financial controllers’ club · 2020-05-10 · sage group plc few instances where carbon reporting...

Deloitte screen small April 2011

©2014 Deloitte LLP. All rights reserved.

Any use of client names, descriptions of client engagements,

and any other direct or indirect references to clients or

engagements in Business Communications should be in

accordance with the policy on client confidentiality of the

Deloitte U.S. Entities.

(See Section 10240, Confidentiality of Client Information.)

http://dtpolicy/DPM%2010240.pdf

The use of clients’ intellectual property, including trademarks,

registered names, logos, music, etc., should be used in

Business Communications in accordance with Administrative

Policy Release 116, Copyright and Other Intellectual Property

Rights — Infringement Issues. Policy Release 116:

https://www.deloittenet.com/AboutDeloitte/Firm_Policies_Func_

KM/Admin_Policy/100_General_Policies/Apr116CopyrightInfrin

gementapprovedJune2002.htm

DPM 10640: http://dtpolicy/DPM%2010640.pdf

If you use “Deloitte” in a document, you must include

the appropriate footnote defining what “Deloitte”

means in the context of the document. Please note

that a definition footnote is needed on the page that

includes the first mention or use of the word

“Deloitte.” Delete footnote from this page if not

needed and this box and arrow.

See About Deloitte > The Deloitte Brand > U.S.

Brand & Reputation > Guidance on using the

“Deloitte” masterbrand.

Deloitte Finance Club

The community for Financial Controllers and senior financial executives

Wednesday, 26th March 2014


©2014 Deloitte LLP. All rights reserved. White markers indicate position

of Deloitte Drawing Guides

7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches

To view Deloitte drawing guides:

1. Right-click on slide and select

’Grid and Guides...’

2. Check ’Display drawing guides

on screen’

3. Select ’OK’ Deloitte Finance Club A few facts

• Financial Controllers’ Club established in May 1997

• Provides an annual programme of technical updates and hot topic briefings

• Connects our members to relevant experts as well as over 2,200 members

across the country

• Renamed Deloitte Finance Club in January 2013

Deloitte Finance Club – Revenue recognition and TMT predictions (26 Mar 2014) 2




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Deloitte Finance Club Upcoming programme

• Accounting for real estate and a Tax update

Wednesday, 23 April 2014

• Finance IT systems

Wednesday, 7 May 2014

• The Summer finance checklist

Date TBC (July)


https://www.deloitte.com/view/en_GB/uk/uk-events/d5be4e6dbfdd3410VgnVCM3000003456f70aRCRD.htm

https://www.deloitte.com/view/en_GB/uk/uk-events/3c044e6dbfdd3410VgnVCM3000003456f70aRCRD.htm




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Deloitte Finance Club Today’s agenda

• Accounting update Amanda Swaffield

• Revenue recognition Dave Griffin

• TMT predictions Paul Lee































Accounting update

Amanda Swaffield


©2014 Deloitte LLP. All rights reserved. Deloitte Finance Club – Revenue recognition and TMT predictions (26 Mar 2014) 6

‘It has begun’ – findings from 30 September reporters




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Findings from 30 September reporters ‘A new beginning’ and ‘It has begun’

• Deloitte’s 2013 annual report survey,

‘A new beginning’, provides insight for

users and preparers of annual reports

based on a survey of 100 UK listed

companies’ annual reports

• The follow-up publication, ‘It has

begun’, looks at early examples of

reporting practice under the new

Regulations and the 2012 UK

Corporate Governance Code.

• Both publications are available at:

www.ukaccountingplus.co.uk


http://www.ukaccountingplus.co.uk/




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ ‘It has begun’ – key narrative reporting findings Emerging practices & better practice examples: 30 Sep year-end reporters

8

Enterprise Inns

PLC

Confusion over

separation of strategic

report and directors’

report

Imperial

Tobacco PLC

Human rights disclosure

brief in most cases with

no policy

Grainger PLC

Various interpretations

of “senior management”

in diversity disclosures

Sage Group

PLC

Few instances where

carbon reporting

impracticable. Disclosure

often promoted to

strategic report

See our practical guide,

‘A new beginning’ and

FRC guidance

Continued efforts on

linkage throughout

annual report

Deloitte Finance Club – Revenue recognition and TMT predictions (26 Mar 2014)




