We welcome the opportunity to comment on the above post-implementation review.

Size: px
Start display at page:

Download "We welcome the opportunity to comment on the above post-implementation review."

Transcription

1 31 May 2014 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam, IASB Post implementation Review: IFRS 3 Business Combinations Standard Chartered Bank PLC ( SCB ) is an international banking group, listed on the London, Hong Kong and Bombay stock exchanges. It operates in 70 markets principally in Asia, Africa and the Middle East. We welcome the opportunity to comment on the above post-implementation review. As part of our response to this post-implementation review we have compared IFRS 3 Business Combinations with IAS 22 Business Combinations. The Group transitioned from UK GAAP to IFRS in 2005 and as such we have also compared IFRS 3 with FRS 6 Mergers and Acquisitions and FRS 7 Fair Values in Acquisition Accounting. Our overall view is that IFRS 3 Business Combinations is broadly achieving its objective of improving the quality of, and seeking international convergence on, the accounting for business combinations. However, we believe that the accounting for goodwill, in particular the impairment assessment, should be revisited and that further improvements are required around the recognition of identifiable intangible assets and deemed employee compensation. These aspects are discussed further, together with our detailed responses to the questions posed in the post-implementation review in the attached appendix. Should you wish to discuss our comments further, please do not hesitate to contact me. Yours sincerely, Chris Innes-Wilson Group Chief Accountant Standard Chartered Bank 1 Basinghall Avenue, London EC2V 5DD Tel: +44(0) Standard Chartered Bank is incorporated in England with limited liability by Royal Charter 1853 Reference number ZC18 The Principal Office of the company is situated in England at 1 Aldermanbury Square, London EC2V 7SB Standard Chartered Bank is authorized and regulated by the Financial Services Authority under FSA register no

2 Appendix Question 1 Please tell us: (d) (e) about your role in relation to business combinations (ie preparer of financial statements, auditor, valuation specialist, user of financial statements and type of user, regulator, standard-setter, academic, accounting professional body etc). your principal jurisdiction. If you are a user of financial statements, which geographical regions do you follow or invest in? whether your involvement with business combinations accounting has been mainly with IFRS 3 (2004) or IFRS 3 (2008). if you are a preparer of financial statements: (i) whether your jurisdiction or company is a recent adopter of IFRS and, if so, the year of adoption; and (ii) with how many business combinations accounted for under IFRS has your organisation been involved since 2004 and what were the industries of the acquirees in those combinations. if you are a user of financial statements, please briefly describe the main business combinations accounted for under IFRS that you have analysed since 2004 (for example, geographical regions in which those transactions took place, what were the industries of the acquirees in those business combinations etc). My role within SCB is Group Chief Accountant and I am responsible for the oversight and preparation of the Group s financial statements. The Group is headquartered in London and operates in more than 70 countries worldwide principally in Asia, Africa and the Middle East. The Group prospectively adopted IFRS 3 on 1 January 2004, and the revised amendments from 1 January Upon the adoption of IFRS, the exemption from IFRS 1 was applied and therefore business combinations prior to 1 January 2004 were not restated. A number of the Group s subsidiaries also report on a locally aligned IFRS basis. Over the years SCB has made a number of significant multi-jurisdictional business combinations in order to enhance capability and to broaden product offering to customers. These business combinations have been across a number of different sectors, including the oil and gas industry, aircraft and ship leasing, brokerage and banking. A few examples of the larger and more profile business combinations have been of Korea First Bank in Korea, Union Bank in Pakistan, Hsinchu Bank in Taiwan, Pembroke, an aircraft leasing company, and American Express Bank. Question 2: Definition of a Business Are there benefits of having separate accounting treatments for business combinations and asset acquisitions? If so, what are these benefits? What are the main practical implementation, auditing or enforcement challenges you face when assessing a transaction to determine whether it is a business? For the practical implementation challenges that you have indicated, what are the main considerations that you take into account in your assessment? Page 2 of 9

3 In our opinion there are a number of obvious benefits from separating the accounting for business combinations and asset acquisitions. For asset acquisitions the price paid is allocated to the assets acquired. There is no resulting goodwill which has to then be subsequently subject to an annual impairment review, which reduces the burden on the preparers of the financial statements. The challenges, however, for SCB have been around the application of the guidance in determining whether an acquisition is a business. Previously under UK GAAP there was little guidance as to the definition of a business, resulting in some transactions that would not be regarded as a business combination under IFRS being accounted for as such previously under UK GAAP. The introduction of separating accounting treatments has put additional pressure on the determination of whether acquired assets and assumed liabilities constitute a business. There are many assumptions required and judgements involved in such determination. The main practical difficulty for SCB has been in knowing when to draw the line when applying the guidance in order to conclude on the appropriate accounting treatment. In our experience the process of looking at inputs, processes and outputs is more aligned for the purpose of identifying whether a business combination is a business or an asset for industries such as manufacturing where there are tangible in and outputs. This process is, however, more complex and challenging when trying to determine the acquisition for a service industry. For example, if we take the purchase of a loan portfolio, which is generally not accompanied by associated processes, it is unlikely that such a purchase will be considered a business. However, the inputs that we may have acquired can include intangible rights (customer relationships) and brand names. The input and processes need not be transferred to obtain a business classification, if a third party market participant (another bank) is capable of operating with its own inputs/processes. Another challenge for SCB has been around the provision of a return. Since in this example SCB only acquired assets, the business itself is not capable of delivering a return without also acquiring a pool of funding to be able to absorb the impact of the portfolio. Without both acquiring the assets and assuming the liabilities of a portfolio it is unlikely such a transaction will be considered a business. Question 3: Fair Value To what extent is the information derived from the fair value measurements relevant and the information disclosed about fair value measurements sufficient? If there are deficiencies, what are they? What have been the most significant valuation challenges in measuring fair value within the context of business combination accounting? What have been the most significant challenges when auditing or enforcing those fair value measurements? Has fair value measurement been more challenging for particular elements: for example, specific assets, liabilities, consideration etc? There are a number of valuation challenges inherent in determining fair values. The first and most obvious is around the valuation of intangible assets. To derive the fair value of these intangible assets, highly complex models using a series of assumptions (useful economic life, third party exit values), discount rates, and judgements to obtain a present value are used. When SCB acquires a controlling interest in entities in which it already has an investment, we are required to re-measure the existing stake at fair value, with any resultant gain or loss taken to income. This now requires more detailed tracking and disclosure on an investment-by- Page 3 of 9

