ACC303 Individual Assignment: Analysis and Memo to Board of Directors

This assignment, prepared for ACC303 Company Accounting, presents a memo to the Board of Directors addressing key issues related to consolidated financial statements, corporate governance, and financial reporting. The memo discusses the importance of consolidation in summarizing annual performances, the role of the audit committee and sustainability reports in achieving objectives, and the presentation of goodwill in the notes to accounts. The analysis draws upon references such as Inc.com, Infrontanalytics.com, Qvinci Software, and Wesfarmers.com.au to support the findings. The assignment evaluates the performance of subsidiaries and the effective management of company policies, providing a comprehensive overview of the financial and governance aspects of the company's operations, with a focus on Wesfarmers' annual report analysis. The assignment also includes a presentation component summarizing the key findings and recommendations to the board.

CORPORATE
ACCOUNTING

Issue 1:
 Consolidated annual report is made to sum up the annual
performances (Qvinci Software., 2020).
 Consolidation will result in hiding the loses form single
subsidiary company.

Issue 2:
 The objectives are clearly stated in governance report and audit
committee.
 The sustainability report states that their main objective has always
been to satisfy the stakeholders (Sustainability.wesfarmers.com.au.,
2020).
 The audit committee checks and maintains the company policy.
 The future perspective is also visible from corporate governance
report and sustainability report.

Issue 3:
 The goodwill form consolidation is presented in the notes to accounts
(Wesfarmers.com.au., 2020).
 The financial reports with notes to the accounts are presented in the
annual report.

Issue 4:

 The performance of every subsidiary was good overall (Inc.com.,
2020).
 The performance has increased (Wesfarmers.com.au., 2020).
 Wesfarmers also managed their policies very well.

References
Inc.com. (2020). Annual Reports. Retrieved 23 January 2020, from
https://www.inc.com/encyclopedia/annual-reports.html
Infrontanalytics.com. (2020). Wesfarmers Limited: Financial ratios (WES | AUS
| Home Improvement Retailers) - Infront Analytics. Retrieved 23 January
2020, from https://www.infrontanalytics.com/fe-EN/21304AA/Wesfarmers-
Limited/financial-ratios
Qvinci Software. (2020). The Importance of Consolidated Financial Statements.
Retrieved 23 January 2020, from https://www.qvinci.com/the-importance-of-
consolidated-financial-statements/
Sustainability.wesfarmers.com.au. (2020). Home. Retrieved 23 January 2020,
from https://sustainability.wesfarmers.com.au/
Wesfarmers.com.au. (2020). Corporate governance. Retrieved 23 January 2020,
from https://www.wesfarmers.com.au/who-we-are/corporate-governance
Wesfarmers.com.au. (2020). Retrieved 23 January 2020, from
https://www.wesfarmers.com.au/docs/default-source/asx-announcements/
2019-annual-report.pdf?sfvrsn=0

THANK
YOU