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Finishing (in) figures - Surveying financial statements in annual reports

Finishing (in) figures - Surveying financial statements in annual reports

 

Background

“Finishing (in) figures – Surveying financial statements in annual reports” is the latest survey in the Deloitte financial statement series.

The publication follows on from “Right to the end”, the 2008 survey on financial statements. The survey analyses the financial statements of 130 listed companies, split into two categories, being investment trusts and other companies. It includes a review of:

  • the variety in presentation of the primary statements in listed companies’ financial statements;
  • which critical judgements and key estimations directors consider to be the most significant when preparing their financial statements; and
  • how compliance with disclosure requirements and the accounting policy choices made under IFRSs varied.

In addition the appendix to the publication provides suggested solutions to common problems in financial statements.

Key findings

What is of particular interest this year is identifying the effects of the current economic conditions on companies. This report finds that for companies other than investment trusts:

  • nine companies (2008 : five) had received modified audit reports. Seven (2008 : five) related to going concern and another referred to a subsidiary going into administration post year end;
  • 69% of companies (2008 : 51%) presented additional non-GAAP performance measures on the face of their income statements. Of these, 61% (2008 : 45%) referred to fundamental reorganisations. Impairment charges featured in 35% of companies, compared with 24% in 2008;
  • additional sensitivity disclosures for goodwill balances were given by 64% of companies (2008 : 23%); and
  • 32% of companies (2008 : 48%) had made at least one business acquisition.

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