Financial Statement and Financial Analysis
|
|
- Brook Howard
- 5 years ago
- Views:
Transcription
1 Financial Statement and Financial Analysis A 3 Day Course This in-house course can also be presented face to face in-house for your company or via live in-house webinar The Banking and Corporate Finance Training Specialist
2 Course Content Introduction The mixed-valuation model and its problems: Evolution from a backward-looking exercise in stewardship towards a support tool for forward-looking economic decision making; Why this makes life inherently and unavoidably difficult for analysts and investors Some core qualities of financial statements, with easily understood illustrations from real life: Course Overview Relevance and materiality (example: why inventory valuation is more critical in low margin businesses) Comparability (example: closely comparable competitors in an apparently homogeneous industry, but with different histories of organic growth versus external acquisition, leading to different bases of accounting for intangibles) Understandability (example: pharmaceuticals, hi-tech generally) Reliable measurement (example: intangible assets in knowledge-based support industries) Fair value, time value of money, and discounted present values Management discretion: the exercise of judgement, and the use of estimation techniques Introducing the three principal financial statements: their objectives, rationale and limitations The five elements of financial statements: assets, liabilities, equity, income and expense Accounting as a record of flows and stocks, of resources (assets) and obligations (liabilities) Focus on earnings-based metrics: unpacking EBITDA Revision of basic calculation, and any technical problems arising Questions about Earnings : The Big Question: how comparable are operating earnings (i) over time and (ii) vis-a-vis the competition? Specifically: Are the company s accounting policies for revenue and expense recognition appropriately selected, clearly described, and consistently applied? (example: Vodafone s use of proportionate consolidation for JVs) How significant are figures for capitalised expense, relative to operating profit? Does the company also use a non-gaap earnings measure, and if so what is its stated (and real) purpose? What are its merits and demerits? (many examples, but interesting to compare the non-gaap measures within an industry, e.g. likefor-like in food retailing) Are stated earnings normal - or have they been normalised by the exercise of management discretion? What about income/expense booked through OCI? Are exceptional income and expense separately identified, and are they really exceptional? (example: in the years , Misys plc reported exceptional income or expense every year, with an average absolute value of 40% of earnings before exceptionals) Do earnings include non-operating items such as gains/losses on non-current assets or on discontinued operations? Are there financing elements in some operating items, such as in the payment terms of trade suppliers? (example: supermarkets turning over inventory in 15 days, paying suppliers on 45 days, using the permanent float to finance a whole year s capex) Does a relatively smooth development at consolidated level mask significant (if mutually compensating) swings between operating segments?
3 Questions about Interest : If this is the net figure, what are the gross figures for income and expense, and are there one-off factors in either of them, e.g. interest received on temporary reinvestment of disposal proceeds? (Example: Boots 2006) What do the figures contain, other than interest on conventional debt and financial investments, e.g. in relation to unwinding of discounts on provisions, pension plans? Questions about Taxes : Does the overall tax charge, or the current/deferred split, vary significantly from year to year, and if so why? (example: Deutsche Telekom) Questions about Depreciation and Amortisation : Does the total include impairment charges (or reversals) or other indications of possible impending problems for future years EBITDA? What does EBITDA not tell us about cash generation? Working capital management Capex requirements for maintenance and expansion Focus on balance sheet metrics ( Return on... ) Key principles revisited: Valuation basis: historic cost or Fair Value Reliable measurement Specific problem areas, creating very different balance sheets for economically identical businesses: Organic growth versus external acquisition. Does it make sense to omit assets altogether just because their value cannot be reliably measured? (example: internally developed intangibles such as footballers brought up through the academy) Differences in accounting for development expenditure (example: Misys, Temenos, Amadeus) Differences in accounting for historic mergers (example: substantial difference between Diageo s IFRS and US GAAP balance sheets, arising