It said that it was issuing figures without fair value calculations in its
business performance numbers in order to provide readers ‘with a clear and
consistent presentation of the underlying operating performance of the group’s
The group’s long-term gas sales contracts, commodity instruments relating to
its gas holdings and other derivatives contracts were ‘significantly affected’
by the demands of IAS39.
BG disclosed that it had suffered a £576m swing in the value of its
commodity-based contracts under IFRS. ‘For the full year, a charge of £172m in
respect of re-measurements is included within revenue and other operating income
(2006: £404m credit).
‘The difference between current market price and the settled sales price of
the contracts, BG’s price exposures in respect of gas sales commitments and some
of its financial instruments – all required by IAS39 – were stripped out of BG’s
business performance figures and recognised separately as ‘disposals
re-measurements and impairments.’
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.