Australian Continuous Disclosure and Its Impact
Added on 2020-02-19
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ROLE OF THE CONTINUOUS DISCLOSURE FRAMEWORKStudent Name : Student ID :
EXECUTIVE SUMMARYThe title of the report is the role of continuous disclosure framework. As the title suggests,throughout the report the importance of the continuous disclosure regime has been detailed. Themain aim of the report is to analyze the normal disclosure that is being followed by the companyas per the Corporations Act 2001 and other relevant statutes in regard to major heads of thebalance sheet and statement of profit and loss account and second major aim is to analyze theeffectiveness of the continuous reporting requirement for the disclosure entities. With theseconsiderations the report has been prepared in different sections and headings.
ContentsEXECUTIVE SUMMARY.................................................................................................................................2INTRODUCTION...........................................................................................................................................4ANALSYSIS – SURFSTICH LIMITED FINANCIAL STATEMENTS 2016 AND 2015..............................................4FINANCIAL SITUATION.............................................................................................................................4GOODWILL, SUBSIDIARY AND CASH POSITION – 2015............................................................................5ANALYSIS OF PROFIT AND LOSS – 2016...................................................................................................5RECOMMENDATION FOR INVESTORS......................................................................................................6CONTINUOUS REPORTING REGIME.............................................................................................................6DISCLOSURE ENTITIES..............................................................................................................................6MEANING OF CONTINUOUS REPORTING REGIME...................................................................................6EFFECTIVENESS OF REGIME...................................................................................................................10CONCLUSION AND RECOMMENDATION...................................................................................................11REFERENCES..............................................................................................................................................11
INTRODUCTIONEvery company is required to disclose each and every information whether financial or nonfinancial depending upon the rules, procedures and regulations of the law of the country in whichthe company is operating. Disclosure of the information gives an insight to the users of thereaders of the financial statements of the company regarding the financial position and thefinancial performance of the company. In this report the continuous disclosure requirement hasbeen detailed. These have been issued by the Australian Stock Exchange and have been namedas the Listing Rules. In the first section, the annual reports of the company – Surf stitch Limitedhas been discussed with reference to the major heads of the balance sheet including the goodwill,investment in subsidiary, cash position, selling and distribution costs and other related items.Along with the said financial analysis, an observation has been made regarding the trading ofshares of the company. The second major aim is to define as to what continuous reporting regimeis and how the same has been effective for all the companies which are listed in the AustralianStock Exchange. The references have made from the primary and secondary sources which arereliable for the conclusion and recommendation of the study. ANALSYSIS – SURFSTICH LIMITED FINANCIAL STATEMENTS 2016 AND 2015The company is engaged in the business of the online retailing of the sports lifestyle especiallyfor the young and the teens and the company is operating in United Kingdom, Australia andNorth America. Though formed in the year of 2008, the company has been listed in the year of2014 and since then the company has been facing financial difficulties. FINANCIAL SITUATION As of now, the company has been facing the class action suit of $100 million. The class actionsuit has been filed by the large group of shareholders on account of the wiping out of the wealth
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