from different accounting bases for GrandMet/Guinness merger but with no corresponding differences in the other two financial statements) What is the basis for Fair Value? Market value or value in use? And how is it measured? Leased assets: how the use of sale and leaseback change the operating ratios, even though they are a financing rather than an operating activity (example: differing levels of leasehold versus freehold estate among UK supermarket groups) Financial assets: introduction to main problem areas Different policies for depreciation, amortisation and impairment Accounting for liabilities: Current and non-current Provisions and contingent liabilities: problems of classification and measurement Financial liabilities Bringing it all together in Financial Analysis How to use the other sections of the annual report: chairman s and CEO s letters: business and financial reviews
4 Uses and abuses of financial ratio analysis: The key drivers of profitability The key drivers of cash generation Trends in profitability Management of working capital, liquidity and solvency The identification and management of financial and other risks and uncertainties The importance of knowing what to expect and knowing the industry Course Summary The overall objective of the course is to help participants to develop the technical skills and the judgment to use accounting information appropriately according to the context and the purpose of their analysis. The course takes its cue from the clear statement in the IASB s 2010 revised conceptual framework document: General purpose financial reports are not designed to show the value of a reporting entity; but they provide information to help existing and potential investors, lenders and other creditors to estimate the value of the reporting entity. The course begins with a selective examination of those fundamental accounting principles which, individually or in combination with each other, are responsible for the bulk of the problems of financial analysis. Following this introduction, the course discards the logical order of a conventional accounting course in favour of a practice-driven approach, in which the components of commonly used valuation metrics and performance measures (EBITDA, RoE, RoCE, RoNA, asset turnover, working capital and cash flow ratios etc.) are used as pegs on which to hang a more searching examination of the problems and uncertainties lurking behind the accounting figures. The course is based primarily on IFRS as in force at the time that the course is delivered, but reference to significant national GAAP is made as and when this sheds useful light on the topic under discussion. Redcliffe has provided in-house training for the following companies:
5 Tailored Learning All of our training courses can be tailored to suit your company s exact training needs. We will work closely with you to help develop a training programme with content that is unique for your organisation. Please us on enquiries@redcliffetraining.co.uk for more information E-Learning This course can also be presented as a bespoke e-learning programme created by you to fit your exact requirements.
Accounting for Business Combinations (M&A)
Accounting for Business Combinations (M&A) This in-house course can also be presented face to face in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist
More informationAdvanced Financial Analysis
Advanced Financial Analysis A Practical 3-day Workshop This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist Course
More informationValuing A Business. This course is presented in London on: 24 October January July November 2019
Valuing A Business This course is presented in London on: 24 October 2018 16 January 2019 10 July 2019 13 November 2019 This course can also be presented in-house for your company or via live on-line webinar
More informationValuing A Business. This course is presented in London on: 16 January July November 2019
Valuing A Business This course is presented in London on: 16 January 2019 10 July 2019 13 November 2019 If you have 4 or more participants, it may be cost effective to have this course presented in-house
More informationACCOUNTING & ANALYSIS
INVESTMENT KNOWLEDGE SERIES ACCOUNTING & ANALYSIS 2nd Edition INVESTMENT KNOWLEDGE SERIES Accounting & Analysis capital city training & consulting www.capitalcitytraining.com i This 2nd edition published
More informationIndependent Auditor s Report to the Members of UDG Healthcare plc
Financial Statements Independent Auditor s Report to the Members of UDG Healthcare plc Opinion In our opinion: UDG Healthcare plc s group financial statements and parent company financial statements (the
More informationInvestment Knowledge Series. Accounting
Investment Knowledge Series Accounting INVESTMENT KNOWLEDGE SERIES Accounting capital city training & consulting www.capitalcitytraining.com i Published 2011 by Capital City Training Ltd ISBN: 978-0-9569238-2-0