4 investment basis, including details of carrying amount and subsequent re-measurements. In this scenario the fair value measurements are relevant. In addition, we also consider that there is the potential for double counting elements of value of some intangibles. This can occur where valuations are based on future income which is generated by more than one asset. For example, revenue generated by customer relationships may also, in part, be driven by the value of the brand. Reflecting a third party exit value also generates specific day 2 accounting challenges for the acquiring entity For example, where we acquire businesses with an overlapping customer base, we are required to ascribe full value to the entirety of the customer relationships acquired even though the incremental benefits are significantly lower. Issues also arise where a brand is acquired but is not intended to be used by the acquirer. While we understand the protective value attributed to the brand in this case, we do not consider whether it meets the definition of an asset, in that it does not generate future economic benefits to the entity. Some practical challenges have also been seen in the areas of intercompany relationships and fair values of loans and receivables. Where assets acquired or liabilities assumed include SCB lending or debt instruments, issues arise where the reacquisition price is different from SCB s current carrying amount. Where effective settlement occurs prior to maturity, a settlement loss may result. One of the changes brought about by IFRS 3R was to prohibit the recognition of a separate valuation allowance for loans and advances acquired as part of a business combination. These are acquired at fair value which represents the present value of expected cash flows and as such loan loss provisions are not recognised in the accounts in respect of loan portfolios acquired as it is already reflected within the balance sheet net present value. Although disclosure is required of the gross contractual cash flows and the amount of those cash flows not expected to be collected at the time of acquisition, this information is not rolled forward in the financial statements. This amendment also resulted in a presentational change impacting how the acquired loans look on the balance sheet, even though the net position is fundamentally the same and how fair value recoveries are accounted for through the income statement. Question 4: Separate recognition of intangible assets from goodwill and the accounting for negative goodwill Do you find the separate recognition of intangible assets useful? If so, why? How does it contribute to your understanding and analysis of the acquired business? Do you think changes are needed and, if so, what are they and why? What are the main implementation, auditing or enforcement challenges in the separate recognition of intangible assets from goodwill? What do you think are the main causes of those challenges? How useful do you find the recognition of negative goodwill in profit or loss and the disclosures about the underlying reasons why the transaction resulted in a gain? In our view the issuance of IFRS 3 has resulted in the recognition of more separately identifiable intangible assets, although we question the extent to which this generates decisionuseful information for users. While the intent was that users could obtain a better understanding of the individual economic benefits (assets) arising from the premium paid for an acquired entity, we are aware that many Page 4 of 9

5 users exclude the impact of intangible amortisation when assessing the performance of an entity and/or exclude intangible assets from key ratios (such as net asset value per share). The types of intangibles typically arising on SCBs acquisitions include core deposit intangibles, customer relationships, brands, and licenses. The challenges that we face with these intangibles is firstly their identification and then secondly attributing a value. As previously mentioned the fair value of these intangible assets will be derived from highly complex models using a series of assumptions. Often a separate intangible asset is required to be recognised irrespective of whether the asset is intended to be used by the Group, for example when considering a brand name, the fair value of the brand must still be determined as the FV unaffected by the acquirers intentions. In such circumstances SCB assumes that the future cash flows are at best constant or declining to reflect the decrease in brand value. The useful life will the period in which the brand is protected by trademark. Negative goodwill Previously under UK GAAP negative goodwill was capitalised and recognised in the Profit & Loss over a period in which non monetary assets were depreciated or when benefits were expected to be obtained. Whilst we agree that the negative goodwill represented a future economic benefit, we considered that a straight line amortisation approach did not appropriately apply the matching concept. Therefore, when a business combination is made at a bargain purchase, we agree that negative goodwill should be immediately recognised in the income statement. The disclosures underlying the reasons why negative goodwill resulted in a gain are, in our opinion, sufficient. SCB has not encountered any specific situations of negative goodwill and expect such scenarios to be very rare in practise. Question 5: Non-amortisation of goodwill and indefinite-life intangible assets How useful have you found the information obtained from annually assessing goodwill and intangible assets with indefinite useful lives for impairment, and why? Do you think that improvements are needed regarding the information provided by the impairment test? If so, what are they? What are the main implementation, auditing or enforcement challenges in testing goodwill or intangible assets with indefinite useful lives for impairment, and why? The annual impairment test has lead to significantly increased volatility of earnings compared to the more predictable annual amortisation charge. Impairment charges will be raised on an irregular basis when economic factors impact the recoverable value of that goodwill. In addition, the annual review of goodwill and the indefinite lived intangible assets has resulted in a more rigorous test of the subsequent value. If deals are unsuccessful impairments will occur more readily. As goodwill is a residual the value after the identification of intangible assets. This value is important because impairment losses on goodwill cannot be reversed, whereas impairment losses on other assets can be reversed in certain circumstances. As the acquiring company we seek to ensure that provisions are made where there is a present obligation from a past event at the acquisition date to ensure that post acquisition profit is not restricted when expenditure is subsequently incurred. Page 5 of 9

6 The process of allocating goodwill to a CGU is highly judgemental, firstly in the identification of a CGU and then secondly the choice of allocation to a CGU. The practical challenge from a user s perspective is that the underlying performance of the acquired business is not separately assessed but is incorporated within the cash flows of the assigned CGU. As a result, goodwill of the acquired business may be sheltered by the inherent internally generated goodwill within the existing operations. Consequently, goodwill arising on acquisitions that perform poorly may not be written down as the goodwill continues to be supported by the performance of the CGU as a whole. The determination of value-in-use underpinning the impairment assessment is also very subjective. While this relies on management approved forecasts, the value-in-use calculations are subject to a number of assumptions and expectations that goodwill exists into perpetuity. While we recognise some aspects of the premium on an acquisition will be long-lasting, we do not consider it appropriate that goodwill, in most cases, generates benefits on an indefinite basis. From a preparer perspective, therefore, a considerable amount of management time and effort is undertaken to assess goodwill for impairment on an ongoing basis. We do not believe that goodwill should be assessed any differently from other assets in terms of the impairment assessment. However, we do not believe that goodwill should have an indefinite life and are therefore supportive of amortisation and treating goodwill consistently with other intangible assets. While we note that there is a perception that the non-amortisation of goodwill better holds management to account, we believe that this can only really hold true in the near term. Amortisation of goodwill would still hold management to account in the short-term, whilst recognising that the benefits ascribed to goodwill are not indefinite. We do not believe that there are any specific improvements needed regarding the information provided by the impairment test. The standards adequately require (and/or encourage) the disclosure of key assumptions used within the sensitivity analysis to determine the CGUs, fair values and value in use. These ensure that the user understand the judgements that have been applied during the impairment review. Question 6: Non-controlling interest How useful is the information resulting from the presentation and measurement requirements for NCIs? Does the information resulting from those requirements reflect the claims on consolidated equity that are not attributable to the parent? If not, what improvements do you think are needed? What are the main challenges in the accounting for NCIs, or auditing or enforcing such accounting? Please specify the measurement option under which those challenges arise. To help us assess your answer better, we would be grateful if you could please specify the measurement option under which you account for NCIs that are present ownership interests and whether this measurement choice is made on an acquisition-by-acquisition basis. The accounting policy of SCB for non controlling interests is not to recognise NCIs at fair value and gross them up to include their share of goodwill, but to instead recognise them based on Page 6 of 9

