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Assignment on Corporate Accounting Sample

   

Added on  2020-07-22

15 Pages3486 Words31 Views
Corporate Accounting

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1QUESTION 1..................................................................................................................................1PART1. BOARD COMPOSITION.................................................................................................11. Stating the number of independent directors in Woolworths Ltd............................................12. Assessing the number of directors as per gender.....................................................................13. Presenting the qualifications of 3 directors.............................................................................14. Presenting the experience of three directors............................................................................25. Other boards of the directors in Woolworths Ltd....................................................................3PART 2: REPORT...........................................................................................................................41. Evaluating the current profitability aspect of Woolworths Holding Ltd.................................42. Assessing the extent to which company’s equity is growing as compared to the past years. .63. Identifying the opportunities for future growth.......................................................................74. Stating challenges pertaining to the current business activities...............................................75. Presenting company’s contribution in social and environment sustainability.........................8QUESTION 2: LEASE....................................................................................................................81...................................................................................................................................................8a. Assessing the kind of lease that Spotless Group Holdings use for their offices......................8b. Stating the kind of lease undertaken by Spotless Group Holdings for equipments.................92. Presenting the reasons behind undertaking each kind of lease................................................93. Stating the manner in which leases recorded in the Annual Report of Spotless.....................94. Advantages and disadvantages of using different types of lease agreements..........................95. Giving reasons behind the introduction of lease standard (AASB 117)................................10PART 2: CLASSIFICATION OF LEASES..................................................................................111. Stating the lease arrangement undertaken by Orion Ltd.......................................................11

2. Critically evaluating the accounting treatment undertaken by Orion Ltd.............................11QUESTION 3: CONSOLIDATIONS...........................................................................................111. Explaining the need for making adjustments related to intra-group transactions inconsolidated financial statements..............................................................................................112. Presenting tax effects arising from intra-group transactions.................................................113. Explaining the manner through which unrealized profit of intra-group transaction becomerealized.......................................................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTION Corporate accounting is highly concerned with the rules which are undertaken by thefirms for the preparation of balance sheet, income and cash flow statements. Aspects of corporateaccounting are highly significant which in turn helps in interpreting financial results andaccounting related to the events such as amalgamation, absorption and consolidation. The presentreport is based on different case situations which will provide deeper insight about the areas ofaccounting. For the present report, Woolworths Holding Ltd has been selected which is one ofthe leading retailers operating throughout in Australia and New Zealand. In this, report willhighlight the information pertaining to directors and financial position as well as performance ofthe firm. It also depicts different types of leasing used by the firm for the purpose of office andequipments. Further, it will shed light on AASB 117 and AASB 10 that is highly associated withthe field of accounting. QUESTION 1PART1. BOARD COMPOSITION1. Stating the number of independent directors in Woolworths Ltd Annual report of Woolworths Ltd related to 2016 clearly shows that during such periodnumber of independent director was 6. 2. Assessing the number of directors as per gender In the Woolworth Limited company, total 7 directors are there where proportion of maleand female is 3 and 4 respectively.3. Presenting the qualifications of 3 directorsDirectorsQualificationsJillian Broadbent, AOBA (Maths & Economics)

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