More informationInvestment Management Fundamentals
Investment Management Fundamentals A Three Day Course This in-house course can also be presented face to face in-house for your company or via live in-house webinar The Banking and Corporate Finance Training
More informationIFRS 9: The Latest Updates
IFRS 9: The Latest Updates A detailed understanding of the latest IFRS 9 updates This course is presented in London on: 20 June 2018, 18 October 2018 This course can also be presented in-house for your
More informationFINANCIAL STATEMENTS. In this section 89 Independent auditor s report to the members
FINANCIAL STATEMENTS In this section 89 Independent auditor s report to the members of Mitchells & Butlers plc 96 Group income statement 97 Group statement of comprehensive income 98 Group balance sheet
More informationPearson plc IFRS Technical Analysis
Pearson plc IFRS Technical Analysis Contents A. Introduction B. Basis of presentation C. Accounting Policies D. Critical Accounting Assumptions and Judgements Schedules 1. Income statement Reconciliation
More informationDiploma in IFRS. Units with Learning Outcomes and Assessment Criteria
Diploma in IFRS Units with Learning Outcomes and Assessment Criteria Unit 1-IASB and regulatory framework Understand the need and role of the regulatory system Describe the impact of globalization Describe
More informationAdvanced Financial Analysis
Advanced Financial Analysis A Practical 3-day Workshop This course is presented in London on: 26-28 September The Banking and Corporate Finance Training Specialist Course Overview Understanding financial
More informationSeptember 2011 Audit. Tax. Consulting. Corporate Finance
IFRS Survey 2011 Focus on financial reporting in Switzerland September 2011 Audit. Tax. Consulting. Corporate Finance Contents 1. Executive summary 1 2. Survey objectives 2 3. Overview of the financial
More informationIndependent Auditor s Report
Consolidated Independent Auditor s Report Independent Auditor s Report To the members of BBA Aviation plc Opinion on financial statements of BBA Aviation plc In our opinion: the financial statements give
More informationFinancial statements: contents
Section 6 Financial statements 93 Financial statements: contents Consolidated financial statements Independent auditors report to the members of Pearson plc 94 Consolidated income statement 96 Consolidated
More informationFinancial statements. Group financial statements. Company financial statements. 68 Independent auditor s report 74 Consolidated income statement
Strategic report Governance Financial statements Financial statements Group financial statements 68 Independent auditor s report 74 Consolidated income statement 75 Consolidated statement of comprehensive
More informationInternational Financial Reporting Standards (IFRSs ) A Briefing for Chief Executives, Audit Committees & Boards of Directors
2012 International Financial Reporting Standards (IFRSs ) A Briefing for Chief Executives, Audit Committees & Boards of Directors 2012 International Financial Reporting Standards (IFRSs ) A Briefing for
More informationConstituents generally agreed that IFRS 3 is conceptually sound, but that it is often difficult to apply in practice, in New Zealand.
30 May 2014 Mr Hans Hoogervorst Chairman The International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Hans Post-implementation Review of IFRS 3 Business Combinations
More informationPearson plc IFRS Technical Analysis
Pearson plc IFRS Technical Analysis Contents A. Introduction B. Basis of presentation C. UK GAAP to IFRS adjustments D. Performance measures Schedules 1. Income statement Reconciliation UK GAAP to IFRS
More informationIntroduction and Effects of New Chinese
Lorenzo Riccardi China Accounting Standards Introduction and Effects of New Chinese Accounting Standards for Business Enterprises Springer Contents 1 Introduction to New Accounting Standards for Business
More informationFINANCIAL REPORTING CPA PROGRAM SUBJECT OUTLINE SUBJECT AIMS
FINANCIAL REPORTING CPA PROGRAM SUBJECT OUTLINE Financial Reporting is designed to provide you with financial reporting, technical accounting and business skills and values that are applicable in a professional
More informationFinancial statements. Additional information
Financial statements 60 Independent auditors report to the members of plc on the consolidated financial statements 65 Consolidated income statement 66 Consolidated statement of comprehensive income 67
More informationFull text edition Grant Thornton International Ltd. All rights reserved. PDF created with pdffactory Pro trial version
Full text edition 2008 Grant Thornton International Ltd. All rights reserved. 2008 Grant Thornton International Ltd. All rights reserved. Member firms of the Grant Thornton International organisation are
More informationWe welcome the opportunity to comment on the above post-implementation review.
