion Plc Annual Report 2013
CR Monitor Issue: 
2013/0805
Company covered: 
JD Sports Fashion Plc
Period End: 
2 February 2013
Report issued on 12 August 2013 covered the following practice issues:
Change
Gain on disposal of business to ultimate parent after derecognition of non-controlling interests.
Inconsistent
Board evaluation provision of the UK corporate governance code not complied with.
Change
Intangible asset impairment model assumptions given in tabular form by brand name and license.
Change
Reconciliation of movements in key money, deposits and legal fees published.