This report conducts a comprehensive financial analysis of Wesfarmers Pty Ltd., focusing on the company's tangible assets and accounting practices. The analysis begins with an introduction to tangible assets as defined by AASB 116 and their various measurement methods. It then delves into Wesfarmers' specific approach, examining how the company recognizes and measures these assets, including depreciation methods and disclosure practices as per the 2017 annual reports. The report highlights the importance of disclosing accounting policies to allow users to assess changes in an entity's assets and ensure transparency and consistency. The conclusion summarizes the key findings, emphasizing the significance of asset recognition and measurement policies for understanding a company's financial position and performance. The report references relevant accounting standards and Wesfarmers' annual reports to support its analysis.
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