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Calculating Financial PerformanceGoing through this unit has taught me different new things concerning financial management. For example, I have been able to understand various things concerning management control systems, balance score cards, customer values, shareholder values, accounting equations, cash budgeting among others. Learning these things will be fundamental in assisting me to undertake some of the day to day activities in m...
1. Accounting treatment for given situations and their accounting entries / disclosures Event Accounting Treatment Adjusted Financial Statement Note Disclosure / journal entry Change in accounting estimate (AASB 108 "Accounting Policies, Changes in Accounting Estimates and Errors ") As per para 36 of AASB 108, any change in accounting estimate should be recognised...
Financial UnderstandingIngogo company is a firm under the industry of Taxi booking and logistics based in Australia. It majors in online bookings and payments of taxis. This company was the first in the country to offer transportation services, it provide their clients a fixed fares that includes price commissions. Taxi drivers process prices using the company’s customised android application software. The company currently offer service...
Importance of SustainabilityWith the advent of technology, innovation has become the key to success. This is because the business environment has become highly competitive and due to this reason, any smart move by one organization shall make the firm a competitive leader in the business domain (Adams et al., 2016). Hence, as a solution to this problem various companies look up to the environmental friendly aspect and try to adapt it in their d...
Importance of Sustainability in BusinessDevelopment Of Sustainability Indicators Monitor System For Commonwealth Bank Sustainable business structures are developed to construct economic value, while benefiting society standards and not distressing the environmental factors (Prause, 2015). This particular business structure aims to maximize its profit by exploiting limited amount of resources and also aims to earn profit in a sustainabl...
Background of Harvey NormanFinancial Reporting is considered as a major aspect for the financial success of the business organizations. The process of financial reporting is considered as a formal record of the financial activities as well as financial position of the businesses (Nobes 2014). While preparing and presenting financial statements, the companies are needed to comply with all the required financial rules and regulations of the avai...
Importance of AASB in Business PracticesEmirates Company is the best company to be evaluated in addressing the concerned issues since the firm is substantial with adequate information regarding financial reporting aspects. The company is listed on the Australia Stock Exchange and therefore its application would be relevant internationally. Some of the key issues discussed in this report include but not limited to the importance of developing A...
Identified Issues Related to Big Accounting FirmsThis part of the report is developed with an aim to analyze a news article which addresses a recent accounting issue in context of Australia. The issues discussed in the article are described and discussed in the report. Further, the identified issues are linked to the theories and topics of ACC518. The article discussed in the report is on the role of four big accounting firms of Australia whic...
Overview of Woolworths LimitedIn the recent time of fast-moving and interdependent world, the various organizations are increasingly facing by several risks that can be in nature complex and has a worldwide consequence. Such kinds of risks are very difficult to anticipate and deal with, even for the large business entities. The Businesses all over have set their priorities on the basis of their own position as compared with the related business ...
Charting Australia's Growth PerformanceEconomic growth rate is computed as a percentage change in Gross Domestic Product from one year to the next. The economic growth thus measures output growth of a nation overtime (Goodwin et al., 2015). The figure below shows the trend growth of Australian economy for the period from 2005 to 2017. &nbs...
Description of operation and comparative advantages of selected companiesThe present study is based on an evaluation of the financial performance of Downer Group and Aurizon Holdings Limited. The study covers the description of both companies by considering their operational activities and comparative. Further, it compares and evaluates financial ratio to assess their financial performance over the years. It is followed by share price analysis a...
The Need for a Physiotherapy CenterDue to the lack of proper physiotherapy clinic in the surrounding areas, the need of a new physiotherapy center can be observed among the people live in the surrounding areas (Rivera & Delaney, 2015). The demand for such center is growing day by day and as a result, the management of Nepean Blue Mountain Local Health District. Particularly among the elderly citizens, the need of such clinic is growing day...
Significance of identifying, managing and mitigating ML/TF risksAccording to Chaikin (2018) terrorism financing means any activity which provides for financial support to non state actors or individual terrorist. A government generally passes law to block any form of financial support which is provided to such groups. These laws are used all around the world to prevent terrorism activities. There have been recommendations which have been ...