7 their proportionate share of the fair value of identifiable net assets acquired. This policy was unchanged from the previous UK GAAP or IAS 22 accounting treatment. For each business combination disclosure is required of each NCI recognised at the date of acquisition. To provide more meaningful information to the users of financial statements we believe that disclosure should only be made for significant NCIs. SCB are currently required to disclose our immaterial NCIs which we believe are not value add to the user. Finally, the choice of accounting method for NCIs can confuse users of the financial statements. The methods offered by IFRS 3 results in comparably different levels of net assets and possible impairment across entities. Any subsequent purchases will result in diverted impact on the parent s equity. To hinder comparability further full recognition can also lead to a control premium in the per share valuation. In order to promote consistency of application we would recommend the use of a single method of NCI accounting. Question 7: Step acquisitions and loss of control How useful do you find the information resulting from the step acquisition guidance in IFRS 3? If any of the information is unhelpful, please explain why. How useful do you find the information resulting from the accounting for a parent s retained investment upon the loss of control in a former subsidiary? If any of the information is unhelpful, please explain why. Step acquisitions We support the step acquisitions approach, which requires the fair value exercise and assessment of goodwill to be determined only once, when the controlling stake in an acquisition is made. However we note that this approach could result in amounts being recognised in the financial statements that are potentially confusing to investors. When control is obtained IFRS 3R requires any existing stakes in entities acquired to be remeasured at fair value, and treated as if it has been disposed of. The resultant gain/loss is then recognised in the Income Statement in the same way as an actual disposal. In our opinion, although we agree that control is a significant event requiring the revaluation of acquired net assets, the revaluation gain/loss attributable to net assets of previously held NCIs should be recognised directly in equity and not through the Income Statement. Acquiring additional interests does not warrant the recognition of a gain/loss in the profit and loss, since there has been no change in retained investment or realisation of earnings. This, therefore, in our opinion does not provide the user with information which reflects the economics around the investment. Rather than aiding users understanding the accounting treatment will confuse and distract from the underlying rationale of the acquisition. In addition, from a user s perspective, we believe that more guidance on control premiums including indicators of when they exist is required and would improve comparability further. Loss of control When there is loss of control of a subsidiary and the recovery of the investment is principally through sale, the held for sale criteria are met. The challenge of the preparers is to ensure that the right level of disclosure is correctly presented to ensure that the users of the financial statements understand the rationale behind the transaction, the remaining ownership and accounting thereof. Ultimately clarity has to be retained. Page 7 of 9

8 Question 8: Disclosures Is other information needed to properly understand the effect of the acquisition on a group? If so, what information is needed and why would it be useful? Is there information required to be disclosed that is not useful and that should not be required? Please explain why. What are the main challenges to preparing, auditing or enforcing the disclosures required by IFRS 3 or by the related amendments, and why? The objective of the IFRS disclosures was to provide information in the acquirer s financial statements that will enable users to evaluate the nature and financial affect of business combinations that occurred during the reporting period or shortly thereafter. In our opinion in order for these to be made more meaningful we believe that there should be a focus on disclosures around the purpose and underlying rationale behind why an acquisition has been undertaken and whether post acquisition integration has performed as expected. Currently the only evidence for the user to assess the performance of a business combination is through goodwill and the annual testing thereof, which as we noted in our earlier response, is only of use in the short-term and maybe shielded by existing internal goodwill within the business. That being said, the disclosure requirements in IFRS 3 do have the potential to be extensive, compounded further by the requirement for additional information as per IFRS para s B The IASB should also consider these as part of their Disclosure project. Finally, in addition to the more meaningful disclosures we have proposed, we believe that the current post acquisition disclosures, such as the estimate of annualised revenue and profit as if deals had been completed at the start of the financial year, only provide limited information to users. Question 9: Other Matters Are there other matters that you think the IASB should be aware of as it considers the PiR of IFRS 3? The IASB is interested in: understanding how useful the information that is provided by the Standard and the related amendments is, and whether improvements are needed, and why; learning about practical implementation matters, whether from the perspective of applying, auditing or enforcing the Standard and the related amendments; and any learning points for its standard-setting process. The original objective of IFRS 3R was to seek international convergence for the accounting of business combinations. However, following the joint project with the FASB, a number of key differences still remain, especially in the areas of; contingent consideration, goodwill impairment, NCI accounting and common control transactions. Whilst SCB does not report under US GAAP, we support the concept of full international convergence when such a project was objected to be so. Page 8 of 9

9 We also believe that there should be guidance around common control transactions to ensure consistency of application and therefore fully support the IASB s Business Combinations under Common Control project to identify issues arising from the accounting for such transactions. As part of the IFRS 3R amendment, guidance now requires entities to identify the cost of acquisition separately from consideration for transactions that are connected but not part of the acquisition. This, generally, in our experience has proven to be a difficult and judgemental area. One of the practical challenges faced by SCB has been in the area of deemed employee remuneration. The changes implemented by IFRS 3R meant that consideration must be as accounted for as employee compensation if the consideration paid to employee shareholders is deferred. While the provisions were included in the previous version of IFRS 3, it was permitted to consider other factors in order to assess whether this resulted in an appropriate reflection of the economics of the transaction. We consider this approach represents a higher quality accounting outcome than the changes implemented as part of IFRS 3R. The revised guidance not only changed the income statement dynamic compared to previous acquisitions but also impacts how business combinations are structured. The classification of such consideration as remuneration does not seem to make sense when you compare levels of remuneration across industry peers for example. We recommend that the IASB clarify this treatment, ideally reverting to the earlier IFRS 3 requirements. Finally we believe that when issuing new standards or undertaking amendments the timing of such projects involving a phased approach, should be given greater consideration. Learning s from this standard and along with IFRS 9, for example, has shown that a piecemeal approach to the issuance of a standard adds levels of uncertainty over application and effective dates, and additional implementation burden for businesses and users. For standards to be effectively implemented we recommend that standards are issued in their entirety, rather than in phased stages. Question 10: Effects From your point of view, which areas of IFRS 3 and related amendments: represent benefits to users of financial statements, preparers, auditors and/or enforcers of financial information, and why; have resulted in considerable unexpected costs to users of financial statements, preparers, auditors and/or enforcers of financial information, and why; or have had an effect on how acquisitions are carried out (for example, an effect on contractual terms)? Taking into account the considerations already raised, we do believe that IFRS 3 fundamentally has increased the transparency of acquisitions in the financial statements, and that separating the intangible assets and revaluing the tangible assets through purchase price allocation gives investors and analysts a better understanding of why management completed a deal and where they consider the key drivers to be. We support the view that the purchase premium should, not in its entirety, be solely recognised as goodwill. As previously mentioned we believe that the issuance of this standard has had some influence over how business combination deals are structured. Identification of intangible assets are considered at deal inception to determine whether a deal will be accretive or dilutive, and how their UELs could impact earnings in the near term. Page 9 of 9

Constituents generally agreed that IFRS 3 is conceptually sound, but that it is often difficult to apply in practice, in New Zealand.

