Analysis of Woodside Petroleum Limited's Financial Reporting (AASB)
VerifiedAdded on 2020/03/16
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Report
AI Summary
This report provides an analysis of Woodside Petroleum Limited's financial reporting practices, focusing on the company's compliance with Australian Accounting Standards (AASBs), particularly concerning lease accounting. The report examines the implications of the new IFRS 16 standard, which significantly alters the treatment of leases, eliminating off-balance sheet accounting and redefining financial metrics. The report differentiates between operating and finance leases, detailing how Woodside Petroleum accounts for various types of leases, including those for floating production, helicopters, and bank loans. It assesses the impact of AASB 16 on the company's assets, liabilities, leverage ratio, and profit. The analysis highlights the recognition of leased assets and liabilities on the balance sheet, changes in debt levels, and the effect on key financial ratios. The report uses Woodside Petroleum Limited's 2016 annual report as a primary source, and also references relevant literature to support its findings.
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