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Managing the risks associated with electrosurgical devices
Please read this assessment brief in its entirety before starting work on the Assessment Task.
You are a financial reporting advisor and requested to generate a financial reporting compliance report for a UK listed company. You can choose ONE of the following companies:
|Anglo Americant Plc’s Annual Report-2019||Bellway Plc’s Annual Report-2019||Smith Nephew Group’s Annual Report-2019|
|(press CTR key + Click to follow the link for each company’s annual report)|
Once you have selected the company, you are required to use the financial report (available in the annual report) and write a report analysing their financial reporting according to IFRSs.
As part of your analysis (in more detail), you are required to find out the following:
1 – Calculate the compliance ratio of some general accounting policies according (As per section A of the content analysis in the appendix of this assignment). Discuss the compliance ratio that you found. (20%)
2- Calculate the compliance ratio with some statements in International Accounting Standard 16: Plant, Property, and equipment (As per section B of the content analysis in the appendix of this assignment). Discuss the compliance ratio that you found. (30%)
3- Discuss the compliance with any (only ONE) significant Accounting policies for the company such as revenue recognition or the basis of consolidation or deferred taxes or intangible assets, etc.. (30%)
4- Discuss the role of the external (Independent) audit report of your chosen company. (20%)
On successful completion of this assessment, you will be able to:
|Item||Compliant (1) / not compliant (0)|
|A- Accounting Policies (The company disclosed the following:)|
|A1- The Reporting Entity:|
|The reporting entity is declared and clear for the investor|
|The company’s legal form (Ltd or Plc.) is clear for the investor|
|A2- A statement to clarify the Compliance with IFRSs and interpretation IFRICs|
|A3- Basis of Preparation (The company disclosed the following):|
|The convention (measurement model) of financial statements’ preparation (historical cost or fair value) for every item|
|The company’s reporting currency and the rounding level of values.|
|Adopting the going concern basis according to valid reasons or considerations|
|A4- Accounting Policies:|
|In consolidation for groups case, the company clarified the basis of consolidation|
|In consolidation for groups, the company provides the definition of a subsidiary in accordance with IFRS 10|
|In the case of associates, the company clarifies the interests in associates.|
|The company clarifies the revenue recognition basis|
|B- International Accounting Standards 16: Plant, Property, and Equipment|
|B1- The company allocate the PPE cost according to the component approach (This item is checked under PPE related disclosure)|
|B2- The company discloses the subsequent measurement model (historical cost or Fair value model) – (This item is checked under PPE related disclosure)|
|B3- The company uses the measurement model for the entire class of PPE (This item is checked under PPE related disclosure)|
|B4- The company has an ability to change the measurement model only in certain circumstances (This item should be checked under accounting policies)|
|B5- If the company changed the measurement model, then, it deals with it in accordance with IAS 8 changes in policies. (This item should be checked under accounting policies)|
|B6- Under the historical cost model, the asset is carried at its cost less accumulated depreciation less any impairment losses (This item is checked under PPE related disclosure)|
|B7- the company discloses the depreciation method for each category which suits a systematic basis over its useful life to reflect the pattern of the expected economic benefits.|
|B8- The depreciation method is reviewed for its suitability at least at the end of each the financial year.|
|B9- Any change in the depreciation method would be accounted as a change in estimates prospectively according to IAS 8|
|B10- The company does not depreciate lands (This item is checked under PPE related disclosure)|
|B11- The company separates the lands and properties for the depreciation purposes (This item is checked under PPE related disclosure)|
|B12- The asset would be reported under the revaluation model only in certain circumstances|
|B13- Under the revaluation model, the asset is carried at its fair value at the date of revaluation less any subsequent accumulated depreciation less subsequent impairment losses (This item is checked under PPE related disclosure)|
|B14- The company defines the fair value as (the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction).|
|B15- The fair value is determined on market-based evidence by appraisal normally undertaken by professionally qualified valuers.|
|B16- The fair value is checked on a principle that revaluations must be sufficient regularity such as the carrying amount of the asset does not materially differ from fair value.|
|B17- The company discloses the useful life|
|B18- The company discloses the cost for each category of PPE.|
|B21- The company discloses the accumulated depreciation for each category of PPE|
|B19- The company discloses the depreciation amount for the financial year for each category of PPE|
|B20- The company discloses any additions or disposals for each category of PPE|
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