Constituents generally agreed that IFRS 3 is conceptually sound, but that it is often difficult to apply in practice, in New Zealand. 30 May 2014 Mr Hans Hoogervorst Chairman The International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Hans Post-implementation Review of IFRS 3 Business Combinations

More information

IASB Exposure Draft on Classification and Measurement: Limited Amendments to IFRS 9

IASB Exposure Draft on Classification and Measurement: Limited Amendments to IFRS 9 28 March 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam, IASB Exposure Draft on Classification and Measurement: Limited Amendments to IFRS

More information

Request for Information Post-implementation Review IFRS 3 Business Combinations

Request for Information Post-implementation Review IFRS 3 Business Combinations Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London United Kingdom EC4M 6XH Deloitte Touche Tohmatsu Limited 2 New Street Square London EC4A 3BZ United Kingdom Tel:

More information

Our reference/name Tel.-Extension/ Date Page of 10

Our reference/name Tel.-Extension/ Date Page of 10 TÜV SÜD AG 80684 Munich Germany IFRS Foundation Publications Department 30 Cannon Street, London EC4M 6XH United Kingdom Our reference/name Tel.-Extension/E-Mail Date Page Andreas Gaar +49 89 5791-3043

More information

Independent Auditor s Report

Independent Auditor s Report Consolidated Independent Auditor s Report Independent Auditor s Report To the members of BBA Aviation plc Opinion on financial statements of BBA Aviation plc In our opinion: the financial statements give

More information

Summary of responses to RfI in Korea

Summary of responses to RfI in Korea Summary of responses to RfI in Korea May 2014 Korea Accounting Standards Board (KASB) Contents 1. Your background and experience 2. Definition of a business 3. Fair value 4. Separate recognition of intangible

More information

Our Ref.: C/FRSC. Sent electronically through the IASB website ( 19 April 2013

Our Ref.: C/FRSC. Sent electronically through the IASB website (  19 April 2013 Our Ref.: C/FRSC Sent electronically through the IASB website (www.ifrs.org) 19 April 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sirs, IASB Exposure

More information

Delivering value through transformation. Practical Guide to New Singapore Financial Reporting Standards for 2014

Delivering value through transformation. Practical Guide to New Singapore Financial Reporting Standards for 2014 Delivering value through transformation to New Singapore Financial for 2014 Contents Introduction 4 Developments in IFRS not yet adopted by ASC 5 1. New/revised standards and interpretations 6 FRS 27

More information

Re: IASB Request for information: Comprehensive review of the IFRS for SMEs

Re: IASB Request for information: Comprehensive review of the IFRS for SMEs Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street GB LONDON EC4M 6XH E-mail: commentletters@ifrs.org 14 December 2012 Ref.: FRP/PRJ/TSI/IDS Dear Chairman, Re: IASB

More information

29 June SAVILLS PLC (Savills or 'The Group') ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

29 June SAVILLS PLC (Savills or 'The Group') ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) 29 June 2005 SAVILLS PLC (Savills or 'The Group') ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Introduction From 1 January 2005, the Group is required to prepare its consolidated financial

More information

22 December EFRAG 35 Square de Meeûs B-1000 Brussels Belgium. Dear Sirs GOODWILL AND IMPAIRMENT ICAEW REP 197/16

22 December EFRAG 35 Square de Meeûs B-1000 Brussels Belgium. Dear Sirs GOODWILL AND IMPAIRMENT ICAEW REP 197/16 22 December 2016 EFRAG 35 Square de Meeûs B-1000 Brussels Belgium Dear Sirs GOODWILL AND IMPAIRMENT ICAEW REP 197/16 ICAEW welcomes the opportunity to comment on the EFRAG/ ASBJ joint study entitled What

More information

Independent Auditor s Report To the Members of Stobart Group Limited

Independent Auditor s Report To the Members of Stobart Group Limited Financial Statements Independent Auditor s Report To the Members of Stobart Group Limited We have audited the Group financial statements of Stobart Group Limited for the year ended 28 February 2009 which

More information

Overview Strategic report Corporate governance Financial statements Shareholder information

Overview Strategic report Corporate governance Financial statements Shareholder information Financial statements 64 Independent Auditors report to the members of 70 Consolidated Income Statement 71 Consolidated Statement of Comprehensive Income 72 Consolidated Balance Sheet 73 Consolidated Statement

More information

ACCOUNTING POLICIES. for the year ended 30 June MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13

ACCOUNTING POLICIES. for the year ended 30 June MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13 12 MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13 ACCOUNTING POLICIES for the year ended 30 June 2013 1 PRESENTATION OF FINANCIAL STATEMENTS These accounting policies are consistent with the previous

More information

Sent electronically through at

Sent electronically through  at Our Ref.: C/FRSC Sent electronically through email at strategyreview-comm@ifrs.org 22 July 2011 Tom Seidenstein Chief Operating Officer IFRS Foundation 30 Cannon Street, London EC4M 6XH, United Kingdom

More information

Exposure Draft ED 2015/6 Clarifications to IFRS 15

Exposure Draft ED 2015/6 Clarifications to IFRS 15 Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London United Kingdom EC4M 6XH Deloitte Touche Tohmatsu Limited 2 New Street Square London EC4A 3BZ United Kingdom Tel:

More information

Accounting Policies. Key accounting policies

Accounting Policies. Key accounting policies Accounting Policies Basis of accounting The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted for use in the European Union (EU) and

More information

ESMA Report. Review on the application of accounting requirements for business combinations in IFRS financial statements. 16 June 2014/ESMA/2014/643

ESMA Report. Review on the application of accounting requirements for business combinations in IFRS financial statements. 16 June 2014/ESMA/2014/643 ESMA Report Review on the application of accounting requirements for business combinations in IFRS financial statements 16 June 2014/ESMA/2014/643 Date: 16 June 2014 ESMA/2014/643 Table of Contents Contents

More information

INDEPENDENT AUDITORS REPORT

INDEPENDENT AUDITORS REPORT INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF MEDICLINIC INTERNATIONAL PLC REPORT ON THE AUDIT OF THE Our opinion In our opinion, Mediclinic International plc s Group financial statements (the financial