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ ‘It has begun’ – key corporate governance findings Emerging practices & better practice examples: 30 Sep year-end reporters

9

Enterprise Inns

PLC

Majority included the

fair, balanced and

understandable

statement without detail

on process

Diploma PLC

A number of companies

explained why not a

good time for an audit

tender or the decision to

retain incumbent

ITE Group PLC

Many disclosures

focused just on

effectiveness of the

external auditors

Shaftesbury

PLC

Average number of

significant issues disclosed

by audit committees was four

– limited cross-referencing to

other disclosures

Lonmin PLC

Lots of statistics on

gender diversity but

limited evidence of

broader considerations




Exceptional items




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ FRC Press Notice Additional and exceptional items

• In December 2013 the FRC issued a press notice on the need to:

‒ improve the reporting of additional and exceptional items by companies; and

‒ ensure consistency in their presentation.

• Many companies report exceptional items on the face of the income statement;

these should be clearly and consistently calculated and explained.

11

“It is essential that investors should be able

to understand and rely on the trends in the

profitability of companies.

This announcement draws attention to the

importance of providing information in a

way that enables users to assess the quality

of a company's profitability.”

– Richard Fleck, FRRP Chair





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Reporting of exceptional items Key messages from the Press Notice


Reporting of exceptional

items

Avoid netting off gains and losses

Consider whether recurring items are really exceptional

Present related material cash

amounts separately

Explain the tax effect of

exceptional items

Treat gains and losses evenly and

consistently

Explain calculation of ‘underlying’

measures clearly

Ensure consistency between back half

and front half

Consistent from year to year



Risk management, internal control and going concern




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Risk Management, internal control and going concern FRC consultation on draft guidance


A new, integrated approach

Limiting the use of the term

“going concern” to the financial

statements

Focusing the narrative on

consideration of principal

solvency & liquidity risks

One board assessment

process feeding into three

separate (but linked)

disclosures on risk

Enhanced communication

for investors

Separate guidance for

banks and for smaller entities

Corresponding, increased

responsibilities for auditors

For periods

commencing on or

after 1 October 2014

so not until

31 December 2015 for

December year ends

• The Strategic Report

– principal risks and

uncertainties

• Financial statements

– statement on the

going concern basis

of accounting

• Statement on review

of risk management

and internal control

systems

“The ability of the

board to understand

and address the risks

facing the company

is itself a major risk

factor.”

– FRC Consultation Paper




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Risk Management, internal control and going concern Proposed changes to the UK Corporate Governance Code

15

The board is responsible for determining the nature and extent of the

principal risks it is willing to take in achieving its strategic objectives.

The board should maintain sound risk management and internal

control systems.

Code Principle C.2

The board should carry out a robust assessment of the principal

risks facing the company, including those that would threaten its

solvency or liquidity. In the annual report the directors should

confirm that they have carried out such an assessment and explain

how the principal risks have been managed or mitigated. They

should indicate which, if any, are material uncertainties in relation to

the company’s ability to continue to adopt the going concern basis

of accounting.

*NEW* Code Provision C.2.1

The board should monitor the company’s risk management and

internal control and, at least annually, carry out a review of their

effectiveness, and report to shareholders that they have done so.

The monitoring and review should cover all material controls,

including financial, operational and compliance controls.

Code Provision C.2.2

Just a slight change to the Main

Principle from “significant” to

“principal” to bring the terminology

in line with Strategic Report

disclosure requirements

A new provision which replaces the

existing Code Provision requiring a

statement from the board that the

business is a going concern.

This provision has been changed to

reflect that the board’s review

should not just be a one-off, annual

exercise but an on-going monitoring

responsibility




‘New’ UK GAAP – Act now!