31 May 2014 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam, IASB Post implementation Review: IFRS 3 Business Combinations Standard Chartered Bank
More informationACCOUNTING AND COMPARISON OF IFRS AND GAAP
ACCOUNTING AND COMPARISON OF IFRS AND GAAP SECTOR / ACCOUNTING AND FINANCE NON-TECHNICAL & CERTIFIED TRAINING COURSE The training program outline is up to date and pertinent to marketplace requirements,
More informationOpinion on financial statements of Taylor Wimpey plc. Basis for opinion. Summary of our audit approach. Key audit matters
98 Independent Auditor s Report Opinion on financial statements of Taylor Wimpey plc In our opinion: the financial statements give a true and fair view of the state of the Group s and of the Parent Company
More informationANNUAL REPORT HUSCOMPAGNIET A/S HUSCOMPAGNIET
2017 ANNUAL REPORT HUSCOMPAGNIET A/S HUSCOMPAGNIET Consolidated key figures DKK'm Income statement Revenue Gross profit Operating profit before depreciation and amortisation
More informationHomeserve plc. Transition to International Financial Reporting Standards
Homeserve plc Transition to International Financial Reporting Standards 28 November 2005 1 Transition to International Financial Reporting Standards ( IFRS ) Homeserve is today announcing its interim results
More informationapplying the proposed subtotals in the statement of profit or loss to financial entities; providing information about unusual or infrequent items;
IASB Agenda ref 21 STAFF PAPER IASB Meeting Project Paper topic Primary Financial Statements Cover note September 2018 CONTACT(S) Aida Vatrenjak avatrenjak@ifrs.org +44 (0)207246 6456 This paper has been
More informationChapter 5: Using Financial Statement Information
1 Chapter 5: Using Financial Statement Information 2 Control and Prediction Financial accounting numbers are useful in two fundamental ways: They help investors and creditors influence and monitor the
More informationModule 1: The role and importance of financial reporting
MODULE 1: The role and importance of financial reporting Part A: The role and importance of financial reporting The role of financial reporting The importance of financial reporting Who must prepare general
More informationIFRS model financial statements 2017 Contents
Model Financial Statements under IFRS as adopted by the EU 2017 Contents Section 1 New and revised IFRSs adopted by the EU for 2017 annual financial statements and beyond... 3 Section 2 Model financial
More informationUni Systems Information Systems AE
Uni Systems Information Systems AE Consolidated and Separate Financial Statements for the Year 2010 (period from 1 January to 31 December 2010) compiled in accordance with the International Financial Reporting
More informationRequest for Information Post-implementation Review IFRS 3 Business Combinations
Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London United Kingdom EC4M 6XH Deloitte Touche Tohmatsu Limited 2 New Street Square London EC4A 3BZ United Kingdom Tel:
More informationBusiness implications of IFRS 16
IFRS Foundation Business implications of IFRS 16 Emerging Economies Group May 2018 Agenda paper 1B The views expressed in this presentation are those of the presenter, not necessarily those of the International
More informationIN THIS SECTION 128 Independent auditors report 134 Accounting policies
127 IFRS FINANCIAL STATEMENTS IN THIS SECTION 128 Independent auditors report 134 Accounting policies CONSOLIDATED FINANCIAL STATEMENTS 148 Consolidated income statement 149 Consolidated statement of comprehensive
More informationLONDON EC4M 6XH. Re: IASB Questionnaire on Possible Recognition and Measurement Modifications for Small and Medium-sized Entities (SMEs)
PARIS, 2 ND JUNE, 2005 CL 16 M. Paul PACTER Director of Standards for SMEs IASB 30 Cannon Street LONDON EC4M 6XH Re: IASB Questionnaire on Possible Recognition and Measurement Modifications for Small and
More informationThe Role of Fair Value and Value in Use in IFRS Financial Statements
The Role of Fair Value and Value in Use in IFRS Financial Statements Profit The Framework modified by current IFRS Opening net assets Changes in net assets Closing net assets Transactions with owners as
More informationWhy Global Accounting Standards Are Needed Investors seek investment opportunities all over the world. Companies seek capital at the lowest price anyw
IFRS Convergence Will Enhance Shareholder Value Paul Pacter Director, Deloitte IFRS Global Office ACCA Annual Conference Hong Kong, 23 June 2007 1 Agenda for this Session Why global accounting standards
More information(a) Business combinations: those prior to the transition date have not been restated onto an IFRS basis.
