Accounting Treatment of Property Free-Samples-Myassignmenthelp

Questions: 1.Identify in the Financial Statements, the notes to the financial statements, and the statements of significant accounting policies those parts that relate to property, plant and equipment. 2.In addition to goodwill, what are the categories of intangible assets of this Organisation? How are they recognized and measured? 3.Where do provisions appear in the statement of Financial Position? 4.What are contingent liabilities and how can they arise 5.Using the Financial Statements Calculate, and Comment on, the following ratios Current ratio, rate of return on total assets, times interest earned, the debt ratio and the P/E ratio. Answers: 1.AASB 116 is typically related with the accounting treatment of property, plant and equipment so that the users of the financial report can find the information of the companys investment in property, plant and equipment. The detail disclosure of this information has to be made in the notes to financial statements so that it can be easily understood by the users about the information provided by the company related to the company purchase, sales or disposed of property, plant and equipment (Annual Report, 2016). In the annual report of Wesfarmer the information related to the property, plant and equipment is given in notes to accounts on page number 101. Looking at the notes related to the property, plant and equipment it can be said that Wesfarmers had make sure that all the requirement given in the AASB standard 116 has been fully complied. There has been separate disclosure of each assets and their initial cost of purchase with actual depreciation on that asset. To calculate the net carrying value of the asset all the procedure prescribed in the AASB has been followed. There is statement on the recognition and measurement that describes that net carrying value of property, plant and equipment has been measured on the cost of purchase minus depreciation and impairment. Straight line method of depreciation has been used to calculate the depreciation on property, plant and equipment (Annual Report, 2016). AASB 136 is related to the impairment of assets and in the annual report of Wesfarmers it has been presented in the notes to accounts number 17 and page number is 118. The notes related to impairment of assets is presented in well manner format with proper disclosure of all the information related to the testing of impairment of assets, calculations of impairments, recognized impairments and any reversal of reversal of impairments (Annual Report, 2016). 2.In addition to goodwill other intangible assets presents with Wesfarmers are Trade Names, Contractual and non contractual relationships, software and gaming and liquor licenses. All the intangible assets apart from the goodwill has been recognized initial on the cost that are purchased and intangible assets acquired in the process of business combination is recognized at their fair value on the date of acquisition. After the initial recognition of intangible assets they are carried on cost less any amortization and any impairment losses. The useful lives of the intangible assets are estimated on the following basis: Intangible Assets Useful Lives Trade names Indefinite and Finite (up to 20 years) Contractual and non contractual relationships Finite (Up to 15 years) Software Finite (up to 7 years) Gaming and Liquor Licenses Indefinite Impairment of intangible assets has policies that are applicable for all intangible assets of the recognized in the Wesfarmers. If the asset does not generate independent cash inflows and its value in use cannot be estimated to be close to its fair value, the asset is tested for impairment as the part of the cash generating unit (Annual Report, 2016). 3.The provisions appear under the liability section of the statement of financial position and detailed information about the provisions is provided in the notes to statement number 9 on page number 103 and 104. The long service leaves is recognized in the provision section of employee benefits. As per the accounting policies it is measured as the present value of the expected future payments for the services provided to the company by the employees. The value of long service leave presented in the annual report of the Wesfarmers were 1154 million AUD $ as part of current liabilities and 180 million AUD $ as part of non-current liabilities in respect of year 2016. Dividends appear on the liability side of balance sheet as the provision only when the dividends are declared and before they are paid to the shareholders. When dividend are declared and are not paid to the shareholders they become the liability of the company and as the accounting standard it is essential to show the dividend that is unpaid under provisions in case it is not paid to the shareholders. When dividend is paid it is no longer present at the liability side of the organization of the balance sheet. Information related to the dividends paid and declared is given in notes to statements number 11 and it is given on page number 106. As per information given dividend has been declared and paid in the same accounting year therefore it has not been presented under the provision section of the annual report (Annual Report, 2016). 