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ ‘New’ UK GAAP Key actions to take now


Choose your GAAP for the

opening balance sheet

Identify and designate hedging

arrangements

Identify and assess impact of key accounting

changes

Consider tax effects

Plan dividend policy

Review systems for new GAAP

readiness




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ ‘New’ UK GAAP FRS 103 insurance contracts issued

• Based on IFRS 4, FRS 27 Life Assurance and elements of ABI SORP

• Broadly allows current accounting for insurance contracts to continue

• Requirements of FRS 102 and 103 may nevertheless change accounting for

many insurers

• Non-mandatory implementation guidance published

• Effective date of 1 January 2015

• Once FRS 103 adopted, FRS 27 and ABI SORP cease to apply





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Proposed changes to Basic vs. Non-basic classification FRED 54: draft amendments to FRS 102 – Basic financial instruments

• FRED 54 proposes to amend the criteria that determine whether a debt

instrument is ‘basic’.

• It is intended to reduce the need for entities to measure debt instruments at fair

value.

• The amendments proposed in FRED 54 do not alter the fundamental approach of

FRS 102. The assessment continues to be rules-based.

• Some of the types of instrument that may qualify as basic under the proposals

include:


Inflation linked debt instruments

Compensation for lost of interest on early termination

Debt instruments with different rates in different periods

Foreign currency denominated debt

instruments




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ FRS 102 – proposed changes to hedge accounting FRED 51: draft amendments to FRS 102 – hedge accounting

• FRED 51 proposes to replace the restrictive hedge accounting requirements in

FRS 102 with a set of hedge accounting principles based on draft IFRS 9

Financial Instruments hedge accounting model.

• It is intended to allow more opportunities to apply hedge accounting, reducing

profit or loss volatility.

• It introduces less onerous criteria for qualifying for hedge accounting than those

in FRS 102 and the proposed IFRS 9 hedge accounting model.

• Current transitional provisions

in FRED 51 are unclear.

• These are expected to be

clarified in the final standard.


“Economic relationship”

replaces “highly effective” criterion

More items, instruments and

risks eligible

Uses established terminology (e.g.

“cash flow hedge”)

Less guidance than IFRS 9 hedge

accounting




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ IFRSs effective from 1 January 2014


Consolidation “Package of 5” (EU deferred to 2014)

Investment entities amendments

IAS 36 amendments on impairment

disclosures

Novation of derivatives and

continuation of hedge accounting

IFRIC 21 Levies (endorsement outstanding)




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ IASB activity update Ongoing projects and EU endorsement


Leases ED –considering

responses and redeliberating

Revenue standard – due in Q2 2014

Insurance ED – considering

responses and redeliberating

IFRS 9 – hedging phase issued in Q4

2013, final impairment phase expected Q2

2014






























Revenue recognition

Dave Griffin




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Introduction “Simplicity is the ultimate sophistication” (Leonardo da Vinci)


Motorola DynaTAC “Phablets”

FRS 5 Revenue exposure draft




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The Standard The story so far


Summary of

responses

published

Revised

Exposure Draft

published

New standard

expected to be

published

Expected

effective

date

Comment

letters

received on

revised ED

Boards

publish

preliminary

views

Dec 2008 Jul 2009 Jul 2010 Nov 2011 Mar 2012 Q2 2014 1 Jan 2017

Exposure Draft

published




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The Standard Expected arrival and transition

• IFRS 15 expected to be published in April 2014

• Effective date 1 January 2017 (early adoption permitted)

• Restatement options:

i. Restate comparative year (2016)

ii. Present comparative year under previous basis

• Consideration of all ‘open’ contracts on the adoption date





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The Standard The five-stage approach


Identify the

contracts with

customers

Identify the

separate

performance

obligations

Determine the

transaction

price

Allocate the

transaction

price to the

performance

obligations

Recognise the

allocated

revenue when

performance

obligation is

satisfied

Core principles:

• Revenue recognised in a manner that depicts transfer of goods and services

to customers

• Amount recognised should reflect the amount entity expects to be entitled in

exchange




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The Standard Steps 1 & 2


Identify the contract with a customer Identify the separate performance

obligations

• Contract definition:

− Can be written, verbal, or implied

− Must have commercial substance

• Contracts should generally be accounted for

separately

• Contract modifications should be treated as an

adjustment to original contract unless:

− additional performance obligation is

distinct; and

− priced based on an appropriately adjusted

standalone selling price

• Identify contractual ‘promises’ and whether

they are ‘distinct’