Telecom plus PLC Adoption of International Financial Reporting Standards The purpose of this document is to provide guidance on the impact of International Financial Reporting Standards as adopted for
More informationConsolidated Financial Statements HSBC Bank Bermuda Limited
2011 Consolidated Financial Statements HSBC Bank Bermuda Limited Consolidated Financial Statements and Audit Report for the year ended 31 December 2011 Contents Page Independent Auditors Report... 1 Consolidated
More informationFINANCIAL PRUDENCE WORKSHOP FOR SMALL MEDIUM SIZE ENTITIES. 8th -10th December 2014, SAFARI PARK NAIROBI.
FINANCIAL PRUDENCE WORKSHOP FOR SMALL MEDIUM SIZE ENTITIES 8th -10th December 2014, SAFARI PARK NAIROBI. FINANCIAL REPORTING FOR SMEs By: CPA JOSEPHAT NJOROGE WAITITU. CONTACTS:JOSEPHAT WAITITU & ASSOCIATES
More informationNOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017
NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES 1.1 Statement of compliance The consolidated (group) and separate (company) annual financial statements (financial statements) are stated in South
More informationFINANCIAL STATEMENTS CONTENTS ICG ANNUAL REPORT & ACCOUNTS 2016
ICG ANNUAL & ACCOUNTS FINANCIAL STATEMENTS CONTENTS Auditor s report 103 Consolidated income statement 110 Consolidated and Parent Company statements of comprehensive income 111 Consolidated and Parent
More information2007 Financial Statements. Consolidated Financial Statements of the Nestlé Group Financial Statements of Nestlé S.A.
2007 Financial Statements Consolidated Financial Statements of the Nestlé Group Financial Statements of Nestlé S.A. Consolidated Financial Statements of the Nestlé Group Principal exchange rates...2 Consolidated
More informationFinancial Analyst Training Programme 10 Days
Financial Analyst Training Programme 10 Days Delegate Profile: This course is targeted at delegates who are new to banking and finance and provides a comprehensive overview of financial reporting, financial
More informationCover note and summary of the Board s tentative decisions
IASB STAFF PAPER IASB Meeting Project Paper topic Primary Financial Statements November 2018 Cover note and summary of the Board s tentative decisions CONTACT(S) Aida Vatrenjak avatrenjak@ifrs.org +44
More informationMODULE 1: The role and importance of financial reporting Part A: The role and importance of financial reporting
MODULE 1: The role and importance of financial reporting Part A: The role and importance of financial reporting The role of financial reporting The importance of financial reporting Who must prepare general
More informationInsurance alert ISAB/FASB Board Meeting Insurance Contracts
www.pwc.com/insurance Insurance alert ISAB/FASB Board Meeting Insurance Contracts PwC Summary of Meetings 13-15 June 2011 Since a variety of viewpoints are discussed at FASB and IASB meetings, and it is
More informationUS GAAP FACT-SHEET. GAAP NO. DESCRIPTION KEY ELEMENTS EQUIVALENT/SIMILAR IFRS Generally Accepted Accounting - GAAP Codification
US GAAP FACT-SHEET GAAP NO. DESCRIPTION KEY ELEMENTS EQUIVALENT/SIMILAR IFRS ASC 105 Generally Accepted Accounting - GAAP Codification - The Conceptual Principles - The Standards Setting Process - CONs
More informationPwC Alert. Malaysian Private Entities Reporting Standards (MPERS) A new reporting framework for Private Entities
Issue 124 November 2015 PP 9741/10/2012 (031262) PwC Alert Malaysian Private Entities Reporting Standards (MPERS) A new reporting framework for Private Entities Page 3 MPERS at a glance Page 5 Comparing
More informationACCOUNTING POLICIES. for the year ended 30 June MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13
12 MURRAY & ROBERTS ANNUAL FINANCIAL STATEMENTS 13 ACCOUNTING POLICIES for the year ended 30 June 2013 1 PRESENTATION OF FINANCIAL STATEMENTS These accounting policies are consistent with the previous
More informationTo: IASB. From: Herman Molenaar, Chief Financial Officer Vanderlande Industries
To: IASB From: Herman Molenaar, Chief Financial Officer Vanderlande Industries Name of Submitter: Herman Molenaar, CFO Organisation: Vanderlande Industries Holding BV Country / jurisdiction: the Netherlands
