Financial Accounting Report: West Ltd and Accounting Standards

This report provides a comprehensive analysis of West Ltd's financial accounting practices, focusing on its application of Australian Accounting Standards (AASB). It examines the company's financial statements, including assets, liabilities, and equity, and assesses the impact of accounting standards on its financial position. The report delves into key concepts such as goodwill, net assets, and the recognition of revenue and expenses. It also discusses the company's acquisition of Fishy Tales Ltd and the implications of this transaction on its financial performance. Furthermore, the report highlights the importance of sustainable fishing practices and the role of the ship Steve Irwin in protecting marine life. Overall, the report aims to provide insights into West Ltd's financial performance and compliance with accounting standards, offering a valuable resource for understanding its financial reporting and accounting practices.

Financial Accounting Assignment
Financial Accounting Assignment
Name of the Student
Name of the University
Author’s note

1Financial Accounting Assignment
Executive Summary
The report is focused on the accounting standard wherever it aids West Ltd to concept their
accounting framework and safeguard proper understanding of the active scenario over the
business segment of the organization. The report is absorbed to acquiesce to chairperson in
command to recommend for concentrating on the accounted standards of the state and congenital
to indication on in what way it is being fashioned in fair. It also emphases on the fruitful
application of the designated suggestion equipped by the corporation.

2Financial Accounting Assignment
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Overall concept............................................................................................................................3
Financial conditions.....................................................................................................................5
Effect pertaining in West Ltd.’s financial statements..................................................................7
Conclusion.....................................................................................................................................10
Reference List................................................................................................................................11

3Financial Accounting Assignment
Introduction
West Ltd is the foremost corporation based in Australia, which is focused in manufacture
and retailing of frozen fish and they too emphases on canned fish production which are existence
of progress to sell underneath double brand names separately. The business mostly reflects in
naming on fishes which are being connected with the section where those fishes go forever.
However, fishes, which are caught in the Southern region water bodies of Australia, entitled
under the trademark of Artic Fish. However, in considering the significance of other
establishment, fishes those are being caught in the northern water bodies of Australia is named as
Tropical Taste. However West Ltd in categorical to acquire all the assets and liabilities of Fishy
Tales Ltd, the organization even measured the factor of shielding dolphins in the sea and it is
being performed by utilizing the vessel which is known as Steve Irwin (Daskalakis, Devanur and
Weinberg, 2018). The ship is mainly focused in deactivating the control of whales in the sea by
focusing to defend the dolphins. The report mainly highlights by the development into how
corporation is being able to observe with the accounting standard of Australia and how it
guarantees to benefit the organization with producing more amount of profit.
Discussion
Overall concept
Steve Irwin is the ship who is certified on shielding the whales that are recognized as
advocate of sustainable fishing. The ship is related with dolphin-friendly company that is being
agitation on protecting the sea creatures subsequently the whalers. West Ltd is positioning the
ship in water bodies in order to safeguard proper marketing elevation of the organization and it
also initiates its emphasis in leading the basis of goodwill allotted to them in link to change the

4Financial Accounting Assignment
positive response from clients. This goodwill will assist them to produce an appropriate
consumer improper that will be faithful to their crops very frequently; it is for transmission
through the non-asset slice of income that they typically experience by their creation. The
company will get forthcoming welfares and by that it will generally get assured and welfares are
not even associated to the existing situation. There is different picture of goodwill, which is
being restrained in two sorts of sections, combined type of favor, and the added one is
guaranteed as the acquired goodwill (Korhonen, Honkasalo and Seppälä. 2018). The company
which documented in seeing both of these categories, which mainly acquaintances with
obtaining consideration counting cash and kind of monetary assets of the fishing company. This
helps to redefine total value of the company by considering the after acquisition cost, the value
will increase considerably effectively (Baghai and Becker. 2018). However connecting the
acquisition of West Ltd in relative to Fishy Tales, the overall portion is related to the cost of
acquisition value. The company in relative to experience with gaining also experienced over
different kind of expenditures such as cost of legal fees, stamp duty, government charges , nature
of feasibility in captivating up the objective company as well seeing the professional fees
connected to it. The definite recognition of the procedure is experiencing in relative to save taxes
from the revenue of goodwill which they concentrate over contravention different conditions
connected to previous investigation process.
It has been specified by the company that they if the ship experience any clash or either it
becomes spoiled they are permissible to get rewards through overhaul cost. It is appropriate in
this sort of footings and contracts experienced by the body. According to Australian standard of
secretarial repair and preservation cost comprise different sort of actions which accomplish of
the events that is being patterned up with seeing the monotonous work and associated with