• Distinct criteria:

− the customer can benefit from that good or

service either on its own or together with

resources that are readily available; and

− the good or service is separable from other

contractual promises

• Separable:

− Not used as an input

− Doesn’t modify another good or service

− Not interrelated with other goods or

services




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The Standard Steps 3 & 4


Determine the transaction price Allocate the transaction price to the

performance obligations in the contract

• Transaction price is consideration that entity

expects to become entitled

• Factors to consider:

− Time value of money

− Non-cash consideration

− Consideration payable to a customer

• Variable consideration

− ‘Highly probable’ and ‘significant revenue

reversal’ test

− IP royalty revenue

• Multiple performance obligations - allocated

based on relative standalone selling prices

• If the standalone selling price is not directly

observable, the entity should estimate it

− Use of residual approach restricted

• Allocate discounts across all performance

obligations unless meets specific criteria

• Variable consideration – allocated to relevant

performance obligations




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The Standard Step 5


Recognise the allocated revenue as the

entity satisfies a performance obligation

• Recognise revenue as the performance

obligations are satisfied

• A performance obligation is satisfied when

‘control’ is transferred to the customer.

• Control - ”the ability to direct the use of and

obtain substantially all of the remaining

benefits from the asset”

• Guidance for where control deemed to have

transferred over time

IFRS 15

Transfer of control

• Customer can direct the use of the asset

• Customer has obtained substantially all of

remaining benefit of asset

• Customer is able to prevent other entities

using asset

IAS 18

Transfer of risks and rewards

• Usually coincides with transfer of legal title

• No further obligations for unsatisfactory

performance (except covered by warranty)

• No significant installation obligations remain

• Buyer has right of return for which probability

is unknown




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The Standard Other considerations


Costs of obtaining a

contract

Recognised as an asset, amortised consistent with pattern of transfer

of goods or services (unless goods / services <1 year)

Warranties Accounted for as a separate performance obligation if option given to

customer to purchase or not (or if warranty represents a service in

addition to compliance with product specifications)

Customer options for

additional goods and

services

Accounted for separately if provides material right to the customers

Customers’ unexercised

rights Consider variable consideration guidance for breakage revenue

Non-refundable upfront

fees Only recognise if relates to separate performance obligation

Licensing (excluding sales

or usage based licences)

Right to access IP – recognise over period of access; promise to

transfer IP – recognise when transfer occurs

Repurchase agreements Account for as financing arrangement or lease unless customer has

right to sell back to the entity but at the outset has no significant

economic incentive to do so




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The Standard Disclosure


Disaggregation of

revenue by category

and relationship with

segment disclosures

Closing balance of

any assets

Information on

amortisation

including method

Information about

judgements and

changes

Contract assets and

liabilities, impact on

revenue of

previously reported

positions

Information on

outstanding

performance

obligations

Contracts with customers

Significant judgements Contract costs




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The Standard Industry considerations


Industry Comment

Aerospace

and Defence

• Contracts modifications common and new Standard may change current practice

• Contracts are typically of a long-term nature and often include significant variable elements.

Judgment required when estimating consideration on part-complete contracts

Automotive

• Where a warranty contains assurance and service elements, judgment needed to

determine transaction price allocation

• Repurchase arrangements will need to be considered whether the customer has

“significant economic incentive” to exercise the repurchase

Healthcare

• Contracts will often include significant variable elements (e.g. whether services will be paid

by private issuer or government)

• Uncertainty in respect of collectability for services provided or value of services provided

Investment

Management

• “Sign-on” fees will be treated as advance payment for future services, and so recognised

when those services are provided

• Costs incurred that are directly attributable to obtaining contracts (e.g. “success fees”) will

need to be capitalised

Technology

• Bundled services including licenses may not qualify as distinct and therefore would need to

be recognised over than time, rather than on delivery

• Long term contracts will need to be retrospectively accounted for if the span several

periods




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry Multiple element deliverables – the big issue

• Issues where subsidised hardware or devices provided to customers

• Current practice is to recognise revenue upon delivery of contractual elements

but limited to the amount that is not contingent on delivery of additional elements


