Corporate Accounting: Analysis of Wesfarmers

Corporate accounting

Contents
Corporate accounting......................................................................................................................1
Introduction......................................................................................................................................3
Section 1..........................................................................................................................................4
Part A...........................................................................................................................................4
Part B...........................................................................................................................................6
Section 2..........................................................................................................................................9
Conclusion.....................................................................................................................................11
References......................................................................................................................................12

Introduction
Corporate accounting is considered as the branch of accounting which helps in dealing with
accounting for the companies. In the corporate accounting cash flows are formed and the
analysis of the cash flow is done so as to achieve the objective of describing the accuracy for the
financial information. This is also done so as to interpret the company's financial results and
accounting for the special event of the company through which the amalgamation and absorption
of the company are done (Ahmad, 2019). This is seen that every company must perform some of
the accounting so that they are able to identify the financial state of the company. Here the
company Wesfarmers has been identified to analyse various factor of corporate accounting for
the company. While various analysis has been done so as to identify the requirement of the
Australian accounting standard board. Also, the other part of the report includes the definition of
social contracts and the definition of organisational legitimacy.

Section 1
Part A
1. How many independent directors are there?
The term independent director is considered as the director of the board who does not have a
material or any pecuniary relationship between the company and the person. This is considered
as the director which plays an active role in various committees so as to ensure good governance
in the company (Bayne, Purchase and Tarca, 2019). There are various independent directors in
the company. The board consist in the year 2018 contains all the eight non-executive directors as
independent directors. These directors are expected to bring different views and judgment to the
board which helps in the deliberating the independence of management and are considered to be
free from any business or the other relationship or circumstances that could materially interfere
with the objective of the company.
2. What is the number of director of each gender in the company?
There is a total of 10 directors in the company of which three directors are female that is
mandatory by the company to have and seven are male directors. This is seen that the gender
ratio in the company is of 3:7.
3. Do select three directors provide their qualification and experience?
There are various directors in the company of which three are chosen to bifurcate these include
Michael Chaney AO who is of 68 years and is having BSc, MBA, Hon. LLD W. Aust, FTSE. He
has a great experience in petroleum and geology and corporate finance. He joined the company
in the year 1984 where he became the company secretary and the administrative manager of the
company (Campbell, 2017). Then he became finance director in the year 1984 after which he
was appointed as managing director in 1992. His other experience includes Chairman of
Woodside Petroleum Limited, Chancellor of the University of Western Australia, Member of the
Commonwealth Science resourcing board, Chairman of National Australian Bank Limited.
Jennifer Westacott AO is on the position of Director of the company and she is of 58 years. She
has done a BA (Honours), FAICD, FIPAA. She is chief executive of business council Australia.
She also worked as the board of director and a lead partner at the famous firm KPMG. Also has