More information

Financial Statements Independent auditor s report to the members of Kier Group plc

Financial Statements Independent auditor s report to the members of Kier Group plc Independent auditor s report to the members of Kier Group plc Report on the financial statements Our opinion In our opinion: Kier Group plc s Group financial statements and Company financial statements

More information

Financial statements: contents

Financial statements: contents Section 6 Financial statements 93 Financial statements: contents Consolidated financial statements Independent auditors report to the members of Pearson plc 94 Consolidated income statement 96 Consolidated

More information

112 Pearson plc Annual report and accounts Page Title

112 Pearson plc Annual report and accounts Page Title 112 Pearson plc Annual report and accounts 2016 Page Title Section 5 Financial statements 113 Financial statements In this section Consolidated financial statements 114 Independent auditor s report to

More information

Re: Comments on ED/2012/4 Classification and Measurement: Limited Amendments to IFRS 9

Re: Comments on ED/2012/4 Classification and Measurement: Limited Amendments to IFRS 9 China Accounting Standards Committee April 11, 2012 Mr. Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London, EC4M 6XH United Kingdom Dear Mr. Hans Hoogervorst, Re:

More information

International Financial Reporting Standards (IFRSs ) A Briefing for Chief Executives, Audit Committees & Boards of Directors

International Financial Reporting Standards (IFRSs ) A Briefing for Chief Executives, Audit Committees & Boards of Directors 2012 International Financial Reporting Standards (IFRSs ) A Briefing for Chief Executives, Audit Committees & Boards of Directors 2012 International Financial Reporting Standards (IFRSs ) A Briefing for

More information

An Overview of New PRC GAAP: Differences between Old and New PRC GAAP and its Convergence with IFRS

An Overview of New PRC GAAP: Differences between Old and New PRC GAAP and its Convergence with IFRS An Overview of New PRC GAAP: Differences between Old and New PRC GAAP and its Convergence with IFRS 3rd Edition October 2014 kpmg.com/cn 2014 KPMG, a Hong Kong partnership and a member firm of the KPMG

More information

SAICA SUBMISSION ON THE EXPOSURE DRAFT ON FINANCIAL INSTRUMENTS: EXPECTED CREDIT LOSSES

SAICA SUBMISSION ON THE EXPOSURE DRAFT ON FINANCIAL INSTRUMENTS: EXPECTED CREDIT LOSSES 5 July 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Email: CommentLetters@ifrs.org Dear Sir/Madam SAICA SUBMISSION ON THE EXPOSURE DRAFT ON FINANCIAL In

More information

IFRS news. The IASB and FASB discussions on financial instruments accounting are nearly complete. Jessica Taurae looks at the latest progress.

IFRS news. The IASB and FASB discussions on financial instruments accounting are nearly complete. Jessica Taurae looks at the latest progress. IFRS news June 2012 IFRS news IASB and FASB agree approach for debt investments In this issue: The IASB and FASB discussions on financial instruments accounting are nearly complete. Jessica Taurae looks

More information

IN THIS SECTION 128 Independent auditors report 134 Accounting policies

IN THIS SECTION 128 Independent auditors report 134 Accounting policies 127 IFRS FINANCIAL STATEMENTS IN THIS SECTION 128 Independent auditors report 134 Accounting policies CONSOLIDATED FINANCIAL STATEMENTS 148 Consolidated income statement 149 Consolidated statement of comprehensive

More information

(a) Business combinations: those prior to the transition date have not been restated onto an IFRS basis.

(a) Business combinations: those prior to the transition date have not been restated onto an IFRS basis. Telecom plus PLC Adoption of International Financial Reporting Standards The purpose of this document is to provide guidance on the impact of International Financial Reporting Standards as adopted for

More information

ACCOUNTING POLICIES 1 PRESENTATION OF FINANCIAL STATEMENTS. for the year ended 30 June BASIS OF PREPARATION 1.2 STATEMENT OF COMPLIANCE

ACCOUNTING POLICIES 1 PRESENTATION OF FINANCIAL STATEMENTS. for the year ended 30 June BASIS OF PREPARATION 1.2 STATEMENT OF COMPLIANCE 14 MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 15 ACCOUNTING POLICIES for the year ended 30 June 2015 1 PRESENTATION OF FINANCIAL STATEMENTS 1.1 BASIS OF PREPARATION These consolidated and separate financial

More information

Re: Request for Information Post-implementation Review IFRS 13 Fair Value Measurement

Re: Request for Information Post-implementation Review IFRS 13 Fair Value Measurement Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6H United Kingdom Email: commentletters@ifrs.org 22 September 2017 Re: Request for Information Post-implementation

More information

Consolidated Financial Statements

Consolidated Financial Statements 1. General The Company is a public limited company incorporated in Hong Kong and its shares are listed on The Stock Exchange of Hong Kong Limited (the Stock Exchange ). The address of the registered office

More information

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017 NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES 1.1 Statement of compliance The consolidated (group) and separate (company) annual financial statements (financial statements) are stated in South

More information

Strategic report. Corporate governance. Financial statements. Financial statements

Strategic report. Corporate governance. Financial statements. Financial statements Strategic report Corporate governance Financial statements 76 Statement of Directors responsibilities 77 Independent auditor s report to the members of Tesco PLC 85 Group income statement 86 Group statement

More information

Financial statements. The University of Newcastle newcastle.edu.au F1

Financial statements. The University of Newcastle newcastle.edu.au F1 Financial statements The University of Newcastle newcastle.edu.au F1 Income statement For the year ended 31 December Consolidated Parent Revenue from continuing operations Australian Government financial

More information

Financial statements. Additional information

Financial statements. Additional information Financial statements 60 Independent auditors report to the members of plc on the consolidated financial statements 65 Consolidated income statement 66 Consolidated statement of comprehensive income 67

More information

ESMA s REVIEW OF THE APPLICATION OF BUSINESS COMBINATION ACCOUNTING INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/10

ESMA s REVIEW OF THE APPLICATION OF BUSINESS COMBINATION ACCOUNTING INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/10 ESMA s REVIEW OF THE APPLICATION OF BUSINESS COMBINATION ACCOUNTING INTERNATIONAL FINANCIAL REPORTING BULLETIN 2014/10 Background The European Securities and Markets Authority (ESMA) has released a report

More information

IFRS Top 20 Tracker edition

IFRS Top 20 Tracker edition IFRS Top 20 Tracker 2011 edition Contents Executive Summary 1 1 Business combinations 2 2 Consolidated financial statements 4 3 Presentation of financial statements 5 4 Revenue recognition 7 5 Going concern