More informationFinancial statements. Consolidated financial statements. Company financial statements
73 Consolidated financial statements 74 CONSOLIDATED INCOME STATEMENT 74 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 75 CONSOLIDATED BALANCE SHEET 76 CONSOLIDATED CASH FLOW STATEMENT 78 CONSOLIDATED
More informationTHE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS
THE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS INTRODUCTION Implementation of International Financial Reporting Standards ( IFRS ) For the year
More informationAccounting Policies. Key accounting policies
Accounting Policies Basis of accounting The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted for use in the European Union (EU) and
More informationcontents 3 Shareholders equity: share capital and reserves 78 1 The IASB: history, current structure and processes 2
Contents v contents Foreword xi Preface xiii About the authors xv Acknowledgements xvii PART 1 Framework 1 1 The IASB: history, current structure and processes 2 1.1 National accounting standards 4 1.2
More informationAmadeus IT Group, S.A. Auditor s Report, Annual Accounts and Directors Report for the year ended December 31, 2018
Auditor s Report, Annual Accounts and Directors Report for the year ended December 31, 2018 Auditor s Report for the year ended December 31, 2018 Annual Accounts for the year ended December 31, 2018
More informationCIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)
CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position
More informationNorthamptonshire Healthcare NHS Foundation Trust. Annual Accounts (12 months to 31 March 2013)
Northamptonshire Healthcare NHS Foundation Trust Annual Accounts (12 months to 31 March 2013) Northamptonshire Healthcare NHS Foundation Trust - Period Accounts 2012/2013 INDEX Foreword to the accounts
More informationNotes to the Group financial statements
Notes to the Group financial statements Note 1 Accounting policies, judgements and estimates General information Tesco PLC (the Company) is a public limited company incorporated and domiciled in the United
More informationInterpretation of consolidated financial statements
Interpretation of consolidated financial statements F7 for exams in September 2016, December 2016, March 2017 and June 2017 There are additional issues to be considered when calculating and analysing ratios
More informationORIGO PARTNERS PLC INDEPENDENT AUDITORS REPORT AND AUDITED FINANCIAL STATEMENTS
ORIGO PARTNERS PLC INDEPENDENT AUDITORS REPORT AND AUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER CONTENTS I. AUDITORS INDEPENDENT REPORT 1 Page II. AUDITED FINANCIAL STATEMENTS 2 50 Consolidated
More informationCash flows from financing activities Repayment of long-term borrowings (48 26) (22) Dividends paid to non-controlling interest (W10) (8 4) (30 4)
Answers Professional Level Essentials Module, Paper P2 (SGP) Corporate Reporting (Singapore) March/June 2016 Sample Answers 1 (a) Weston Group Statement of cash flows for year ended 31 January 2016 Cash
More informationConsolidated Financial Statements Summary and Notes
Consolidated Financial Statements Summary and Notes Contents Consolidated Financial Statements Summary Consolidated Statement of Total Comprehensive Income 57 Consolidated Statement of Financial Position
More informationILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2017 INTERNATIONAL FINANCIAL REPORTING STANDARDS
ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2017 INTERNATIONAL FINANCIAL REPORTING STANDARDS 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended
More informationIndependent auditor s report to the members of Kier Group plc only
Independent auditor s report to the members of Kier Group plc only Opinions and conclusions arising from our audit 1 Our opinion on the financial statements is unmodified We have audited the financial
More informationInternational Financial Reporting Standard. Small and Medium-sized Entities
A Staff Overview This overview of the IASB s exposure draft of a proposed International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) was prepared by Paul Pacter, IASB
