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Question:

Part A. BOARD COMPOSITION (400 words)      (9 marks)

  • How many independent directors are there?
  • What is the number of directors of each gender? Qualifications of three directors

Experience of these three directors.

  • Are they on other boards and if so, what kind?
  • Number of subsidiaries and associates, foreign subsidiaries and associates.
  • Calculate borrowing costs and interest rates.
  • Give one reason that you selected this company to use in your answer.

Part B. REPORT: (600 words)                                                                                               (26 marks)

Using Woolworth 2017 Annual Report

Prepare report using Woolworth 2017 Annual Report. USE PROPER REPORT FORMAT INCLUDING INTRODUCTION, BODY, ARGUMENTS, CONCLUSION AND REFERENCES.

Required: As an in-house accountant of your selected company, you have asked to prepare a report to be used in its annual general meeting. The report needs to discuss the following matters using the information found in the company’s annual report for 2017 and the past 2-3 years if necessary. 

  • The current profitability level of the company, and stability of that profitability level for the past 2-3 years. 
  • The frequency and quality of the dividend payments and any growth in the company’s equity in the recent years. 
  • Opportunities for future growth (e.g., new business segments and/or new services) and the company’s recognition of and plans for growth. 
  • Challenges in the current business activities (e.g., rise of the competitors) and the company’s preparation to deal with them. 
  • The company’s contribution to corporate social responsibility and environmental sustainability. 
  • The company discloses about assumptions concerning the future and other key sources of uncertainty in estimation made in the report. 
  • Give some possible reasons for the different methods of classification of expenses used. 
  • Provide a brief summary report on “the quality of sales and the quality of net income”, and highlight any “financial distress” issue of your selected company by using the Cash Flow Statement Analysis approach developed by Carslaw and Mills in 1991. (See attached Carslaw, C & Mills, J. 1991, “Developing Ratios for Effective Cash Flow Statement Analysis”).

As mentioned above, all the arguments have to be made based on the information provided in the annual report. You may also find it useful to read some financial articles from newspapers or journals or from case studies in your text book on issues relevant to your company. This may enhance your assignment.

You have to appropriately cite/reference all the supporting articles.


Question 2 (Part A and B) (600 words)

(15 marks in total)

Part A.

 

(10 marks)

Required:

 

 

 Prepare the statement of profit or loss and other comprehensive income of Orion Ltd for the year ended 30 June 2017 in accordance with AASB 101/IAS 1, showing the analysis of expenses by function in the statement.

Additional information:

  • Orion Ltd uses the single statement format for the statement of profit or loss and other comprehensive income.
  • Land was revalued by $50,000 during the year ended 30 June 2017. The related tax was $15,000.

The general ledger trial balance of Orion Ltd, a medical manufacturing and research company, includes the following accounts at 30 June 2017.

Dr

Cr

Sales revenue

650,000

Interest income

1,000

Gain on sale of plant

13,000

Rental income

1,000

Royalty income

5,000

Other revenue

500

 

Cost of sales

410,000

 

Interest on borrowings

16,500

 

Sundry borrowing costs

500

 

Research expense

25,500

 

Advertising expense

12,500

 

Sales staff salaries

48,500

 

 

 

 

 

 

 

 

Dr

Cr

Amortisation of patents

3,500

 

Freight out

16,000

 

Shipping supplies

8,000

 

Depreciation on sales equipment

2,500

 

Administrative salaries

36,000

 

Legal and professional fees

6,500

 

Office rent expense

15,000

 

Insurance expense

7,000

 

Depreciation of office equipment

8,000

 

Stationary and supplies

2,500

 

Miscellaneous expenses

1,000

 

Income tax expense

15,500

 

 Part B.                                                                                                                                                  (5 marks)

Le a n n e is the accountant for Neal Ltd. This entity has a 70% holding in the entity Henry Ltd. A trainee working with Leanne is concerned that the consolidated financial statements prepared under AASB 10 may be misleading and asks Leanne why they are not allowed to prepare the consolidated financial statements showing the non-controlling interest in Neal Ltd in a category other than equity in the statement of financial performance, and for the statement of changes in equity to show the profit numbers relating to the parent shareholders only. 

Write an appropriate answer for Leanne to give, covering the following issues:

  • How are prime users considered in the preparation of Consolidated Financial Statements? (150 words) (2 marks)
  • The differences that would arise in the consolidated financial statements of Neal Ltd if the non-controlling interests were classified as debt rather than equity (Debt vs Equity)

The reasons the standard setters have chosen the equity classification in AASB 10.( 250 words) (3 mark)

In this task, you may find the information provided in the textbook useful.

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