Finance Assignment | Understanding of Annual Report

Added on - 28 May 2020

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EXECUTIVE SUMMARYThe title of the report is the understanding of annual report. As the title suggests, the main aim ofthe report is to analyze the annual report of the company. The analysis includes the beginningfrom the detail of the users of the annual report and compliance related issues of the company.The second main aim is to describe the meaning and content of the financial statements. Itincludes statement of retained earnings, profit and loss statement, balance sheet and cash flowstatement. With these aims, the report has been prepared.ContentsEXECUTIVE SUMMARY.................................................................................................................................2INTRODUCTION...........................................................................................................................................3PART 1.........................................................................................................................................................3USERS......................................................................................................................................................3PURPOSE..................................................................................................................................................3CONTENTS...............................................................................................................................................4PROCEDURES TO ANALYSE......................................................................................................................4ASSET OR LIABILITY VALUATIONS............................................................................................................4DISCREPANCIES........................................................................................................................................4AVAILABLE BENEFITS AND ALLOWANCES................................................................................................5RECORDING OF INCOME AND EXPENDITURE..........................................................................................5FINANCIAL STATUS..................................................................................................................................5SUGGESTIONS FOR FUTURE.....................................................................................................................5CLEAR AND LOGICAL................................................................................................................................5COMPLIANCE...........................................................................................................................................6COMPARISON..........................................................................................................................................6RECOMMENDED CHANGES.....................................................................................................................6PART 2.........................................................................................................................................................6DESCRIPTION OF FINANCIAL STATEMENTS..............................................................................................6CONCLUSION AND RECOMMENDATION.....................................................................................................7REFERENCES................................................................................................................................................72
INTRODUCTIONAnnual report plays a very important role in the decision making of the stakeholders andmanagement of the companies. Without the correct and accurate annual report, neitherstakeholder can have meaningful decision nor can the management have the better projects andactions. In this report, the annual report of the company – M/s Wesfarmers Limited has beenconsidered for the year ending 2016 and 2017. Through the annual report of the company, all thequestions have been answered and the report has been ended with the appropriate conclusion andrecommendation.PART 1USERSThe report is disseminated to the stakeholders and shareholders of the company. In the givencase, the stakeholders includes the investors, banks, financial institutions, trade payables, personsfrom whom the loan has been obtained including capital market funds other than banks orfinancial institutions, regulating authorities like income tax and goods and service tax and lastlythe employees.It is disseminated through website or publication after the accounts are audited by the auditorsand board directors and the members approve the financial statements in the annual generalmeeting.PURPOSEThe aforesaid recipient’s needs the information contained in the annual report of the companybecause of the following reasons:-Employee needs the information to ascertain whether they are employed with thedeveloped and reputed organization.-Investor needs the information to ascertain whether it is profitable to invest in thecompany.3
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