More informatione-modules & educational products
FASTER ICT Financial and Accounting Seminars Targeting European Regions WP3 e-modules & educational products Radoslav Tušan (TUKE) WP3: Tasks Modules - Deliverables Task Module Deliverable 3.1 FASTER Platform
More informationSpecial purpose financial statements
Special purpose financial statements Illustrative guide to the disclosure requirements of: AASB 101 Presentation of Financial Statements AASB 107 Statement of Cash Flows AASB 108 Accounting Policies, Changes
More informationTier 2 For-Profit Reporters
ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2017 NEW ZEALAND EQUIVALENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS REDUCED DISCLOSURE REGIME Tier 2 For-Profit Reporters RDR Layout (New
More informationExaminer s report P2 Corporate Reporting June 2016
Examiner s report P2 Corporate Reporting June 2016 General Comments The examination consisted of two sections. Section A contained one question for 50 marks and Section B contained three questions of 25
More informationCentrica plc. International Financial Reporting Standards. Restatement and seminar
International Financial Reporting Standards Restatement and seminar Centrica plc has adopted International Financial Reporting Standards with effect from 1 January 2005 and, on 15 September 2005, will
More informationAnnual Report and Accounts
/11 Annual Report and Accounts Financial Statements Contents of financial statements Directors statement and independent Auditors report 110 Statement of Directors responsibilities 111 Independent Auditors
More informationIndependent Auditors Report
Independent Auditors Report Independent Auditors Report to the members of Allied Irish Banks, p.l.c. Opinion on the financial statements of Allied Irish Banks, p.l.c. In our opinion: the financial statements
More informationCONOIL PLC FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2015
FINANCIAL STATEMENTS CONTENTS 2 Result at a glance 3 Unaudited Statement of comprehensive income 4 Unaudited Statement of financial position 5 Unaudited Statement of changes in equity 6 Unaudited Statement
More informationErnst & Young IFRS Core Tools April IFRS Update. of standards and interpretations in issue at 31 March 2012
Ernst & Young IFRS Core Tools April 2012 IFRS Update of standards and interpretations in issue at 31 March 2012 Contents Introduction 2 Section 1: New pronouncements issued as at 31 March 2012 4 Table
More informationINDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF THOMAS COOK GROUP PLC
INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF THOMAS COOK GROUP PLC REPORT ON THE Our opinion In our opinion: > Thomas Cook Group plc s Group financial statements and parent company financial statements
More informationA CLEAR UNDERSTANDING OF THE INDUSTRY
A CLEAR UNDERSTANDING OF THE INDUSTRY IS CFA INSTITUTE INVESTMENT FOUNDATIONS RIGHT FOR YOU? Investment Foundations is a certificate program designed to give you a clear understanding of the investment
More informationValuing A Business. This course is presented in London on: 17 May 2018, 24 October The Banking and Corporate Finance Training Specialist
Valuing A Business This course is presented in London on: 17 May 2018, 24 October 2018 The Banking and Corporate Finance Training Specialist Course Objectives Participants will: Be introduced to major
More informationigaap 2005 in your pocket
igaap 2005 in your pocket A summary of international financial reporting from a UK perspective July 2005 Contents Deloitte guidance 1 Abbreviations used in this publication 2 Current international standards
More informationStatements Chapter 5 CHAPTER 5 STATEMENTS I. FINANCIAL STATEMENTS 71 II. CORPORATE RESPONSIBILTY STATEMENTS 141
CHAPTER 5 STATEMENTS I. FINANCIAL STATEMENTS 71 II. CORPORATE RESPONSIBILTY STATEMENTS 141 70 I. FINANCIAL STATEMENTS Consolidated statement of financial position 72 Consolidated income statement 73 Consolidated
More informationQuestions 1 and 2 are additions to the questions in the 2012 F7 Practice and Revision kit.
