Integrated Reporting: Current Trends in Financial Reporting
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Added on 2021-06-16
Integrated Reporting: Current Trends in Financial Reporting
Added on 2021-06-16
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Running head: CONTEMPORARY FINANCIAL & INTEGRATED REPORTINGContemporary Financial & Integrated ReportingName of Student:Name of University:Author’s Note:
CONTEMPORARY FINANCIAL & INTEGRATED REPORTING1Executive SummaryThe report intends to interpret and compare the annual report published by Cochlear Limited andCSL Limed which are listed in ASX. It has been further discerned that both the companiescontribute to the healthcare industry and hence recognized from the same industry. Some of themain interpretations of the study will describe the core business of the company and providecomplete details of the business segments. It further aims to discuss the industry in which itoperates and give the rationale whether it is growing are declining in nature. It further aims tocritically analyse the financial structure and address how the company is funded with its internaland external sources. Some of the main research aspects has further described about the keyelements of financial performance report. The next section has included interpretations aboutassets such as PPE and Intangibles. This section has analysed and compared the “carryingamount of each class of Property, Plant, and Equipment, at reporting date” for both thecompanies. The discourse of the study has further included the policies associated to “Property,Plant, and Equipment”. The main findings have been able to reveal that the Cochlear measuresthe value of the “Property, Plant, and Equipment” as the cost of asset, minus accumulateddepreciation and impairment loss. The cost of asset is considered as per the incidental costswhich are directly attributable to the acquisition. CSL Limited The depreciation chargesdepreciation on the useful life of the assets based on straight-line method. Buildings aredepreciated 5-40 years as per “straight-line method”, plant and equipment are depreciated 3-15years “straight-line method” and lease improvements are depreciated 5-10 as per “straight-linemethod”. The depictions of financial statement of Cochlear Limited have shown that the totaldeferred tax amounted to $ 66586 in 2017 and $ 77144 in 2016. In addition to this, the deferredtax liabilities that identified with $ 5837 in 2017 and 7122 in 2016. The total deferred tax assetfor CSL Limited in 2017 has been depicted as $ 496.5 million and in 2016 as 389 million.Additionally, the total deferred tax liabilities have amounted to $ 138.2 million in 2017 and119.2 million in 2016.
CONTEMPORARY FINANCIAL & INTEGRATED REPORTING2Table of ContentsIntroduction......................................................................................................................................3Company- Introduction, Business & operating activities, Finances and Financial performance....3Assets – PPE and Intangibles..........................................................................................................5Leases..............................................................................................................................................7Voluntary Disclosures.....................................................................................................................8Accounting for Tax........................................................................................................................12Conclusion.....................................................................................................................................14References......................................................................................................................................15
CONTEMPORARY FINANCIAL & INTEGRATED REPORTING3IntroductionThe discourse of the report aims to analyse and compare the latest annual reportpublished by Cochlear Limited and CSL Limed which are listed in ASX. It has been furtherdiscerned that both the companies contribute to the healthcare industry and hence recognizedfrom the same industry. Some of the main interpretations of the study will describe the corebusiness of the company and provide complete details of the business segments. It further aimsto discuss the industry in which it operates and give the rationale whether it is growing aredeclining in nature. It further aims to critically analyse the financial structure and address howthe company is funded with its internal and external sources. Some of the main research aspectshas further described about the key elements of financial performance report. The next sectionhas included interpretations about assets such as PPE and Intangibles. This section has analysedand compared the “carrying amount of each class of Property, Plant, and Equipment, at reportingdate” for both the companies. The discourse of the study has further included the policiesassociated to “Property, Plant, and Equipment”. Some of the other depictions of the report hasstated on the composition and relevance of intangible assets. The next section of the study hasdetermined the real event disclosures associated to the value of lease assets and liabilities. In thissection the study has disclosed the accounts in relation to the lease liabilities and assets. Thefourth section of the report has included assessment for identification of two voluntarydisclosures made by the company in its annual report and this has been also stated with relevanceto the company’s business. The final section has determined the values of “Deferred Tax Assetsand Deferred Tax Liabilities” which are disclosed by the company. This section has furtherexplained the rationale of using the information provided by the company in the notes tofinancial statements (Weygandt, Kimmel and Kieso 2015).Company- Introduction, Business & operating activities, Finances and FinancialperformanceCochlear Limited headquartered in Sydney is recognized as a medical device company isdesigns, supplies and manufacturers “Nucleus cochlear implant, Baha bone conduction implantand Hybrid electro-acoustic implant”. The operating activities of the company includesproducing three implants for varied range of medical situations. The nucleus is a system which is
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