Financial Accounting Report: West Ltd's Financial Performance

This report provides a detailed analysis of West Ltd's financial accounting practices. It begins with an executive summary highlighting the application of accounting standards in the context of West Ltd's operations, particularly focusing on the company's manufacturing and sale of frozen fish products. The report examines the general conception of accounting standards and their impact on financial performance. It discusses how West Ltd adheres to Australian accounting standards, focusing on the treatment of goodwill, net assets, and the impact of financial statements. The report includes discussions on financial performances, the impact of West Ltd’s financial statements, and concluding with a summary of key findings. The analysis considers relevant accounting standards (AASB) and their implications for the company's financial reporting, addressing how the company’s financial position is reflected in the market structure. The report also covers the conceptual framework, elements in financial statements, and principles for recognizing the elements of financial statements.

0Running head: Financial Accounting Assignment
Financial Accounting Assignment
Name of the Student
Name of the University
Author’s note

1Financial Accounting Assignment
Executive Summary
The assignment highlights “accounting standard” by assisting West Ltd for building their
accounting program. It would likewise help the business in understand the vigorous situation by
concentrating on the professional segment of their group. The report is prepared to the
chairperson for providing suggested purposes and focuses on the accounting values of the nation.
It declares that in what way it is upheld in arcade. It strains on the application in the tender of
business effectively.

2Financial Accounting Assignment
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
General conception......................................................................................................................3
Financial performances................................................................................................................6
Impact of West Ltd.’s financial statements.................................................................................8
Conclusion.....................................................................................................................................10
Reference List................................................................................................................................11

3Financial Accounting Assignment
Introduction
West Ltd is measured as an eminent corporation which is headquartered in Australia. It is
typically fixated in the manufacturing and sale of freezing fishes and condenses fish which are
preserved. The manufacturing is connected to goods which are being continued to trade in
double product terms exclusively. Company designations fishes which are really devoted with
those areas where such fishes can live securely. However, some of the fishes trapped in Southern
region water groups in Australia. These fishes are named underneath the product term of Artic
Fish. Captivating into interpreting the worth of other companies, fishes which really originate in
northern water bodies in Australia are referred to Hot Sensitivity. Though, West Ltd took over
the diverse assets and liabilities of the Fishy Tales Ltd. The business fairly assumed influences in
shielding dolphins in ocean and the situation being prepared though using vessel termed Steve
Irwin. The boat focused to halt command of whales in ocean in defending dolphins. The
assignment hassles upon the way in which the business fulfills by accounting standard of
Australia and by what means it aids establishment through making revenue.
Discussion
General conception
Steve Irwin can be regarded as the liner that is entrenched to guard whales which are
called as promoter of maintainable spinning. This transport is related to dolphin-friendly body
which has campaigned to protect marine living being after the whalers. West Ltd has deployed
craft in the sea aimed at safeguarding finest advertising elevation of corporation poster; it
likewise experience by steering kindness billed for the business in overtone for translating
optimistic response since the clients are devoted to the situation. Goodwill services them over

4Financial Accounting Assignment
creating moral quantity of cash for transferring through non-asset segment of income which
typically sustains complete invention. Company would get forthcoming welfares that commonly
swear doles which not being associating in present situation. There has been dissimilar state for
kindness which events by two units, combined category of favor, extra thought in procurement of
generosity. The company documented by smearing mutual consignment, companion by
interpreting acquiring deliberation of thought. It constantly contains cash and financial assets of
fishing corporation. This guarantees the redefining of the total value of company through taking
into account the cost later procurement of them. This worth will frequently enhance. However,
seeing the accomplishment of West Ltd in the light of Fishy Tales, the general percentage
unswervingly connected to the worth of attainment price. The business now gathering to
experiencing with procurement that is enduring over wide-ranging sorts of outlays such as, legal
fees cost, cost of stamp duty, duties imposed by the government, feasibility nature while
captivating up and about the aimed business as thriving to specialized subscriptions. The original
gratitude of the procedure is done in relative for redeemable tolls after goodwill revenue that
stays by contravention of dissimilar inquiry technique.
The company specified that the dispatch go lacking none of the disagreement or
indemnities through recompense of the reparation charge. The situation is applied with some
kind of expressions plus agreements experienced by organization. Conferring to customary of
accounting set up by Australia, repair with maintenance cost consists of dissimilar sorts of
actions that accomplish of changes which are tallied through the monotonous effort and
accompanied by the frequent effort construction that is related through maintaining volume and
competence. Finishing the envisioned determination, it is rendering towards the volume by way
the effectiveness of preservation connotation that is devoted with scheme by counting unvarying

