ACC303 Communication Research Practices
Company Accounting and Memorandum to the Board of Directors
Q: Write a Memorandum to the board of directors,your summary to the board of directors Wesfarmers have selected,You will select a set of Financial Report of an ASX Listed Company and obtain approval from your lecturer for the consolidated company you have selected.Please note that no two individuals may work on the same consolidated company, so if another individual has already registered their interest in a consolidated company, you will be advised to select a different consolidated company.
Read the Annual Report including the financial statements of the consolidated company and write a Memorandum to the Board of Directors clearly explaining some of the technical aspects of consolidation. Make sure you draw on the company’s specific details to explain the intricacies of consolidation to the Board and as much as possible avoid answering in general terms. Please make sure that your assignment is in a memo Format – A Report format will not be marked. The assignment must have at least 5 references.
Some of the aspects that you need to cover in your assignment:
1.Why did the parent entity have to prepare consolidated financial statements when the subsidiary company is a separate legal entity in its own right?
2.Does the published set of group financial statements reveal the company’s policy on corporate governance, Audit committees, Sustainability, Solvency? Does it reveal these issues and if so where and why?
3. Has there been any goodwill on the acquisition ? Or any gain on bargain purchase? Where would you find it in the financial statements and what does it mean? Any impairment?
4. Any other relevant matter that you may wish the Board of Directors to make note of in respect of some transaction or event, the balance of account or disclosure that will assist them in understanding the financial statements of the group.
5. What is the consolidated company’s functional currency ? What about its presentation currency? What is the rationale of choosing a presentation currency?
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