• Revenue currently

recognised as

consideration is invoiced

• New standard requires

apportionment of

consideration between

goods and services

• Cash ≠ revenue

Consideration




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry Bringing the theory to life


Current practice New approach

Direct sales channel Indirect sales

channel Direct sales channel

Indirect sales

channel

Year 1 Year 2 Year 1 Year 2 Year 1 Year 2 Year 1 Year 2

Service revenue 480 480 480 480 409 409 480 480

Handset revenue - - - - 142 - - -

Total revenue 480 480 480 480 551 409 480 480

Sales commission (50) - (300) - (25) (25) (150) (150)

Handset costs (250) - - - (250) - - -

Total costs (300) - (300) - (275) (25) (150) (150)

Profit 180 480 180 480 276 384 330 330

Cash inflow 180 480 180 480 180 480 180 480

Indirect channel

• Customer acquired through dealer

• Two-year contract, £40 pm (FV of £60)

• Free handset, which has a cost and

standalone selling price of £250

• Distributor paid a commission of £300

• Operator has not supplied the handset

Direct channel

• Acquired through direct sales channel

• Two-year contract, £40 pm (FV of £60)

• Free handset, which has a cost and standalone

selling price of £250

• Commission of £50 paid to the direct channel

salesperson




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry The response


“...the proposed model involves the use of

estimations to a greater extent thereby

increasing complexity and potentially

decreasing reliability and comparability

of the information. This affects not only

accounting but also internal control as

well, since entities will have to ensure that

estimation techniques are used

consistently throughout the Group.”

“...the proposed model would require

operators to implement new IT systems,

solely for the purpose of revenue

recognition. This would result in

tremendous implementation and

ongoing costs, which we estimate to

amount to at least hundreds of millions

of Euros, without visible advantages to

the users of financial statements.”

Comment letters submitted by telecoms operators…




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry IASB / FASB response


After considering the feedback from respondents, the

Boards decided not to modify the proposals on the

basis that:

a) the proposals would most faithfully depict the

economics of those arrangements because the

pattern of revenue recognition would take into

account the effect of any upfront discounts and/or

commissions; and

b) modifying the proposals would set a precedent that

the required allocation methodology (i.e. relative

standalone price allocation) need not be applied in

all circumstances.

Staff paper issued in December 2012




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry Implications of change


New revenue recognition

standard

Judgements /

assumptions Accounting

policy choices

Customer

contracts

Behaviours &

governance

Organisation

& capabilities

Processes

Systems

Data &

definitions

Finance operations Finance as business partner

Sales

commissions

Budgets and

forecasts

Remuneration

Presentation /

disclosure

Investor

relations

Taxation

Impacting

Debt

covenants

Customer

services

Commercial




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry Three potential solutions


Avoids significant capital

outlay and system change

Performance obligations not

be linked to individual

contracts

Approach will use KPIs

which can be tracked, and

linked to a calculation engine

KPIs may already exist

System remain untouched

x Accuracy

x Proving it’s accurate

x Consistency of assumptions

x Difficult to apply contract

modification guidance

x Likely to require much more

ongoing input from the

custodians of customer data

1. Portfolio approach

Business rules are applied

“at source”, i.e. the lowest

level of data granularity

Likely to be the most

accurate reporting basis

(and data)

x High risk of disrupting the

billing processes (customer

facing)

x Very costly approach

(prohibitive?)

x Approach unlikely to bring

any additional reporting

insights

3. Amend billing system

More accurate than portfolio

approach

Much of the data required to

process the calculations and

allocations currently exists in

source systems

Current systems may be

customisable, or allow easy

insertion of such a solution

No change to billing

environment

x Costly and time consuming

x Changes to existing

architecture may be required

x Extends scope of financial

reporting systems and

datasets

2. Middleware solution




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’

• Tele2 and TeliaSonera - recognition

of revenue up front

• Tele2 – prospective change in

accounting from Q4 2010 which

boosted profit by SEK 87m (€10m)

in that quarter

• TeliaSonera and Tele2 - handsets

sold separately under an instalment

plan (e.g. 24 monthly payments of

€20 recognised would result in

recognition of $480 on day one)

The Swedish approach

Telecoms industry An alternative solution?


