Financial Accountability and Reporting

1. Explain the primary activities of the company and discuss its financial and social performance in FY 2016-17 in comparison to the previous FY 2015-16.

2. Focus your attention on the Statement of Profit and Loss and Other Comprehensive Income. Compare the Profit or Loss of the Year with the Total Comprehensive Income in FY 2016-17 and the Profit or Loss of the Year with the Total Comprehensive Income FY 2015-16. Discuss the nature of the difference (if any) between the two figures in the two financial years and identify whether the difference is related to extraordinary or non-recurring events.

3. Focus on the leases agreements the company has entered, as a lessee. As the new lease accounting standard (AASB16) will be enforced from 2019, the company is probably still applying the previous accounting standard (AASB117). Discuss how the new accounting standard will impact the assets, liabilities and profit of your company.

4. Focus on intangible assets and goodwill in particular. After carefully examining how the company carries impairment testing, explain what the cash generating unit are and identify the criterion for their choice in your company.

5. Consider the items included in property, plant and equipment. Illustrate whether these items are measured according to cost or fair value in the report. Explain, supporting your answer, which model between cost or revaluation is to be preferred to provide a “true and fair” representation of the company’s assets.

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