Analyzing Key RatiosThe concept of materiality is covered in ISA 320 which is an auditing standard which covers the significance of materiality while conducting an audit of a business. The materiality aspect of an item which is shown in the financial statements of a company is based on the judgement on the auditor which is generally done on the basis of complexity of the item or relevance of the item in relation to the financial statement of t...
Concept of Materiality and Qualitative AspectsAudit materiality is amongst the most important concepts for auditors. Misstatements are considered material if they influence the decision making of the users based on the financial statements. Materiality encompasses qualitative and quantitative aspects of auditing. While dealing with materiality in the aspects of quantity, the points to be considered are setting up of the preliminary judgment of...
Financial Comparison for the Entity - InternalIn this section of the report, the financial analysis of one of the companies Virgin Australia Holdings Ltd has been done. It is listed on the Australian Stock Exchange and represented as VAH. It is an airline company and operates in Australian as Virgin Australia, Virgin Australia Regional Airlines, Virgin Australia International Airlines and Tigerair Australia. It was previously being operated by...
Audit Risk1. Auditing is conducted with the objective of providing an independent opinion on the financial reports of an entity. It is important to use appropriate analytical and substantive procedures during the course of auditing to express an appropriate opinion on the financial statements. The risk of expressing an inappropriate opinion on the financial reports can be described as the audit risk. Acceptable audit risk in an audit is the le...
BHP's Fayetteville ProjectBusinesses come to know of impairment when their financial statement that carry the amount from asset groups or long lived asset exceeds the fair value and cannot be recovered. Any carrying amount becomes unrecoverable when it gets greater than undiscounted cash flow sum that is expected from the use of the assets as well as the eventual disposal. FASB has defined impairment loss to be the amount in which the value ca...
Nature of the EntityThe report will be providing learning over the diverse concepts of auditing. The organization selected for the process is Vmoto Ltd. Which is an Australian company dealing with scooter manufacturing and distribution. The report will be providing the nature of the entity and key risks that are faced by the company in the particular market segment. The performance analytical procedures for developing the statement of financia...
Purpose of Financial Analysis and InterpretationThe financial data of a company can be used in many ways to aid to the development and progress of an organisation. The data can be used in many ways. In our report below we have discussed about the financial data of Unsinkable Kayaks. Purpose of Financial Analysis and Interpretation The financial analysis of an organization can be useful to both the management and the stakeholders of an...
Mining Opportunities in Other Mineralsa) FMG is a company which is actively engage in iron ore production and supply to various global customers especially based in China and Japan. It belongs to the mining industry and is the 4thlargest producer of iron ore globally. Majority of the mines of the company are located in Western Australia in the vicinity of Pilbara region. The total tenement area in this region held by FMG is greater than the la...
Capital Market Linea. The Capital Market Line (CML) establishes a relation between the risk and return of an efficient portfolio. The risk in Capital Market Line is calculated using variance or standard deviation. Whereas the Security Market Line (SML) depicts a relation between the expected returns and beta of any portfolio. In the Security Market Line beta is basically the volatility of the portfolio. The major differences arising in the Cap...
Triple Bottom Line (TBL)Sustainability can be described as a term which emphasises on the carrying out of the activities by putting pressure on the natural resources and without making harmful impacts on nature. Sustainability within the context of the building developments is a complex and a vast subject which needs to be considered at the early stage because it impacts the environment significantly. Once it is decided that a new building is ...
Recognition Criteria of Assets, Liabilities, Incomes, Expenses, and EquityLovisa Holdings Limited operates its business as the retailer of fashion jewellery. It develops, designs, merchandises and sources fashion jewelleries and accessories under the name of Lovisa brand for the females those are conscious regarding fashions and aged between 25 and 45. The company operates its business all over New Zealand, Australia, Malaysia, United Kingdom,...
Characteristics of Good Monitoring SystemsBusinesses are known to cause damages consciously and unconsciously, and therefore there is always the need to continually monitor the operations of the company and ensure that the possible costs are appropriately managed. There has been increased concern regarding environment protection more particularly from the actions of the business. As such, there has been a consistent growth of sustainability re...
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