2013: O2 refresh tariff introduced

to UK

20bp added to OIBDA margin in

Q3 2013 results

Tariff innovation resulting in alignment to new revenue recognition approach

http://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAQQjRw&url=http://en.wikipedia.org/wiki/File:Flag_of_Sweden.svg&ei=A8MxU9rgD7Lb7Abl6YC4Ag&usg=AFQjCNHBWml-uScX8ZWgyDihwDKHn2w2kA&bvm=bv.63587204,d.ZGU



Telecoms industry survey




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry survey Views of industry participants – awareness of the proposals


6%

16%

52%

26%

19%

26%

32%

23%

0% 10% 20% 30% 40% 50% 60%

Don't know

None

Aware but don't understand, or some awarenessand limited involvement

High awareness and understanding

Investors and Analysts Boards and audit committes




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry survey Views of industry participants – impact assessment


-

1

2

3

4

5

Meeting thedata

requirements

Impact on ITsystems

Meetingadoptiontimetable

Impact onfinancial results

Industry peercomparability

Intragroupconsistency

Investorcommunication

(1 = no impact; 5 = significant impact)




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry survey Views of industry participants – capability of IT systems


8%

12%

24%

44%

12%

0% 10% 20% 30% 40% 50%

Yes

No, but can be addressed with some simple modification

No, but a potential solution (new software, systemupgrade) has been identified

No

Don't know




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Telecoms industry survey Views of industry participants – concerns around comparability of results

between peers


7%

26%

30%

11%

26%

No concern

Limited concern

Concern

Growing concern

Significant concern




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Revenue recognition In conclusion


• It’s more complicated than IAS 18

and requires careful consideration

• It’s coming soon

• Most companies are likely to be

impacted

• Understand and communicate

implications of adoption early

• Contracts that commenced this

year and have duration of over 3

years’ will be affected

Revenue standard

• Good example of a strong finance

community within an industry

• Portfolio vs. contract-level: no-one

wants to be an outlier

• System and data capabilities are

very different between operators

• Acceptance that there is unlikely to

be a simple solution

• Importance of stakeholder

education around the changing

revenue numbers

• Don’t mention lease accounting…

Telecoms sector




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Revenue recognition In conclusion


Life was much simpler….

…when Apple & Blackberry were just fruits






























TMT Predictions 2014

Paul Lee



New technologies thrive when they indulge existing or latent needs




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’

Smart glasses We have long been attracted by flowing, digital information in our line-of-sight





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart glasses And some of us can’t keep our eyes of our in-boxes / news feeds, even

when crossing the road





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart glasses


For some workers, having both hands

free while gazing at screens is a

distinct advantage




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart glasses In 2014, multiple enterprise uses will be experimented with

(the below is a simulation)


+

Eyes on the patient at all times…




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart glasses Placing communications, web, in line of sight





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart glasses Most models sold in 2014 will feature a small screen in the top right hand

corner of the right eye





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart glasses Initial buyers of smart glasses will include the wealthy, early adopters and

enterprises





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart fitness In 2014, multiple forms of wearable device enabling self-measurement will

launch





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart fitness Self-measurement is fun as long as the measures are heading in the right

direction





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart watches Demand may be limited to black & white products selling to niche markets





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Smart watches Black and white smart watches offer similar functionality to earlier designs


1983 1999 2014

//upload.wikimedia.org/wikipedia/commons/4/45/Calculatorwatch.jpg



Growth in spend on consumer devices may be reaching a plateau: but at $800 billion




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The $750 billion Converged Living Room A plateau approaches


The $750 billion Converged Living Room: a plateau approaches

“Deloitte predicts that global sales of smartphones, tablets, PCs,

TV sets and videogame consoles will surpass $0.75 trillion in 2014,

up $50 billion from 2013 and 2x the 2010 total.

“Since 2003, trailing five-year CAGR for these five products has

increased 6%-12% percent per year. In the near term, a plateau

appears likely: while sales should continue growing, this will be at

a slower rate than over the past decade, and annual sales are

unlikely to exceed $800 billion in the medium-term.




