Report Writing on Financial Reporting Disclosures in Australian Corporate Sector

Collect a published annual report (30 June 2011 or 31 December 2010) for two Australian corporate groups. Provide the name of each group of companies including parent and subsidiaries. The company web-sites can be obtained from the web-site of the Australian Stock Exchange at http://www.asx.com.au/research/industry/index.htm or any other online resources. Identify their consolidated financial statements reported in the annual report. Briefly summarise:

(a) What goodwill method is followed by the group?

(b) How goodwill or gain on bargain purchase is calculated and disclosed.

(c) How revaluation of assets of the subsidiary is done in this regard, if any,

(d) How impairment of goodwill is tested, if any.

(e) How non-controlling interest (NCI) is calculated and disclosed in the consolidated financial statements.

(f) Whether NCI shares any goodwill or not under the goodwill method applied.

Critically evaluate whether the accounting method and/or disclosure followed by each corporate group are consistent with the requirements of the AASB 3 and AASB 127 for the users of general purpose financial reports. In your essay, compare the above disclosures between both groups of companies to identify major differences between them, if any.

Attach a copy of the consolidated financial statements only. Please do not attach the entire annual report. Attachment can be done from the scanned copy of financial statements to the WORD file.

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