5Financial Accounting Assignment
periodic work of construction that is being related for producing the volume and upholding
competence with finishing the planned purpose. However, in harmony to the volume as well as
competence connected to the upkeep suggestion is particularly attached with scheme analysis
which comprises the steady interval for focusing working status of apparatus function. The
nature of the bookkeeping standard is issued to experience with protective purpose, predictive
maintenance, corrective maintenance and enabling total creative preservation purpose inside the
company (Stoops, Marcelino and Mees. 2018). These purposes enable the society to experience
with improvement in financial statements of the company and it is a condition which stands
improved for the organization response. The revenue through restoration and conservation is
helpful in the background of inviting turnover for the firm and it generally echoes in the profit
and loss statement of the association. Various types of fundamentals are incurred by the
organization for aiding the services to companies that smoothly consist of unlike types of
overhaul fees that is being intended and then affecting out that stability to the company. It is
being very obliging in seeing for the advantage in business which shadows the reward law; it
helps them in terms of scheduled with the facility that is being done by the commercial firm. The
company is focused to building the business catalog by penetrating out the best customers
available and it is successfully executing the best corporation in this stream of corporate, profit
made by them is measured the prime in amount considered within the nation in relations of
Frozen Fish business. The revamping costs are generally ecstatic for producing expenditures
which are being indicated with advertising issues. In significance to sanction the commercial
structure, it is being equipped through correct operation of resources very efficiently.

6Financial Accounting Assignment
Financial conditions
The Total assets of the company is cumulative with a good flow while protection the best
spot secret position of the country in connecting the implication of business program experienced
by them in arrangement of experiencing with the associative business they are experiencing
(Akinci and Olmstead-Rumsey. 2018). Rendering to AASB, the net assets being augmented in
detail talking to society restructuring jobs. However, when they are receiving money from the
patrons for the undertaking of assets and by experiencing money from any security impairment
in the business, which has already been activated in the connotation of repairing cost, is playing
an beneficial role in admiration to business plans. Branding image of the company is upended
very high in likening to others in the nation. The goodwill, which is enjoyed by them, is
unmistakably the best concerning to the tactics and development that is skillful by the managers
of the company. Social activities that attained by them in specific to the aim that they essentially
initiate every year, the most significant target that they usually by modifying demand of the
consumers and overall persons owed through the Country, it is being absorbed on humanizing
the business structure to gather adequate amount of money finishing their originalities. However,
the company decided to reappearance whatsoever quantity they are experiencing from the
business and they usually focus in absorbing the initial cost of the commercial and then
understanding the situational detail about the commercial, which is being connected with it.
Though the corporation is receiving great promotion through their commercial; as they have the
frame support in the country through the appropriate functioning of marketing base, they are
accomplished to collect more quantity of revenue. Whatever they are experiencing, the income
has been exposed in terms of net assets as per the declaration of the corporation. However, it has
been mentioned as the method to aid the customer of the company in terms of making a

7Financial Accounting Assignment
condition where both the companies will be profited very easily (Nowicki, Saniuk and
Waszkowski. 2018).
According to the Australian Standard of Accountancy, the conceptual framework
Typically focuses on the element of stating the criteria of recognition of the financial statements
that is being related with the firm (Dillard et al. 2019). However, assets are measured as the
future welfares of economic ailment of the company which is experiencing with business and
however as a result is being related with dissimilar sort of transactions in agreement of the past
proceedings. There are different sort of circumstances which has been related with the
completion of framework in Australian Standard of Finance. Focusing on the presentation of
financial position of the company it is leisurely that the upcoming benefits of the financial
condition will be implanted in the asset distribution of the company. In suggestion of the asset
construction of the corporate which is being related inside, the reliable source of implanting
system of calculation. In relative to the situation that is being delivered with the construction of
financial viability.
Effect pertaining in West Ltd.’s financial statements
In relation to the accounting situation of West Ltd it has been considered that mending
cost which is being collective in the company, all of them transported to the net assets of the
resulting organization (Aasb.gov.au. 2019). However, net assets of the company are regularly
increasing unceasingly and it is being detected that there are no variations in the profit and loss
statement of the company and equal in other stages in the income and expenses account. It is
being performed in order to help two parties where pair of them will be consuming reputation

8Financial Accounting Assignment
through weakening in taxes and they will be allocating their expenditures within themselves. In
harmony over Australian standard, it is being connected that income is being stated as the
contemporary assets taming complete effective process in current concepts of the accounting
values for delivering general-purpose outset. West Ltd Company is reckoning out the origin
through AASB standards of nature and persistence disputing by serving the interpretation idea.
There are establishments which mainly contains of statements that is being mentioned as the
functional unit of the corporation in credit of different typical of accounting standards for
emerging matters which are determining in the strategy of values (Sutherland et al. 2019). Status
of the accounting ideas, which are being recognized in the framework of the company in relative
to the distribution entities of this group, considered as the most significant concept of the
arrangement.
There is convinced amount of facility of standard for reckoning out the specific
connotation of recognition in this situation. The accountability that is being issued with the
beginning in distribution of resources that is mined as a significant source of predominating the
body. There are lot of shortage in resources that is being collected in sort of connecting the
general location of the object in focus of investing, financing and in amenability of the balance
construction of the company (Akoto et al. 2018). The structure generally aids to find out the
detailed criteria which ultimately backing the company in sort of connecting the portrayal of the
business entity. There are different foundations of legislative wreckages that fit to the
management of the business. This group is a profit seeking company who are eventually fortified
in sourcing dissimilar manners of elements (Bettis et al. 2018). The future economic interests
that are being implemented with the proceeding sequence allowing cash arrivals with considering
direct declarations to the organization that is actuality recompensed by the company when they