5Financial Accounting Assignment
pause in concentrating effective position over apparatus purpose. Proper effective function which
is being signified referring to financial statements of the corporation where it identifies
significance of the business position according to the market structure. However, the after
process also helps to determine what are the changes in market and how much did company
succeed to absorb the changes altogether. The dimension of accounting standard absorbed with
enduring by deterrent role, prognostic conservation, remedial preservation, permitting total
industrious care function inside the concern. The purposes enable association by feeling for
betterment of development in financial statements of business and the state in which it stance
healthier for business response. The revenue over reparation and care is cooperative on the
background of acquiring income for business and it reproduces in profit and loss statement of the
party. Business experiences numerous kinds of rudiments for giving with facilities to commerce
which has unlike restoration subscriptions that are spontaneous and assumed through the
equilibrium to the entity (Zivanov et al. 2019).
It is existed through valuable in component by bearing in mind for the enterprise who
protected by reward rule; mildly it assistances them in booming out through the amenities that
are achieved by corporate firm. The house is intensive in accomplishment of occupational
catalogue over the exploration of the finest customers and is basically oblique by executing the
greatest in this brook, income made by them measured to be major in numeral during nation in
setting to Frozen Fish occupation (Kanki. 2019). The charges of repair are mostly overjoyed for
determination in actual expenditures that presence is related with matters of advertising. In
instruction of promoting business structure distributed with appropriate and actual operation of
possessions.

6Financial Accounting Assignment
Financial performances
The complete resources of business are usually growing along through the respectable
movement in the process of securing best spot within country. This is associated with the
business schedule that is experienced through them in harmony with their experiencing business.
According to AASB, net assets increases specifically and address to the improving occupations
of the society (Chemmanur and Yan. 2019). However, they receive currency commencing from
consumers aimed at the crusade of belongings. This is done by earning cash through the security
harm of the occupation which triggered in overtone of the charge of repair and plays an
advantageous role with relation to the occupational tactics. The brand appearance of the business
is actually extraordinary in comparison to different scenario happening in the nation. Favor,
which liked by them, is regarded to be the finest in relation to the strategies and growth that
trained by executives of the concern. Communal events initiate every year which are performed
by the managers (Eddington. 2019). The most important target is the adjustment in the demands
of consumers owed through the Nation and is absorbed towards refining commercial
construction for collecting plenty of currency over the wits taken by them successfully. They
generally shifted their thinking towards protecting the structural scenario, activities which are
cited by the managers to improve the financial policy of the company. The amount of income
that is inherited by the organization to restore them successfully in order to allocate the adjusting
figure, which is being collected through the implementation attribute, operated to recon the
target. They appropriate the business plan, which is figure out by the management team during
the initial period, by referring the amount of target estimated is being achieved quite successfully
(Tacconelli et al. 2018).

7Financial Accounting Assignment
However, business certain to reinstate whatsoever quantity they incur after corporate and
mostly emphasis on fascinating the preliminary business price and then would understand the
situational datum associated with the commercial (Grullon, Larkin and Michaely. 2019).
However corporation receiving ample promotional for its commercial; and those ensure the
provision of the mass in nation by appropriate operative of advertising vile, they are capable to
gather advanced quantity of income. Whatsoever they gain, income stood reflected through net
assets as per financial statements. However, it is cited as method in serving consumers of the
company for making state where the businesses will promote effortlessly.
Conferring to Accountancy standard set up by Australia, conceptual framework mostly
emphases on component of stipulating standards for the gratitude of financial statements that are
allied through the business (de Kat and Broekmans. 2018). However, resources stand termed as
upcoming assistances for considering the financial disorder of the firm that is enduring the
professional house; still, as outcome being connected through unlike type in dealings in
according to the earlier measures. Here are dissimilar variety of principles that been involved
through the achievement of context to Australian Standard of Finance. Enchanting into
justification the concert of financial situation of concern it has been unrushed to coming
recompenses of commercial ailment will entrench in division of possessions inside the
establishment. In relative to building of assets in corporate that is being linked through consistent
cause of control of implanting the scheme. In relative toward this setting, that exists with
delivering construction of monetary feasibility.

8Financial Accounting Assignment
Impact of West Ltd.’s financial statements
In relative to accounting setup of West Ltd, it considers the repairing cost, which is
presence in amassed with the corporation, entirely of it, moved to net assets of society
(Aasb.gov.au. 2019). Though, the net assets of society rises incessantly and it is pragmatic that
there are not at all any variations fashionable in the declaration for profit and loss of the
corporation and uniformly in income and expenses account of the further periods. It being
completed for the drive of helping together couple of gatherings where individually of them will
constitute position over decrease in taxes. They would stake expenditures among them. In
harmony over Australian customary, it is being related to income being professed as modern
assets taming over real procedure in current accounting ethics notion for delivering of general-
purpose formation (Brown and Bhat. 2018). West Ltd Company is noticing on formation through
AASB ethics through solicitude, determination which disputing while serving the understanding
idea. There are establishments, which must possess in the reports that are named as the practical
element of the corporation in gratitude of diverse customary in accounting morals for developing
matters which classifying in strategy principles. The Position of the accounting perceptions are
documented in agenda of business for involving the recording objects of this group, which
measured as greatest noteworthy idea of the associated edifice.
Nearby few quantities associated in the establishment of average by reckoning out exact
convention of gratitude in the setup (Smith and Malinowski. 2018). The culpability is delivered
with the outset for apportioning those assets that purified as imperative font of leading frame.
There are many scarcities in properties that are gathered in specific traditions that encompass the
overall situation of object in emphasis of capitalizing, supporting and in obedience of balance
configuration of business (Berger. 2019). The construction normally aids to novelty of precise

