6.21 The 2024 report dates the IAS 1 classification amendment [date] and lists it as already adopted; the 2025 report dates it [date] and adopts it then
UK Company B · a UK-listed technology and logistics group · Drafting slip
In brief
The group and Company tables of new standards in the 2024 report list the International Accounting Standard (IAS) 1 amendment 'Classification of Liabilities as Current or Non-Current' among those adopted for the year that began on [date], with an effective date of [date]. The 2025 report lists the same amendment as adopted in the year that began on [date], with an effective date of [date], next to the linked covenants amendment that the 2024 report correctly showed as not yet effective. The Company table also prints 'Join Ventures' for Joint Ventures.
The evidence, as filed
Further pages withheld to protect the company’s identity (two): Annual Report 2024, page 234; Annual Report 2025, page 262. Their wording or layout could lead back to the company even with names and figures masked; the evidence list below records what each page shows.
Names, figures, dates, logos and any wording that could be searched back to the company are boxed out in grey; the point is highlighted in yellow.
What the report shows, and what the rule requires
| What the annual report shows | What the rule requires |
|---|---|
| What the annual report shows 2024 report, group and Company tables of standards adopted: 'IAS 1 Classification of Liabilities as Current or Non-Current [date]'; tables of standards not yet adopted: 'IAS 1 Non-current Liabilities with Covenants [date]'. 2025 report, Company table of standards adopted for the period beginning [date]: 'IAS 1 Classification of liabilities as Current or Non-current [date]'. Company table: '[wording masked]'. | What the rule requires The classification amendment shown with the covenants amendment, effective [date], among standards not yet adopted for the year beginning [date] (the treatment the 2025 report gives); 'Joint Ventures'. |
Why it matters
No figure is affected; a reader of the 2024 report is told the amended classification rules already applied to the 2024 accounts, which the next report contradicts.
Exposure
Wording and date slip in a disclosure table; no measurement affected.
Our workings
the 2024 report's group note and Company note both place the classification amendment among standards effective for the year that began on [date], dated [date], and place the covenants amendment among standards not yet effective, dated [date]. The 2025 Company note lists both amendments as adopted in the year that began on [date], each dated [date].
No figure is affected: in both years the Group concluded the amendments had no significant effect other than on disclosures.
Management’s best defence, and our reply
The table is a disclosure aid and the Group concluded the amendment had no significant effect in either year, so no reader decision turns on the date. The 2025 report shows the correct date. However, the 2024 report still states that the amendment applied to the 2024 accounts, so the slip should be noted and the table-preparation step tightened.
The fix
- Show 'Classification of Liabilities as Current or Non-Current' with the covenants amendment, effective [date], under standards not yet adopted; correct 'Join Ventures' to 'Joint Ventures'.
Evidence relied on
| # | What it shows | Type | Where |
|---|---|---|---|
| 1 | Company table of standards adopted for the 2024 year dates the classification amendment [date]. | Document | Annual Report 2024, page 234 |
| 2 | The linked covenants amendment is shown as not yet effective for the 2024 year. | Document | Annual Report 2024, page 234 |
| 3 | The group note in the same report gives the same date and treatment. | Document | Annual Report 2024, page 172 |
| 4 | The 2025 report lists the same amendment as adopted in the year beginning [date], dated [date]. | Document | Annual Report 2025, page 262 |
| 5 | Spelling slip in the Company table ('Join Ventures'); the group table on page 172 reads 'Joint Ventures'. | Document | Annual Report 2024, page 234 |
Prepared by Pramanex from the company’s published annual reports, without the company’s involvement, to show how an annual report review reads. The company is not named, and nothing on this page is a statement about any identifiable company. Observations are not an audit, review or other assurance engagement, and not legal advice. A regulator-style question is a question, not a conclusion.
Want this on your own annual report, before it is published?
Start with three free findings on your latest published annual report, or talk to us about a fixed-fee pre-publication review.
Your annual report will be in draft before the year-end audit.
Have it read before it is published.
Under NDA, with our reviewer on your insider list under UK MAR.