9Financial Accounting Assignment
working for passing reimbursements in concerning of their payments related to the arguments of
fixed assets. In mentioning to the business that are passing the scheme by permitting the
condition that whatsoever the unintended income they are essentially experiencing finished the
commercial function its existence allocated to the “net asset” assembly of the organization
(Henn, Cavalli-Sforza and Feldman. 2019).
Additional procedure of possessions that is experienced by the company is measured
under the present assets of the society. When they are experiencing these unintended assets from
their customers, these assets are not existence in version in the profit and loss statements of the
business and any further income statements apiece.

10Financial Accounting Assignment
Conclusion
It can be concluded from the overhead subject that the business is continuing with frozen
and canned fish by which they are existed through upended the finest Organization in the
Country afresh. They are being related with company growth by obtaining the assets and
liabilities of the target company. This had remained the most appropriate persistence of
undergoing with the business assembly of the society. The company is subsequent with a
flawless theory of curtaining miserable actual scenario wherever they are mostly delivering all

11Financial Accounting Assignment
the unintended sort of incomes that are being allotted in footings of the improvement of net
assets of the corporation. However, assets that are being delivered for enhancement in profit and
loss statement as well as income and expenditure statements. It can also be concluded that they
are not worried in placing up the expenditures in financial statements because both of the
gatherings will strain and incur main profitability. However, they are focused to grow the
accounting standard of the country and it assistances to produce the appreciated resources in
order to improve the advancement of the business. This is also been accompanying with
classifying pains of the corporation in respect to signify the appreciated response from the
corporal of Australian Accounting Standard.

12Financial Accounting Assignment
Reference List
Aasb.gov.au. 2019. Australian Accounting Standards Board AAS - Home . online Available at:
aasb.gov.au/ Accessed 4 Sep. 2019.
Akinci, O. and Olmstead-Rumsey, J., 2018. How effective are macroprudential policies? An
empirical investigation. Journal of Financial Intermediation, 33, pp.33-57.
Akoto, E.O., Mosley, A.L., Assad, J.C., Perkins, S., Thiagarajan, P. and Stammerjohan, C.A.,
2019. Economic dependency on work: testing the direct and indirect effects on commitment and
citizenship in a volatile economy. American Journal of Business, 10(1).
Baghai, R.P. and Becker, B., 2018. Non-rating revenue and conflicts of interest. Journal of
Financial Economics, 127(1), pp.94-112.
Bettis, J.C., Bizjak, J., Coles, J.L. and Kalpathy, S., 2018. Performance-vesting provisions in
executive compensation. Journal of Accounting and Economics, 66(1), pp.194-221.
Brace, I., 2018. Questionnaire design: How to plan, structure and write survey material for
effective market research. Kogan Page Publishers.
Daskalakis, C., Devanur, N.R. and Weinberg, S.M., 2018. Revenue maximization and ex-post
budget constraints. ACM Transactions on Economics and Computation (TEAC), 6(3-4), p.20.
Henn, B.M., Cavalli-Sforza, L.L. and Feldman, M.W., 2019. The great human
expansion. Resonance, 24(6), pp.711-718.

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Kalaitzi, D., Matopoulos, A., Bourlakis, M. and Tate, W., 2018. Supply chain strategies in an era
of natural resource scarcity. International Journal of Operations & Production
Management, 38(3), pp.784-809.
Korhonen, J., Honkasalo, A. and Seppälä, J., 2018. Circular economy: the concept and its
limitations. Ecological economics, 143, pp.37-46.
Nowicki, T., Saniuk, A. and Waszkowski, R., 2018, July. Clothing Distribution Optimization for
Rental Company Warehouse. In International Conference on Applied Human Factors and
Ergonomics (pp. 386-397). Springer, Cham.
Stoops, G., Marcelino, V. and Mees, F. eds., 2018. Interpretation of micromorphological
features of soils and regoliths. Elsevier.
Sutherland, W.J., Broad, S., Butchart, S.H., Clarke, S.J., Collins, A.M., Dicks, L.V., Doran, H.,
Esmail, N., Fleishman, E., Frost, N. and Gaston, K.J., 2018. A horizon scan of emerging issues
for global conservation in 2019. Trends in ecology & evolution.
Yahya, I., Hasibuan, R.P.S., Torong, Z.B. and Muda, I., 2018. Factors that influence success
implementation of government accounting standard (Sap) based on acrual in the government of
the districts/cities in North Sumatera Province. Journal of Management Information and
Decision Sciences, 21(1), pp.1-14.