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Finance And Accounting: Australian Accounting Standards

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The ‘Year in Review’ statement of a2 Milk (p.15) discusses its revenue.

  • In which financial statement would you expect this item to be disclosed?
  • The ‘Year in Review’ statement mentions the Company’s total revenue has increased by 56% whereas the net profit after tax went up by 198% compared to prior year. Providing justifications, explain why net profit did not increase by the same rate as sales revenue.
  1. Identifies and uses relevant information.  Identifies Most appropriate range of appropriate resources. Uses welldesigned strategies to select, present and interpret information.
  2. Addresses the requirements of the question - Determines and refines complex information requirements.
  3. Locate, collect, evaluate and use information appropriately (Note: use of the “Harvard system” is required. See the library website for more information) Uses published information in a way that demonstrates an excellent understanding of ethical and legal restrictions for distinguishing between common knowledge and ideas requiring attribution.

Answer:

 

The total revenue is shown in the income statement of company.

The revenue of the A2 milk company is disclosed in the income statement of the company prepared as per the Australian accounting standards (AASB-101). The income statement contains all the revenue and expenses incurred by the company in the particular financial year (Brooks, (2015).

The revenue and net profit after tax are two separate items. It is observed that revenue is made of all the income from main business including other incomes of A2 milk Company. On the other hand, Net profit after tax is computed after deducing operating and non-operating expenses and after that tax is deducted from the rest amount (A2 Milk Company, 2017).

  • The changes in net profit after tax is affected by the % change in the operating and non-operating expenses.
  • Total revenue is increased with the % increase in overall income of the company as compared to last year data.
 

References

A2 Milk Company, 2017, annual report, available at https://www.nzx.com/files/attachments/233255.pdf,   accessed on 21st April, 2018 from

Brooks, R. (2015). Financial management: core concepts. Pearson.

OR

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