More information

Consolidated Financial Statements HSBC Bank Bermuda Limited

Consolidated Financial Statements HSBC Bank Bermuda Limited 2011 Consolidated Financial Statements HSBC Bank Bermuda Limited Consolidated Financial Statements and Audit Report for the year ended 31 December 2011 Contents Page Independent Auditors Report... 1 Consolidated

More information

THE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS

THE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS THE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS INTRODUCTION Implementation of International Financial Reporting Standards ( IFRS ) For the year

More information

11 September Our ref: ICAEW Rep 100/09. Your ref:

11 September Our ref: ICAEW Rep 100/09. Your ref: 11 September 2009 Our ref: ICAEW Rep 100/09 Your ref: Sir David Tweedie Chairman The International Accounting Standards Board First Floor 30 Cannon Street London, EC4M 6XH Dear Sir David FINANCIAL INSTRUMENTS:

More information

The IASB s Exposure Draft Hedge Accounting

The IASB s Exposure Draft Hedge Accounting Date: 11 March 2011 ESMA/2011/89 IASB Sir David Tweedie Cannon Street 30 London EC4M 6XH United Kingdom The IASB s Exposure Draft Hedge Accounting The European Securities and Markets Authority (ESMA) is

More information

Consultative Document - Guidance on accounting for expected credit losses

Consultative Document - Guidance on accounting for expected credit losses Basel Committee on Banking Supervision Bank for International Settlements Centralbahnplatz 2 4051 Basel Switzerland Deloitte Touche Tohmatsu Limited 2 New Street Square London EC4A 3BZ United Kingdom Tel:

More information

ACCOUNTING POLICIES 1 PRESENTATION OF FINANCIAL STATEMENTS MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 17

ACCOUNTING POLICIES 1 PRESENTATION OF FINANCIAL STATEMENTS MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 17 20 ACCOUNTING POLICIES FOR THE YEAR ENDED 30 JUNE 2017 1 PRESENTATION OF FINANCIAL STATEMENTS 1.1 Basis of preparation These consolidated and separate financial statements have been prepared under the

More information

Notes to the financial statements

Notes to the financial statements Notes to the financial statements 1 Statement of accounting policies Beazley plc (registered number 09763575) is a company incorporated in England and Wales and is resident for tax purposes in the United

More information

Our ref. Comment letter on Discussion Paper DP/2018/1 Financial Instruments with Characteristics of Equity

Our ref. Comment letter on Discussion Paper DP/2018/1 Financial Instruments with Characteristics of Equity Tel +44 (0) 20 7694 8871 15 Canada Square Reinhard.Dotzlaw@kpmgifrg.com London E14 5GL United Kingdom Mr Hans Hoogervorst International Accounting Standards Board Columbus Building 7 Westferry Circus London

More information

Corporate Watch. pwc. FRS 103 Improving the transparency and comparability of acquisition accounting. *connectedthinking. July / August 2004 Issue

Corporate Watch. pwc. FRS 103 Improving the transparency and comparability of acquisition accounting. *connectedthinking. July / August 2004 Issue Corporate Watch July / August 2004 Issue FRS 103 Improving the transparency and comparability of acquisition accounting On 31 March 2004, the International Accounting Standards Board (IASB) published International

More information

HSBC Holdings plc IFRS Comparative Financial Information

HSBC Holdings plc IFRS Comparative Financial Information HSBC Holdings plc 2004 IFRS Comparative Financial Information HSBC HOLDINGS PLC Table of Contents Page 1 Introduction... 2 2 Financial highlights... 2 3 Basis of preparation... 4 4 Key impact analysis

More information

9. Share-Based Payments Jointly Controlled Entities Other Operating Income Other Operating Expense 130

9. Share-Based Payments Jointly Controlled Entities Other Operating Income Other Operating Expense 130 92 Financial Report Detailed contents: Consolidated financial statements Consolidated Income Statement for the year ended 31 December Consolidated Statement of Comprehensive Income for the year ended 31

More information

FInAnCIAl StAteMentS

FInAnCIAl StAteMentS Financial STATEMENTS The University of Newcastle ABN 157 365 767 35 Contents 106 Income statement 107 Statement of comprehensive income 108 Statement of financial position 109 Statement of changes in equity

More information

FINANCIAL STATEMENTS. In this section 89 Independent auditor s report to the members

FINANCIAL STATEMENTS. In this section 89 Independent auditor s report to the members FINANCIAL STATEMENTS In this section 89 Independent auditor s report to the members of Mitchells & Butlers plc 96 Group income statement 97 Group statement of comprehensive income 98 Group balance sheet

More information

Request for Information: Comprehensive Review of IFRS for SMEs

Request for Information: Comprehensive Review of IFRS for SMEs 30 November 2012 Level 7, 600 Bourke Street MELBOURNE VIC 3000 Postal Address PO Box 204 Collins Street West VIC 8007 Telephone: (03) 9617 7600 Facsimile: (03) 9617 7608 Mr Hans Hoogervorst Chairman International

More information

Exposure draft 2016/1 Definition of a Business and Accounting for Previously Held Interests (Proposed amendments to IFRS 3 and IFRS 11)

Exposure draft 2016/1 Definition of a Business and Accounting for Previously Held Interests (Proposed amendments to IFRS 3 and IFRS 11) Deloitte Touche Tohmatsu Limited 2 New Street Square London EC4A 3BZ Phone: +44 (0)20 7936 3000 Fax: +44 (0)20 7583 1198 www.deloitte.com/about 31 October 2016 Direct phone: +44 207 007 0884 vepoole@deloitte.co.uk

More information

International Accounting Standards Board 30 Cannon Street London EC4M 6XH 28 th March 2013

International Accounting Standards Board 30 Cannon Street London EC4M 6XH 28 th March 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH 28 th March 2013 Ref.: Exposure Draft ED/2012/4 Classification and Measurement: Limited Amendments to IFRS 9, Proposed amendments

More information

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ELECTROCOMPONENTS PLC

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ELECTROCOMPONENTS PLC INDEPENDENT AUDITORS REPORT INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ELECTROCOMPONENTS PLC Report on the audit of the financial statements Opinion In our opinion: Electrocomponents plc s Group accounts

More information

Annual Report and Accounts

Annual Report and Accounts /11 Annual Report and Accounts Financial Statements Contents of financial statements Directors statement and independent Auditors report 110 Statement of Directors responsibilities 111 Independent Auditors

More information

International Accounting Standards Board 30 Cannon Street London EC4M 6XH UK. Cc: EFRAG. Oslo, November 29, Dear Sir/Madam

International Accounting Standards Board 30 Cannon Street London EC4M 6XH UK. Cc: EFRAG. Oslo, November 29, Dear Sir/Madam International Accounting Standards Board 30 Cannon Street London EC4M 6XH UK Cc: EFRAG Oslo, November 29, 2012 Dear Sir/Madam Request for Information: Comprehensive Review of the IFRS for SMEs We appreciate

More information

Centrica plc. International Financial Reporting Standards. Restatement and seminar

Centrica plc. International Financial Reporting Standards. Restatement and seminar International Financial Reporting Standards Restatement and seminar Centrica plc has adopted International Financial Reporting Standards with effect from 1 January 2005 and, on 15 September 2005, will

More information

COMPATIBILITY OF THE IFRS FOR SMEs AND THE DIRECTIVES

COMPATIBILITY OF THE IFRS FOR SMEs AND THE DIRECTIVES 19 April 2010 Our ref: ICAEW Rep 40/10 Your ref: Ms Françoise Flores Chair Technical Expert Group European Financial Reporting Advisory Group (EFRAG) 35 Square de Meeûs B-1000 Brussels By email: commentletter@efrag.org

More information

At this meeting, the Interpretations Committee discussed the following items on its current agenda.

