Review the published financial reports from 2016 Annual Report of the company you selected and report on the information applicable to the statement of profit or loss and other comprehensive income.
- Determine whether the expenses are classified by nature or function.
- Give some possible reasons for the different methods of classification of expenses used.
Task 2: Accounting policy (Hint: *Annual report of the selected company and chapter 18) AASB 108/IAS 8 provides information about Accounting Policies, Changes in Accounting Estimates and Errors.
Required: Find any three issues from the above that are disclosed in the annual report and summarise your findings.
Task 3: Notes to the 2016 Financial Statements (Hint: *Annual report of the selected company) Usually most of the companies would have depreciation and/or amortisation/impairment in their chart of accounts.
Summarise your finding about depreciation from the annual report of the selected company. Your discussion may include but not limited to the following:
- Cost of plant, properties and equipment
- Depreciable Amount
- Depreciation Period
- Depreciation Method