Report on Intermediate Financial Accounting - Dutch Lady Milk
Added on 2020-06-06
11 Pages3014 Words303 Views
Intermediate financialAccounting
Introduction of two companyDutch Lady Milk Berhad is a producer of cow milk and dairy goods in Malaysia since1960s. This was earlier under Royal Friesland Foods, which is a Netherlands-based multinationalCo-operative company. This is a subsidiary of Friesland Compina, that was incorporated inDecember 2008 as an outcome of merger between Friesland Foods and Campina. This wasincorporated in 28th may 1963 where this provided render sweetened condensed milk in itsfactory in Petaling Jaya, forming Friesland Foods’ first manufacture amenities outside theNetherlands. During Incorporation, this was incorporated as the private joint-stock limitedorganisation and incorporated with producing of only condensed milk, and later on it expandedits operations into dairy products. Before expansion, various products started to be distributed tosurrounding nations in Asia and Oceania (Danthine and Donaldson, 2014). Later on, it expanded its operations and serves various kinds of milk in the market. Now,Company products covers emerging milk, UHT milk, pasteurised milk, sterilised milk, familypowered milk, low fat and 0% fat drinking yoghurt and low fat yoghurt.While on the other hand, Nestle is the largest food and beverage producing company.Which headquarter is situated in Switzerland, Nestle Malaysia is currently operates in 191nations around the planet. The company’s most renowned brand line along with delivering goodfood and good life. Since 1912, Company have nourishing Malaysians via our quality brands andproducts such as Milo, Maggi, Nescafe and Kitkat and so on (Phillips, Alford and Guina, 2012). Explanation on provisions, contingent liabilities and contingent assets according to MFRS 137 MFRS stands for Malaysian financial reporting standards which elaborates three situationswhich are as follows:A)ProvisionsB)Contingent liabilities, andC)Contingent assets These are defined hereunder:Objective: The objective of MFRS 137 is to make sure that an accurate recognitionprinciples and calculation bases are adopted to the provisions, contingent liabilities andcontingent assets and appropriate information is exposed in the notes in order to enablesusers to know their nature, timing and amount (Kim and Zhang, 2016).1
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