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Financial Report Of Treasury Wine

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Question:

Discuss about the Financial Report Of Treasury Wine.
 
 

Answer:

Accounting items from the annual report

Accounting receivable – looking at the annual report of Treasury wine estates for the year ended 30th June 2016, it is found that the amount of account receivable for that year were amounted to $ 603.4 million and that was decreased from $ 504.9 million for the year 2015. 

The trade receivables of the company are recognised at the fair value initially and eventually it is calculated at the amortised cost, reduced by the allowance of the doubtful debts. The company generally allow 30-120 days credit based on the transaction nature. Further, the bad debt is allowed for reducing the carrying amount of the trade receivables on the basis of the outstanding amounts analysis at the reporting date where potential risk is found with regard to credit (Mathuva 2015).

Plant, property and equipment – looking at the annual report of Treasury wine estates for the year ended 30th June 2016, it is found that the amount of account receivable for that year were amounted to $ 603.4 million and that was decreased from $ 504.9 million for the year 2015.

The property, plant and equipment of the company are recognised at the fair value initially and eventually it is reduced by the impairment loss, if any and accumulated depreciation (Hoskin, Fizzell and Cherry 2014). The depreciation is provided on the straight line method. The leased assets are written of over the useful life or term of lease whichever is lower. During the year no changes were made with regard to the depreciation.

 

Importance of accounting items on annual report

Accounts receivable – account receivable is the money that is expected to be received by the company in future. Depend on the amount of receivable it can be assessed that whether the company is able to pay-off its short term obligation comfortably. Further, it reveals whether the company is able to generate sales to earn profit (Bruce-Twum and Mensah 2015). If very large amount is shown in the balance sheet it indicated that the company is not able to collect its dues on time or not as the dues for long time increases the risk of bad-debts.

Plant, property and the equipment – this is one of the most useful items under the balance sheet and it assists in getting the idea of regarding how intensive the assets is and the particular business model it follows for plant, property and equipment (Zack 2013). When the balance sheet of various companies are analysed under a specific industry or sector, the plant, property and equipment of the company are compared with the after tax profit in terms of dollar (Tweglobal.com/~/media/Files/Global/Annual-Reports/2016-Annual-Report.pdf 2017). If the business is more productive, it may indicate that the company’s PP&E is lower as con pared to the cash balance.

Social impact of accounting items

Accounts receivable – if the societal impact is considered, receivables will be regarded as important item as it helps the society analyse the liquidity position of the company. If the company is not able to collect its dues on time the chances of bed-debts will go up which may even lead to dissolve of the company. Further, the company from whom the dues is to be received will be regarded as not efficient for investment.

Plant, property and equipment – it will have a big impact on the society if the company is not providing appropriate depreciation on the asset and the asset is in use even after the useful life of the asset got over, it may adversely affect the environment as well as the society. Further, the type of asset may have adverse impact on the society and the community under which the business operates.

Reflection of annual report

While analysing the annual report of Treasury Wine Estate for the year ended 30th June 2016, I found that the company prepares its financial statement based on the Corporation Act 2001 and the authoritative pronouncement in compliance with the AASB (Australian Accounting Standards Board). Further, the items are measured on the basis of historical cost except for some of the derivative instruments related to finance. I also found that the annual report of the company includes consolidated profit or loss account and the other comprehensive income, consolidated financial position report, consolidated changes in equity report and consolidated cash flows report. The report also includes the independent auditor’s report, director’s report and director’s remuneration report. The audit of the financial statements for the year ended 30th June 2016 was carried out by KPMG.

While going through the annual report, I found that the report did not include any sustainability report, without that report the economic, social, governance and environmental performance of the company cannot be assessed. Further, the values were presented only in monetary terms. Moreover, the assets under balance sheet do not specify the factor that which of the asset can be sold and which are not.

However, I found that the reports present clear data regarding the financial position of the company through consolidated profit or loss account and the other comprehensive income, consolidated financial position report, consolidated changes in equity report and consolidated cash flows report, it will be useful to the investors, creditors, and the lenders to assess the performance of the company.

 

References

Bruce-Twum, E., and Mensah, C. C. 2015. Financial Statement Analysis.

Hoskin, R.E., Fizzell, M.R. and Cherry, D.C., 2014. Financial Accounting: a user perspective. Wiley Global Education.

Mathuva, D., 2015. The Influence of working capital management components on corporate profitability.

Tweglobal.com/~/media/Files/Global/Annual-Reports/2016-Annual-Report.pdf. (2017). Annual report 2016. [online] Available at: https://www.tweglobal.com/~/media/Files/Global/Annual-Reports/2016-Annual-Report.pdf [Accessed 13 Sep. 2017].

Zack, G.M., 2013. Financial Statement Analysis. Financial Statement Fraud: Strategies for Detection and Investigation, pp.209-213.

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