ACCT11059 Accounting: Restating Financial Statements of Promisia

This report details the restatement of Promisia Integrative Limited's financial statements, including the income statement and statement of changes in equity for 2015 and 2016. The restatement process involved classifying expenses and income into business and non-business activities, which aided in analyzing the company's operating and financial position. Currency translation differences were also examined, revealing profits for 2016 and losses for 2015. The report includes peer feedback on other students' work, focusing on the accuracy and clarity of their restated statements, balance sheets, and income statements. References to lecture notes were used to complete the task.

ACCT11059 Accounting, Learning and Online
Communication

Step 3 Restating Firm’s financial statement:
In the previous part of my Assignment, I have disclosed the financial position of the company
allocated to me.in this part I have restated the financial statement, income statement and
statement of changes in equity of the company “Promisia Integrative Limited”.
The task provides me learning about the classification of assets, liabilities, expenses and
profits related to business and non- business activities. Restating of the statement of changes
in equity provide information regarding currency translation difference. The currency
translation difference indicates profits for the current year 2016. In the year 2015, the
difference was indicated the loss.
The restatement of financial statement is a typical and time-consuming process. Restatement
process classified expenses and sources of income in two categories which help in analysing
the operating and financial position of the company.
In my company, I could not find any major changes in equity capital and Assets and
liabilities of the company. I have taken references of the lecture notes provided by the tutor
during the sessions in order to accomplish the task.
There are the screenshots of the financial statement of the company for the financial year
2016 and 2015.
Arpit Sharma Promisia Integrative limited company Spreadsheet 2017 (1) N.xls

Step 4
PEER FEEDBACK SHEET: ASS#2 Step 4
Feedback From: Arpit Sharma
Feedback To: Sanaya Chauhan
My Comments
Step 3 In this blog, the changes are been shown in equity
according to the financial statement. The changes
are been shown on this blog but the number of
equity is not been mentioned separately.
This is been shown that you have faced in
preparing the balance sheet. It is shown on the blog
that changes are made in the balance sheet with
relation the cash and cash equivalents. The balance
sheet is to be matched in assets and liabilities.
A lot of trouble is being faced by you in making the
income statements. It took 3 days to prepare the
income statements. It is shown that the income
statement tells about the basic information about
the company in a given period of time.
Restated Statement of Changes in
Equity
Balance Sheet
Income Statement
Commentary and discussion with
others
(Note: You may wish to give some
comments
on their Excel spreadsheet)
Step 4
Individual feedback with other
students
No comment is available related to the comment.
Overall ASS#2 (Steps 3 & 4) The overview of financial statement is being shown by the
blogger.

PEER FEEDBACK SHEET: ASS#2 Steps 4
Feedback From: Arpit Sharma
Feedback To: Md. Faisal
My Comments
Step 3 In the attachment of excel, spreadsheet changes have been
occurred in past four years which is stated accurately.
Changes in equity in past four years are mentioned clearly.
In this blog, the income statement is not clearly mentioned.
Blogger is actually confused whether GAAP (international
accounting standards are followed or not.
Comment on attached excel spreadsheet: the value of total
assets has been from past four years. Total liabilities of the
company is being increased & then reduced.
Restated Statement of Changes in Equity
Balance Sheet
Income Statement
Commentary and discussion with others
(Note: You may wish to give some
comments
on their Excel spreadsheet)
Step 4
Individual feedback with other students
No such comments found on the related blog.
Overall ASS#2 (Steps 3 & 4) Blogger has given the overview of company's financial
statement.

PEER FEEDBACK SHEET: ASS#2 Steps 4
Feedback From: Arpit Sharma
Feedback To: Saroj Pandey
My Comments
Step 3 In this blog changes in equity is not mentioned.
Specific excel spreadsheet attachment related to balance sheet
has been attached to this related blog
Income statement of the company has also been attached which
shows drastic up & downs in gross margin.
Restated Statement of Changes in
Equity
Balance Sheet
Income Statement
Commentary and discussion with
others
(Note: You may wish to give some
comments
on their Excel spreadsheet)
Step 4
Individual feedback with other
students
No comments found
Overall ASS#2 (Steps 3 & 4)
Blogger has given his views on restating financial
statement of the company. But the actual financial
position of the company is not analysed clearly but an
overview of company has clearly mentioned.