KCQ - mostly questions
After submitting my SPA#1 earlier than the due date last week, I felt relieved that it was over, accomplished and finished. Done and dusted! Now to tackle ASS#2.
Therefore today I got stuck into trying to tackle what I feel is going to be the most difficult part of the assignment, which is the restating my firm's spreadsheet.
I'm really glad that we've been provided examples and have quite thorough instructions on what needs to be done and how to do it, but I may be missing the brief as I'm finding it quite difficult.
1) I'm having difficulties deciphering which are the operating and which are the financial comprehensive income from my statement of changes in equity.
- Is anybody else having issues here?
- My company SEEK have purchased shares on-market for employee share option schemes & treasury shares. Would these be transactions with shareholders?
- Tax associated with employee share scheme other operating income?
- Conversion of preference shares to ordinary shares. This is where Martin claimed that preference shares should be excluded from equity and placed as a liability instead. However, what about 'conversion of preference shares to ordinary shares', where does this fit in? Is it essentially the same thing and should be still included as a liability?
- Non-controlling interests acquired on acquisition. I seem to think of this as other financial comprehensive income
I would greatly appreciate other students weigh in on these questions, and also to hear about your experiences with your firms reports. I'm sure that some people are finding it a breeze, but I also wonder if the difficulty of these restatements vary with the complexity of your firm's annual report. For example, my company has very little to know plant & equipment, however a lot of shares, acquisitions of other companies, tax debts due to those other companies etc. ASS#1 now seems like it was an absolute breeze, oh how I wish we were again simply transferring information from the annual report straight to the spreadsheet. However, that seemed difficult once too.
Okay! Please submit your opinions or your findings of your company. I feel like I'm brimming with questions and no one to answer them.
Hi Rachel,
ReplyDeleteI read your SPA#1 and I like how you used your reality work examples to relate to understanding costs. I especially like your accrual accounting understanding, when I first came upon this term in Chapter 2, I was baffled that that was what it was called. Customers buying things now but paying later at a given time frame.
I also liked how you were able to relate to Martin's metaphor of keeping things tidy is like cleaning the messy room. ...Was the desk you took over really that messy?
Anyway, I'll answer your question you added to my blog now.
No, I haven't got that far, am up to page 6, 'a conceptual view of a firm'.
And no I don't mind if you printed my acronym table :-) I shared it to help others. :-D
I also wanted to say that I do think and agree your SPA#1 is of top quality because you not only use your experiences but you also relate it to your company with deep understanding...and it doesn't seem like you are summarizing it either. I was also engaged when I was reading I didn't get bored....and believe me...I don't like reading when I'm sick...which is what I'm now.
ReplyDeleteHope to keep chatting with restating our companies financial statements.
Hi Anna,
ReplyDeleteThank you very much for your feedback on my SPA#1, I really appreciate it :) As I was writing I was wondering, "I wonder if I'm babbling a bit here", and apparently I wasn't.
Anyway, it came as a huge shock that I was made an exemplar and have received such great feedback.
I received your post on Moodle, thank you so much for sharing that definition, that has really simplified things. I've just finished my shift for the day and I'm looking forward to tackling these statements again, hopefully making more leeway.
I certainly hope that you get better soon! I had a terrible flu in December of last year, right before I was about to be a bridesmaid for my sisters wedding. I used horseradish, garlic and vitamin C tablets from i think it's cenovis, can be bought at woolies for about $6. I took 2 tablets, about 3-4 times a day and the flu couldn't even penetrate the barrier I had put up. It's amazing stuff! I swear by it, it's like the flu cleared up and buggered off.
Do try it. But you know what they say, rest is best.
I look forward to being able to discuss our difficulties or questions that arise about this assignment, I'm glad I've got in early and am able to have a discussion with fellow students, it really helps.
Hi Rachel,
DeleteI really like your blogging!!
Thanks for replying....am at the uni study centre now using it's free internet. Trying to finish off my step 1 and finish the readings of chapter 4. It's step 3 I'm trying to figure out my firm's prodcuts and services. So far I have;
1. SERVICE; Inflight customer service
2. SERVICE; Destination deliverance (Getting from destination A to destination B)
3. SERVICE; Aircraft passenger booking
I'm trying to figure out the next two. How are you going with your step three, I saw on Facebook some of the students mentioned a few services/products.
Funny your sisters wedding was last year...my twin's wedding was last year too but in March and I also got the flu...luckily it was a month before the wedding.
Thanks for the tablet information, I'll definitly look for them next time I'm ill....or is it best before being sick?
And yes rest is best, last week Wednesday I got a relapse so I did nothing that day and rested....didn't even read in bed and that helped hugely. So glad I've recoved to normal!
How are you by the way? I read I think on Facebook that you were sick....hope you get better too ....if you are still sick...eitherwise just ignore my late well wishes.
I was going to say, it seems you are a kind of person who likes organisation (I could be wrong), I got this earnings per share calculater that I found on the website and if you want to add it to your blog or use it you are most welcome too....I think it would be useful for ass#3 though.
You'd have to scroll all the way to the bottom of my blog to see it, it's on the right side.
http://annatowanacct11059.blogspot.com.au/
Cheers,
Anna