9Financial Accounting Assignment
standards that are compulsory for supporting the presentation of firm or else the trade article.
There might be diverse foundations of judicial segments that correlated to administration of
party. This association is profit-seeking Corporation who inspires in obtaining altered in caring
of basics. The imminent monetary welfares are realized with helping the development of
enabling money which influxes with straight entitlements to business that is actuality
recompensed by firm after they are allied with passing welfares apropos to the outgoings related
to contentions of fixed assets. In mentioning to endorsing schemes of the industries, it is said that
they permit circumstances near the unintended income they sustain through occupation purpose
being owed to the “net asset” arrangement of the business.
Additional forms of resources sustained through house are said to be underneath current
assets of the institute (Coghlan. 2019). After they incur indirect resources after their patrons,
these resources are not concentrated towards the profit and loss statements of corporation nor
some extra revenue statement. The company is specifically inclined with the productive analysis
of the company focusing to incline optimum result associated to the significant solution of
enhancing better results to be obtained in relation of manufacturing and production that they
undergo according to their plan. Optimum utilization of resources by sustaining the outcome
considering the future implication of the business being attributed perfectly for creating the best
solution in order to figure out best solution resulting out of it. Relating the feedback obtained by
the company to generate future endeavors perfectly is helpful in incurring the optimal profit
related to the utilization of resources.

10Financial Accounting Assignment
Conclusion
It can be concluded from the above scenario that business is enduring manufacturing of
the freezing and preserved fish by which they being upended as finest Group in Country newly.
They are being devoted with the growth of corporation finished in obtaining of assets and
liabilities of the Company that is beleaguered. This had remained greatest fitting steadfastness of
enduring with business construction of society. The company is applying flawless concept for
lowering down the actual state where they largely concern all ancillary types of revenues that are
owed finished order to augmentation in net assets of the corporation. Although assets which
being dispensed in augmentation of profit and loss report and income and expenditure
testimonials. It can be concluded, they are not concerned in positioning up overheads in financial
statements since two of the entities will create and invite foremost productivity. However, they
fixated to improve accounting customary of nation and benefits in producing appreciated
incomes in attention of refining general benefit of group. This also been allied in classifying
exertions of business concerning to infer appreciated criticism after directory of Australian
Accounting Standard.

11Financial Accounting Assignment
Reference List
Aasb.gov.au. 2019. Australian Accounting Standards Board AAS - Home . online Available at:
aasb.gov.au/ Accessed 4 Sep. 2019.
Berger, M.A., 2019. Topological quantities in magnetohydrodynamics. In Advances in nonlinear
dynamos (pp. 353-382). CRC Press.
Brown, C.E. and Bhat, M., 2018. A game-theoretic model of crop flood indemnity in South
Florida.
Chemmanur, T.J. and Yan, A., 2019. Advertising, attention, and stock returns. Quarterly Journal
of Finance, p.1950009.
Coghlan, D., 2019. Doing action research in your own organization. SAGE Publications
Limited.
de Kat, A.C. and Broekmans, F.J.M., 2018. Female age and reproductive chances. In Preventing
age related fertility loss (pp. 1-10). Springer, Cham.
Eddington, A., 2019. The nature of the physical world: THE GIFFORD LECTURES 1927 (Vol.
23). BoD–Books on Demand.
Grullon, G., Larkin, Y. and Michaely, R., 2019. Are US industries becoming more
concentrated?. Review of Finance, 23(4), pp.697-743.
Kanki, B.G., 2019. Communication and crew resource management. In Crew resource
management (pp. 103-137). Academic Press.

12Financial Accounting Assignment
Smith, R. and Malinowski, B., 2018. Crime and custom in savage society. Routledge.
Tacconelli, E., Carrara, E., Savoldi, A., Harbarth, S., Mendelson, M., Monnet, D.L., Pulcini, C.,
Kahlmeter, G., Kluytmans, J., Carmeli, Y. and Ouellette, M., 2018. Discovery, research, and
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tuberculosis. The Lancet Infectious Diseases, 18(3), pp.318-327.
Zivanov, J., Nakane, T., Forsberg, B.O., Kimanius, D., Hagen, W.J., Lindahl, E. and Scheres,
S.H., 2018. New tools for automated high-resolution cryo-EM structure determination in
RELION-3. Elife, 7, p.e42166.