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Report on Financial Accounting- Doc

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Added on  2020-02-05

Report on Financial Accounting- Doc

   Added on 2020-02-05

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ACCOUNTING AND REPORTING
Report on Financial Accounting- Doc_1
TABLE OF CONTENTSIntroduction..........................................................................................................................................1Balance score care and Strategy Map...................................................................................................1Wesfarmers competitive strategies..............................................................................................1Objectives of the Wesfarmers......................................................................................................2Balance score card.......................................................................................................................2Wesfarmers Strategy Map...........................................................................................................3Sustainability Reporting.......................................................................................................................3Integrated Reporting.............................................................................................................................6Embracing full integrated reporting.............................................................................................6Budgeting.............................................................................................................................................6Budgeted Income Statement of Wesfarmers of 2016..................................................................6Conclusion............................................................................................................................................8References............................................................................................................................................9
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INTRODUCTIONFinancial accounting is defined as the branch of accounting that focuses on keeping thetrack records of firm’s financial transactions (Kaplan and Atkinson, 2015). Whereas, reporting isconsidered as a broader concept than financial statement which apart from statements alsoconsist of company’s annual report to stockholder, its sustainability report, integrated reportingso that smart decisions can be made. Herein, researcher focuses on illustrating financial reportingin strategic approach for Wesfarmers that is a public company operates as Australianconglomerate as well as in chemicals, fertilizers, coal mining and industrial and safety products.In this researcher focuses on company’s strategy, sustainability reporting as well as budgeting tocompare the actual and budgeted performance of the Wesfarmers. BALANCE SCORE CARE AND STRATEGY MAPWesfarmers competitive strategiesAccording to Michael Proter, firm’s strengths ultimately fall into one of the twoheadings: cost advantage and differentiation. On the basis of these headings strategies can bedivided under three generic strategies: cost leadership, differentiation and focus. Looking at thefunctioning of Wesfarmers and the level at which it operates it is important to undertakeeffective and smart strategies for enhancing the business performance. Operating asconglomerate, Wesfarmers offers its wide range of products and services to Australia, UK,Bangladesh and New Zealand. Considering the diverse business operations of Wesfarmers that consist of supermarkets,liquor, hotels, convenience stores, home improvement, office supplies, department stores and anindustrial division with businesses in chemical, energy and fertilisers, industrial, coal and safetyproducts. Herein, top level management of Wesfarmers have used Focus strategy to maintain thecompetitiveness of the firm in different parts where it operates. The main purpose of using thiscompetitive strategy is that assist in concentrating on a narrow segment and within that segmentmakes valiant efforts to achieve either a cots advantage or differentiation (Brenes, Montoya andCiravegna, 2014). The main advantage the cited attaining from using focus strategy is that ithelps them increasing the number of loyal customers. On the basis of this strategy offeringquality of wide range of products helps in differentiating the Wesfarmers and changingaffordable prices assist the firm to attain cost advantage. 1
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Objectives of the WesfarmersThere are various corporate objectives that cited firm focuses on achieving through themeans of employing effective strategies and tactics. Following are the corporate objectives ofWesfarmers Ltd:Satisfying the expectations of customers through the provision of goods and services on acompetitive and professional basis.Offering and maintaining safe working environment for fulfilling basis needs and wants.Promoting reward and growth opportunities for better performance.Positively contributing the growth and prosperity of the countries in which Wesfarmersoperates by carrying operations in smart and efficient manner and constantly seekingopportunities for expansion. Constantly making efforts to respond customers and communities’ expectation fordelivering them the best they deserve. Emphasising on ensuring safe and secure environment.Dealing with integrity and honesty with internal and external stakeholders of thecompany.Balance score cardIn general it is a strategic planning and management system that is used in extensively inbusiness and industry, government and non-profit organisation to align the activities of businesswith the vision and strategy of business for improving internal and external communication(Hoque, 2014). Balance scorecard consist of four quadrants i.e. learning and growth perspective,business process perspective, customer perspective and financial perspective. Customer perspectiveFinancial perspectiveAttaining utmost level of customer’ssatisfaction.Providing quality of products and services Enhance business volume by offeringdiversified products and services To provide satisfactory returns to thshareholders (Cheng and Humphreys, 2012). Internal business process perspectiveLearning and growth perspectiveDealing with internal and externalstakeholders with integrity and honesty.Responding to the customers andcommunities for delivering expected services Better opportunities for employees throughoffering better working environment.Contributing the growth of community bycarrying out operations efficiently and2
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