Corporate & Financial Accounting Assignment
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Added on 2021-02-21
Corporate & Financial Accounting Assignment
Added on 2021-02-21
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Corporate&FinancialAccounting
ABSTRACTThe study summarises in part A, analysis of key items of balance sheet like shareholder'sfunds, different heads of liabilities etc. in National Australia Bank Ltd(NAB) andCommonwealth Bank of Australia(CBA) which assist in making comparison, evaluation ofperformance and in decision-making processes. Form this analysis it has been found that CBA isoperating at larger scale as compare to NAB and also main reason of fluctuations in differentitems stated in financial statements of companies. Moreover in part B it covers core concept ofsmall and large proprietary company and reporting entity, form which evaluation of effectivecompliance and implications of rules related to them is obtained.
Table of ContentsABSTRACT.....................................................................................................................................2INTRODUCTION...........................................................................................................................4ASSESSMENT TASK:...................................................................................................................4PART A...........................................................................................................................................4(1) Items recorded by selected companies under owners’ equity heading:.................................4Explanation of understanding about each reported item:............................................................5(2) Movement in items reported under owner equity section with reason:.................................5(3) Items recorded by selected companies under liabilities section:............................................6Explanation:.................................................................................................................................7(4). Explanation about movement in items reported under liabilities head with reason:............8PART B..........................................................................................................................................11Concepts of small proprietary company, large proprietary company and reporting entity:......11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13ANNEXURE..................................................................................................................................14
INTRODUCTIONIn listed companies, financial accounting is essential task which gather and providecrucial business data for financial reporting as well as preparation of financial statements.Companies are required to adopt proper procedures relating to financial accounting along withcompliance requirements. It also assist stakeholder and investor to make momentous investmentdecisions (Adesara, 2016). In part A of study, main aim is to provide a complete understandingof each of the items reported by companies National Australia Bank Ltd and CommonwealthBank of Australia in their financial statements. It also covers merits and demerits of fund sourcesreported by both corporations. Further part B of study evaluates the concepts of small proprietarycompany, large proprietary company and reporting entity. Also, their classification on the basisof compliance and reporting requirements.ASSESSMENT TASK:PART A(1) Items recorded by selected companies under owners’ equity heading:National Australia Bank Ltd (NAB):(AUD in million)201620172018Stockholders' equityCommon stock342853462735982Other Equity617492307Retained earnings163781644216673Accumulated other comprehensive income12-255-261Total stockholders' equity512925130652701Commonwealth Bank of Australia (CBA):(AUD in million)201620172018Stockholders' equityCommon stock338453497137270Other Equity18221189993Retained earnings236272633028360Accumulated other comprehensive income912680683Total stockholders' equity602066317067306
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