For the comparison, Navistar Company has been used. Navistar Company is leading truck manufacturer and has made different position in most of the countries. Navistar Company has been operating business in logistics and transportation industry and has been principally registered in United States (Navistar Limited Annual Report, 2016). Strategy of Navistar Company is to innovate new technologies and leading from the front. Woolworth is engaged in retail industry and has been registered its business at Australia.
Following are some accounting policies that Navistar Company had adopted while preparing and presenting annual accounts in 2016:
Financial policies are those policies which is related to policies, strategies, regulations and supervision of receipts & payments system and
Revenue is recognised when: there is persuasive evidence of revenue, price of transaction is fixed, collectability is assured and sale / delivery of product have been affected. Navistar Company uses US GAAP for this and Woolworths limited uses Australian accounting standard. While Woolworth limited uses Australian accounting standard 15 for their revenue recognized. On the other hand, Navistar limited recognise revenue on the basis of each and every contract made with particular customers. While Woolworth does not undergo with any contract with its customers and sales has been recorded as and when it take place. Trade receivables management of both the companies are different too (Woolworths Limited Annual Report, 2016). In case of Navistar limited, receivables are managed according to the classification of the same. Presentation in financial statements of receivables of Woolworths limited includes GST amount while Navistar limited does not account for the same.
Both companies have adopted environmental and social practices that are required under regulations and both are well aware of environmental and social impact. In case of Navistar limited they has adopted and followed environmental protection law guidelines, Comprehensive Environmental Response and Compensation and Liability Act prevailing in United States. While on the other hand, Woolworths limited has been following local government regulations, food licensing requirements and provisions related to environmental and town planning (Galeazzo and Klassen, 2015).
Both the companies are responsible towards their legal compliances. Navistar limited has been making compliance with accidental litigations, commercial litigations, product warrantees and product liabilities. While Woolworths limited has been able to manage its legal compliances related to environmental protection, food safety, compliances related to maintaining hygiene, etc.
4. While completing the course and these assignments, I have learnt and developed knowledge of reading and understanding annual reports of the business organisation. While completing this subject, I had developed great understanding of analysing annual report of business entities. This subject content is research based and therefore skills related to research has been developed.
My expectations from the subject are to develop skill of analysing financial and non financial aspects or information of the business entities. During initial days of subject or assignment, I had faced some difficulties related to research aspect i.e. how to undergo entity’s annual report and from where relevant and reliable information can be find. But at the time of completion of this assignment, critical analysis and understanding financial and non financial areas of the business organisation has been developed. This ability will significantly contribute in career development as in future period of time i.e. while working with organisation; I will be able to understand various aspects of business operation. At the same time, I will be able to contribute in decision making process of business organisation.
Galeazzo, & Klassen., 2015, Organizational context and the implementation of environmental and social practices: What are the linkages to manufacturing strategy? Journal of Cleaner Production, vol 108, pp 158-168.
Navistar Limited Annual Report, 2016. Navistar Limited Annual Report, 2016. Navistar Limited, pp.9-55.
Nino Serdarevic., 2011, Accounting Policies and Financial Analysis Interdependences - Empirical Evidence. Economic Review: Journal of Economics and Business, vol IX, no 1, pp 17-30.
Woolworths Limited Annual Report, 2016, Woolworths Limited Annual Report, 2016. Woolworths Limited, pp.10-60.
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