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The $750 billion Converged Living Room Converged devices have taken over the living room over the past decade,

with smartphones the biggest driver


0

100

200

300

400

500

600

700

800

900

Combined global sales revenues ($ billions) of smartphones, tablets, PCs, TV sets, gaming consoles (1999-2018)

PCs Smartphones Gaming consoles TVs Tablets

Source: Deloitte Analysis, 2013




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The $750 billion Converged Living Room While revenues are may be approaching a plateau, units continue to rise

over the medium-term


Source: Deloitte Analysis, 2013

0

500

1000

1500

2000

2500

3000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Combined global sales (millions of units) of smartphones, tablets, PCs, TV sets, gaming consoles (1999-2018)

Tablets Smartphones Gaming Consoles PCs TVs




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’

66

Source: Deloitte Global Mobile Consumer Survey, all European countries surveyed, May/July 2013.

Weighted base: Total respondents (all ages, 18-24, 25-34): Belgium (2,000, 217, 323), Finland (1,000, 108,160), France (2,000, 226, 315), Germany (2,000, 197, 286), Netherlands

(2,000, 216, 332), Portugal (607, 90, 158), Spain (2,000, 182, 378), UK (4,020, 472, 669).* Note: The online research approach in Russia resulted in a higher concentration of urban

professionals with higher income.

Question: Which of the following portable devices do you own or have ready access to?

88%

83% 82%

58%

87%

78%

67%

54%

61%

82% 84% 80%

63%

82%

74%

67%

48%

60%

69%

62% 59%

56% 55% 52% 51%

41% 39%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Spain UK Netherlands Portugal Germany France Finland Russia* Belgium

18-24 25-34 All ages

The $750 billion Converged Living Room Smartphone penetration among 18–24 and 25–34 year olds is reaching

saturation … but the devices they own should continue to iterate





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ The smartphone (high to low-end) should continue to be

refreshed significantly every year





7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Moore’s Law increments the capability of the $100

smartphone every year

Smartphones vary by specification, age, condition. High-end apps, websites are

created for the latest models of phone.


$100 smartphone

Feb 13

High-end smartphone

Feb 13

User interface QWERTY or touch Touch / Touch + qwerty

Processor 0.8 – 1.2 GHz 1 – 2 GHz, quad core

Connectivity Wi-Fi, GPRS, EDGE, 3G HSPA, HSPA+, 2x HSPA, multi

band LTE, Wi-Fi direct

Navigation Available GPS, GLONASS, Wi-Fi

Memory <1 GB 8GB – 64 GB (internal)

Camera 5 MP Up to 41 MP

Open OS Yes Yes

App support Yes Yes

Every year, the spec of the $100 phone should improve by about 30%-40%,

thanks to Moore’s Law




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ And now… the $25 smartphone, and the 2.7 GHz super-

phone

Smartphones vary by specification, age, condition. High-end apps, websites are

created for the latest models of phone.


$25 smartphone

24 Feb 14

High-end smartphone

Q2 14

User interface 3.5 inch touch HVGA Touch, Gorilla Glass 3, up to

6.99 inch

Processor Single core, 1 GHz ($1.40) Up to 2.7 GHz, octo core

Connectivity GPRS, EDGE, Wi-Fi,

Bluetooth

HSPA, HSPA+, 2x HSPA, multi

band LTE, Wi-Fi direct, BT

Navigation Available GPS, GLONASS, Wi-Fi

Memory 1 GB 8GB – 64 GB (internal)

Camera Rear facing 2MP Up to 41 MP

Open OS Yes Yes

App support Yes Yes




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ One became many


One became many: the tablet market stratifies

Deloitte predicts that in the first quarter of 2014, the installed base

of compact tablets (with screens smaller than 8.5 inches) will

surpass the base of classic tablets (8.5 inches and larger). By end

Q1 2014, we expect the base of compact tablets to be 165 million

units, slightly ahead of the classic tablet base, with 160 million.

The surge in compact tablet sales is accompanying a stratification

of the tablet base, similar, but possibly ultimately more profound to

that experienced in the smartphone market in the last two years .