At this meeting, the Interpretations Committee discussed the following items on its current agenda. IFRIC Update From the IFRS Interpretations Committee January 2014 Welcome to the IFRIC Update IFRIC Update is the newsletter of the IFRS Interpretations Committee (the 'Interpretations Committee'). All

More information

Business combinations (phase I) July 2002

Business combinations (phase I) July 2002 July 2002 The International Accounting Standards Board met in London 16-19 July 2002, when it discussed: Business combinations Consolidation and special purpose entities Convergence of accounting standards

More information

Independent auditor s report to the members of Kier Group plc only

Independent auditor s report to the members of Kier Group plc only Independent auditor s report to the members of Kier Group plc only Opinions and conclusions arising from our audit 1 Our opinion on the financial statements is unmodified We have audited the financial

More information

Business Combinations II

Business Combinations II April 2006 IASB Update is published as a convenience to the Board's constituents. All conclusions reported are tentative and may be changed or modified at future Board meetings. Decisions become final

More information

IASB update: Progress and Plans

IASB update: Progress and Plans Agenda paper 2.1 International Financial Reporting Standards IASB update: Progress and Plans November 2014 The views expressed in this presentation are those of the presenter, not necessarily those of

More information

Comment letter on ED/2014/5 Classification and Measurement of Share-based Payment Transactions

Comment letter on ED/2014/5 Classification and Measurement of Share-based Payment Transactions Tel +44 (0)20 7694 8871 15 Canada Square mark.vaessen@kpmgifrg.com London E14 5GL United Kingdom Mr Hans Hoogervorst International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH

More information

Notes to the Group Financial Statements

Notes to the Group Financial Statements Notes to the Group Financial Statements 1. Exchange rates The results of operations have been translated into US dollars at the average rates of exchange for the year. In the case of sterling, the translation

More information

Although we support the other proposed amendments, we have suggestions for clarifications in relation to the following proposed amendments:

Although we support the other proposed amendments, we have suggestions for clarifications in relation to the following proposed amendments: Ernst & Young Global Limited Becket House 1 Lambeth Palace Road London SE1 7EU Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 www.ey.com International Accounting Standards Board 30 Cannon Street London

More information

Notes to the Financial Statements

Notes to the Financial Statements 54 DBS Annual Report 2008 DBS GROUP HOLDINGS LTD & ITS SUBSIDIARIES These Notes are integral to the financial statements. The consolidated financial statements for the year ended 31 December 2008 were

More information

BlueScope Financial Report 2013/14

BlueScope Financial Report 2013/14 BlueScope Financial Report /14 ABN 16 000 011 058 Annual Financial Report - Page Financial statements Statement of comprehensive income 2 Statement of financial position 4 Statement of changes in equity

More information

ICAEW is pleased to respond to your request for comments on ED/2013/1 Recoverable amount disclosures for non-financial assets.

ICAEW is pleased to respond to your request for comments on ED/2013/1 Recoverable amount disclosures for non-financial assets. 19 March 2013 Our ref: ICAEW Rep 47/13 Your ref: ED/2013/1 Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH Dear Hans ED/2013/1 Recoverable amount disclosures

More information

HSBC BANK BERMUDA LIMITED Consolidated Financial Statements

HSBC BANK BERMUDA LIMITED Consolidated Financial Statements Consolidated Financial Statements 2012 Consolidated Financial Statements and Audit Report for the year ended 31 December 2012 THIS PAGE IS INTENTIONALLY LEFT BLANK Consolidated Financial Statements and

More information

Re: Request for Information: Comprehensive Review of the IFRS for SMEs

Re: Request for Information: Comprehensive Review of the IFRS for SMEs International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sirs, 29 November 2012 Re: Request for Information: Comprehensive Review of the IFRS for SMEs The Institute

More information

Re: Exposure Draft ED/2017/1 Annual Improvements to IFRS Standards Cycle

Re: Exposure Draft ED/2017/1 Annual Improvements to IFRS Standards Cycle International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom 19 April 2017 Dear Mr Hoogervorst, Re: Exposure Draft ED/2017/1 Annual Improvements to IFRS Standards 2015-2017

More information

Exposure Draft (ED/2012/4), Classification and Measurement - Limited Amendments to IFRS 9

Exposure Draft (ED/2012/4), Classification and Measurement - Limited Amendments to IFRS 9 27 March 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Re: Exposure Draft (ED/2012/4), Classification and Measurement - Limited Amendments to IFRS 9 Ladies

More information

FORTH PORTS PLC ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS

FORTH PORTS PLC ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS FORTH PORTS PLC ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS Forth Ports PLC is adopting International Financial Reporting Standards ("IFRS") with effect from 1st January 2005. It is today publishing

More information

20.2. Consolidated financial statements

20.2. Consolidated financial statements 20.2. Consolidated financial statements for the year ended 31 December 2017 1. Consolidated income statement 161 2. Statement of comprehensive income 162 3. Consolidated balance sheet 162 4. Consolidated

More information

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 60 TUNGSTEN CORPORATION PLC // ANNUAL REPORT AND NOTES TO THE CONSOLIDATED 1. General information Tungsten Corporation plc (the Company) and its subsidiaries (together, the Group) is a global e-invoicing

More information

Financial Statements. Financial Statements

Financial Statements. Financial Statements Financial Statements 99 Financial Statements 100 Statement of Directors Responsibilities 101 Independent Auditor s Report to the Members of J Sainsbury plc Consolidated Financial Statements 106 Consolidated

More information

Project Summary and Feedback Statement Financial Liabilities

Project Summary and Feedback Statement Financial Liabilities October 2010 Project Summary and Feedback Statement Financial Liabilities Time line 2009 2010 2011 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Part 1: Classification and measurement IFRS 9 Finalisation of Financial Assets ED