F7 UK supplement questions Questions 1 and 2 are additions to the questions in the 2012 F7 Practice and Revision kit. 1. Question 9 Pricewell Regarding the contract in note (ii), calculate the following
More informationPresentation of Financial Statements
International Accounting Standard 1 Presentation of Financial Statements In April 2001 the International Accounting Standards Board (IASB) adopted Presentation of Financial Statements, which had originally
More informationNon-GAAP Financial Measures. Third Quarter and First Nine Months of Fiscal
Non-GAAP Financial Measures Third Quarter and First Nine Months of Fiscal 2012 www.siemens.com To supplement Siemens Consolidated Financial Statements presented in accordance with International Financial
More informationFinancial Reporting (F7) September 2017 to June 2018
Financial Reporting (F7) September 2017 to June 2018 This syllabus and study guide is designed to help with planning study and to provide detailed information on what could be assessed in any examination
More informationNew Zealand Scholarship Accounting Workshop
New Zealand Scholarship Accounting Workshop 13 October 2016 Facilitator: Dr Julia Wu 1 Welcome! Introduction Topic one: New Zealand Framework (2010) Topic two: Topic three: Topic four: Topic five: Transactions,
More informationFunds Transfer Pricing
Funds Transfer Pricing Balance Sheet shaping and the role of the Funds Transfer Pricing process in banks This course can be presented in-house either on your premises or via live webinar for a group of
More informationRisk & Capital Management Under Basel III and IFRS 9 This course can also be presented in-house for your company or via live on-line webinar
Risk & Capital Management Under Basel III and IFRS 9 This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist Course
More informationReconciling IFRS with Regulatory Filings A former CFO s Experience
International Financial Reporting Standards Reconciling with Filings A former CFO s Experience Executive workshop for Regulators Diplomatic Academy of Vienna Darrel Scott, IASB member The views expressed
More informationINDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ELECTROCOMPONENTS PLC
INDEPENDENT AUDITORS REPORT INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF ELECTROCOMPONENTS PLC Report on the audit of the financial statements Opinion In our opinion: Electrocomponents plc s Group accounts
More informationMergers & Acquisitions
Mergers & Acquisitions This course is presented in London on: 15-18 May 2018, 22-25 October 2018 This course can also be presented in-house for your company or via live on-line webinar The Banking and
More informationHedge Funds and Alternative Investments
Hedge Funds and Alternative Investments A Two Day course This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist Course
More informationIFRS for SMEs IFRS Foundation-World Bank
International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 26 27 May 2011 Kiev, Ukraine Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic 1.2 Overview
More informationINDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Unaudited Condensed Consolidated Interim Financial Statements of Tata Consultancy Services Limited Unaudited Condensed Consolidated
More information112 Pearson plc Annual report and accounts Page Title
112 Pearson plc Annual report and accounts 2016 Page Title Section 5 Financial statements 113 Financial statements In this section Consolidated financial statements 114 Independent auditor s report to
More informationA guide to the incremental borrowing rate Assessing the impact of IFRS 16 Leases. Audit & Assurance
A guide to the incremental borrowing rate Assessing the impact of IFRS 16 Leases Audit & Assurance Given a significant number of organisations are unlikely to have the necessary historical data to determine
More informationFinancial Reporting (UK) (F7)
Financial Reporting (UK) (F7) CR (P2) BA (P3) MAIN CAPABILITIES On successful completion of this paper, candidates should be able to: A Discuss and apply a conceptual framework for financial reporting
More informationANNUAL REPORT FINANCIAL STATEMENTS 2017
ANNUAL REPORT FINANCIAL STATEMENTS CONTENTS s Responsibility Statement 1 Independent Auditors Report 2-6 Financial Statements 7-12 Basis of Preparation 13-14 Notes to the Financial Statements 15-43 Additional
More information