The tablet market stratifies




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’

70%

5%

0% 0% 1% 4% 3%

1%

16%

52%

12%

8% 8%

2% 2% 1% 1%

14%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Apple iPad Samsung GoogleNexus

AmazonKindle

BlackBerryPlaybook

ArchosTablet

Asus Acer Iconia Other / Don’t Know

2012 2013

When first launched, the iPad was the tablet market Its share has steadily slipped


Source: Deloitte Global Mobile Consumer Survey UK, May-July 2013

Base: Respondents that have a tablet (2013)1,431, (2012) 327

Tablet market share by brand

Question: Which, if any of the following models is your current tablet?

In 2013, 36% of respondents had a tablet

In 2012, 16% of respondents had a tablet




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ In the last year, iPad sales growth has slowed It is now premium, rather than predominant


4.1

7.3 4.7

9.2 11.1

15.4

11.8

17.0 14.0

22.9

19.5

14.6 14.1

26.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Q4FY10

Q1FY11

Q2FY11

Q3FY11

Q4FY11

Q1FY12

Q2FY12

Q3FY12

Q4FY12

Q1FY13

Q2FY13

Q3FY13

Q4FY13

Q1FY14

iPhone iPad iPod Macs (Desktops + portables)




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Compact tablets sold strongly in 2013 Leading to it overtaking the installed base of ‘classic’ tablets in 2014


17

61

78 75 72

15

52

139

215

-

50

100

150

200

250

2010 2011 2012 2013 2014

Sh

ipm

en

ts in

mill

ion

un

its

Tablet shipments

Over 8.5' Below 8.5'




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ “Razor blade” business models are now dominant It is not just about high gross margins on product sales


Amazon Tesco (supermarket/general)

Argos (discount general)

http://cdn.theatlantic.com/static/mt/assets/science/amazon-kindle-fire-tablet.jpg




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ In some markets, tablets are becoming more toys than tools Top non-Fire tablets on amazon.co.uk – December 2013




Questions




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Deloitte Finance Club Upcoming programme

• Accounting for real estate and a Tax update

Wednesday, 23 April 2014

• Finance IT systems

Wednesday, 7 May 2014

• The Summer finance checklist

Date TBC (July)


https://www.deloitte.com/view/en_GB/uk/uk-events/d5be4e6dbfdd3410VgnVCM3000003456f70aRCRD.htm

https://www.deloitte.com/view/en_GB/uk/uk-events/3c044e6dbfdd3410VgnVCM3000003456f70aRCRD.htm




7.40 cm

2.91 Inches

6.00 cm

2.36 Inches

8.00 cm

3.15 Inches

11.70 cm

4.61 inches

0.50 cm

0.2 inches

0.50 cm

0.2 inches

11.70 cm

4.61 inches





on screen’

3. Select ’OK’ Deloitte Finance Club Contacts and resources

• Dave Griffin – 020 7303 8926 [email protected]

• Paul Lee – 020 7303 0197 [email protected]

• Amanda Swaffield – 020 7303 5330 [email protected]

• James Bates – 020 7303 0094 [email protected]

Resources:

• Deloitte Finance Club home page: www.deloitte.co.uk/financeclub

• UK Accounting Plus (formerly IAS Plus): www.ukaccountingplus.co.uk

• Deloitte UK Tax home page: www.deloitte.co.uk/tax

• Deloitte TMT predictions 2014: www.deloitte.co.uk/tmtpredictions

• Plan. Budget. Forecast.: http://www.planbudgetforecast.com/


mailto:[email protected]




http://www.deloitte.co.uk/financeclub

http://www.ukaccountingplus.co.uk/

http://www.deloitte.co.uk/tax

http://www.deloitte.co.uk/tmtpredictions

http://www.planbudgetforecast.com/





©2014 Deloitte LLP.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, and its network of member firms, each of

which is a legally separate and independent entity. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is the United Kingdom member firm of DTTL.

This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon

the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this

publication. Deloitte LLP would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Deloitte LLP

accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.


financial controllers’ club · 2020-05-10 · sage group plc few instances where carbon reporting...

Documents