More information

w:

w: w: www.touchstone.co.uk 1 Triton Square London NW1 3DX t: +44 (0) 20 7121 4700 f: +44 (0) 20 7121 4740 Interim report 30th September 2007 Contents Chairman s Interim statement Results Chairman s statement

More information

Financial statements. The University of Newcastle. newcastle.edu.au F1. 52 The University of Newcastle, Australia

Financial statements. The University of Newcastle. newcastle.edu.au F1. 52 The University of Newcastle, Australia Financial statements The University of Newcastle 52 The University of Newcastle, Australia newcastle.edu.au F1 Contents Income statement................. 54 Statement of comprehensive income..... 55 Statement

More information

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position

More information

INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF COATS GROUP PLC

INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF COATS GROUP PLC INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF COATS GROUP PLC Report on the audit of the financial statements Opinion In our opinion: the financial statements give a true and fair view of the state of

More information

FINANCIAL STATEMENTS. Independent Auditor s Report 80. Notes to the Financial Statements. Consolidated Income Statement 83

FINANCIAL STATEMENTS. Independent Auditor s Report 80. Notes to the Financial Statements. Consolidated Income Statement 83 FINANCIAL STATEMENTS Independent Auditor s Report 80 Consolidated Income Statement 83 Consolidated Statement of Comprehensive Income 83 Consolidated Statement of Financial Position 84 Consolidated Statement

More information

Do you agree with the Board s proposal to amend the IFRS as described in the exposure draft? If not, why and what alternative do you propose?

Do you agree with the Board s proposal to amend the IFRS as described in the exposure draft? If not, why and what alternative do you propose? Mr Hans Hoogervorst Chairman of the International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Düsseldorf, 31 August 2012 540/602 Dear Mr Hoogervorst Re.: IASB Exposure Draft

More information

Independent Auditor s Report

Independent Auditor s Report Independent Auditor s Report To the shareholders of China Communications Construction Company Limited (incorporated in the People s Republic of China with limited liability) We have audited the consolidated

More information

- CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Note 2015 2014 US$ 000s US$ 000s (Restated) Continuing operations Lease revenue 56,932 48,691 Other income 9 3,202 3,435 60,134

More information

INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF THOMAS COOK GROUP PLC

INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF THOMAS COOK GROUP PLC INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF THOMAS COOK GROUP PLC REPORT ON THE Our opinion In our opinion: > Thomas Cook Group plc s Group financial statements and parent company financial statements

More information

FINANCIAL STATEMENTS OTHER INFORMATION

FINANCIAL STATEMENTS OTHER INFORMATION FINANCIAL STATEMENTS 88 Report of the auditors 94 Consolidated income statement 95 Consolidated statement of comprehensive income 96 Consolidated statement of financial position 97 Consolidated statement

More information

OUR GOVERNANCE. The principal subsidiary undertakings of the Company at 3 April 2015 are detailed in note 4 to the Company balance sheet on page 109.

OUR GOVERNANCE. The principal subsidiary undertakings of the Company at 3 April 2015 are detailed in note 4 to the Company balance sheet on page 109. STRATEGIC REPORT OUR GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION POLICIES GENERAL INFORMATION Halfords Group plc is a company domiciled in the United Kingdom. The consolidated financial statements

More information

Coca-Cola Hellenic Bottling Company S.A. Annual Report 2012 (IFRS Financial Statements)

Coca-Cola Hellenic Bottling Company S.A. Annual Report 2012 (IFRS Financial Statements) Bottling Company S.A. Annual Report 2012 (IFRS Financial Statements) Table of Contents A. Independent Auditors Report B. Consolidated Financial Statements Consolidated Balance Sheet 5 Consolidated Income

More information

Abu Dhabi Aviation. Consolidated financial statements. 31 December Principal business address: P. O. Box 2723 Abu Dhabi United Arab Emirates

Abu Dhabi Aviation. Consolidated financial statements. 31 December Principal business address: P. O. Box 2723 Abu Dhabi United Arab Emirates Consolidated financial statements 31 December 2017 Principal business address: P. O. Box 2723 Abu Dhabi United Arab Emirates Consolidated financial statements Contents Page Independent auditors report

More information

The Interpretations Committee discussed the following issues, which are on its current agenda.

The Interpretations Committee discussed the following issues, which are on its current agenda. IFRIC Update From the IFRS Interpretations Committee January 2013 Welcome to the IFRIC Update IFRIC Update is the newsletter of the IFRS Interpretations Committee (the Interpretations Committee). All conclusions

More information

Independent auditors report to the members of Hikma Pharmaceuticals plc

Independent auditors report to the members of Hikma Pharmaceuticals plc Financial statements We continue to deliver accurate, high-quality and timely information to all stakeholders with the utmost integrity and efficiency. 113 Independent auditors report 122 Consolidated

More information

2007 Financial Statements. Consolidated Financial Statements of the Nestlé Group Financial Statements of Nestlé S.A.

2007 Financial Statements. Consolidated Financial Statements of the Nestlé Group Financial Statements of Nestlé S.A. 2007 Financial Statements Consolidated Financial Statements of the Nestlé Group Financial Statements of Nestlé S.A. Consolidated Financial Statements of the Nestlé Group Principal exchange rates...2 Consolidated

More information

Re: Exposure Draft Classification and Measurement: Limited Amendments to IFRS 9

Re: Exposure Draft Classification and Measurement: Limited Amendments to IFRS 9 16 April 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam, Re: Exposure Draft Classification and Measurement: Limited Amendments to IFRS 9 On

More information

Saving our customers money so they can live better

Saving our customers money so they can live better Saving our customers money so they can live better MASSMART GROUP ANNUAL FINANCIAL STATEMENTS 2016 1 GROUP INCOME STATEMENT December 2016 December 2015 Rm Notes 52 weeks 52 weeks Revenue 5 91,564.9 84,857.4

More information

Re: Exposure Draft ED/2012/3 Equity Method: Share of Other Net Asset Changes

Re: Exposure Draft ED/2012/3 Equity Method: Share of Other Net Asset Changes 12 April 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam, Re: Exposure Draft ED/2012/3 Equity Method: Share of Other Net Asset Changes On behalf

More information

Draft Comment Letter

Draft Comment Letter Draft Comment Letter Comments should be submitted by 28 November 2014 to commentletters@efrag.org 12 September 2014 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom

More information

Independent Auditors Report to the members of Cobham plc. Report on the audit of the Financial Statements. Opinion In our opinion:

Independent Auditors Report to the members of Cobham plc. Report on the audit of the Financial Statements. Opinion In our opinion: Independent Auditors Report to the members of Cobham plc Report on the audit of the Financial Statements Opinion In our opinion: Cobham plc s Group Financial Statements and Parent Company Financial Statements

More information