4.Contingent Liabilities refers to the potential liability of the company that can arise depending on any occurrence of future uncertain event. As per the accounting AASB 137 contingent is recoded in the financial statements when it is probable that the amount of contingent liability can be reasonably estimated and they will certain events in the future that will impact the outflow of resources of the organization (Annual Report, 2016). Following are the disclosure requirement of for contingent liabilities as per AASB 137: Unless the possibility of any outflow in settlement is remote, an entity shall disclose for each class of contingent liability at the end of the reporting period a brief description of the nature of the contingent liability and, where practicable: an estimate of its financial effect, measured under paragraphs 36-52; an indication of the uncertainties relating to the amount or timing of any outflow; and The possibility of any reimbursement. In the annual report of Wesfarmers the contingent liabilities are mentioned under notes to accounts 21 under Commitments and Contingencies. The various contingent liabilities are operating lease commitments, capital commitments and other expenditure commitments. All the contingent liabilities are disclosed properly by the company (Annual Report, 2016). Contingent assets refer to the possible assets of the company that can arise in future due to the gain that is probable at any future date on the occurrence of any future event. As per accounting standard AASB 137, company cannot recognize the contingent assets even if it is probable that contingent gain will arise in future. 5.Liquidity Analysis Liquidity analysis means measuring the company position to pay the current liabilities through the use of short term assets of the company. The current liabilities refer to the expenses that are due in one year time period and short term assets or current assets refers to assets of the company that are capable to be converted into cash and cash equivalent in short period of time generally one year. Current ratio is the most important ratio that helps to evaluate the liquidity position of the company. Current Ratio: Current ratio is the current assets divided current liabilities. It means this ratio check amount of current assets is presents in the company against the amount of current liabilities to be paid by the company. Current Ratio: Current Assets/Current Liabilites Current Ratio of Wesfarmers in year 2016 = $ 9684 /$10424 = 0.93 times The current ratio of Wesfarmers in year 2016 is 0.93 times that indicates that company has only 0.93 times the current assets present in the against the current liability of 10,424 million. So it can be said that liquidity position of the Wesfarmer was critical and it must be taken care by the company in as early as possible. Profitability Analysis Profitability analysis means measuring the income earning capability of company through the available resources. Profitability means income earned by the firm on the assets present in the company. There are many ways through which profitability can be measured. Net profit ratio, rate of return on total assets and return on total equity are the some of well known ratios that are used to measure the profitability of the firm. Rate of Return on total assets: This ratio shows the percentage of return the firm is earning on the total assets employed in the one financial year. Rate of return on total assets: Net profit/Total Assets Rate of return on total assets of Wesfarmers in year 2016 = $407/ $40,783 = 0.99 % Rate of return on total assets of Wesfarmers in year 2016 was almost 1 % that indicates that company has earned very low return on the total assets. It can be concluded that overall profitability position looking at the ratio of rate of return on total is very weak and management has to take serious steps to increase the income earning capability. Solvency Analysis Solvency analysis means ability of company to pay the debt capital out of other capital present. This analysis helps to know the level of leverage capital (Debt capital) present in the company. Times Interest earned: This ratio tells the times the company has ability to pay the interest expenses out of the profit earned. This ratio shows the company ability to pay the interest liability on the debt capital. Times Interest Earned: Profit before Interest and Taxes / Interest Expenses Times Interest Earned of Wesfarmers in year 2016 = $1386 / $308 = 4.5 times (Annual Report, 2016) The interest coverage ratio of the company is 4.5 times that shows company can pay almost 4 times the interest expenses as of now. So it can be said that solvency position of the company was good in year 2016. Debt ratio: This ratio measures the amount of debt capital present in the company against the equity and long term capital. Debt Ratio: Long Term Liabilities/Shareholders Equity and Long term Liabilities Debt Ratio of Wesfarmers in year 2016 = 7410/ (22949+7410) = 0.24 times Debt ratio of the Wesfarmers was 0.24 times that indicates company has 0.24 times the debt capital against the total capital present in the company. Price earning Ratio: This ratio is the measure the value of the company as it measures the current share price on the basis of per share earning. This ratio measures the times the market value of company to the earning per share of the company. P/E Ratio: MPS/EPS =$40.10 / $0.36 = 111.38 times (Bull, 2007) Wesfarmers has P/E ratio of 111.38 times that indicates that market value of company is very strong as compare to earning capability. References Annual Report, 2016. Wesfarmers. [Online]. Available at: https://www.wesfarmers.com.au/docs/default-source/reports/2016-annual-report.pdf?sfvrsn=4 [Assessed on: 17 May, 2017]. Bull, R. 2007. Financial Ratios: How to use financial ratios to maximise value and success for your business'. UK: Elsevier.

Sphere Essays - Sphere, Still, Beth Greene, Adam,

Sphere Sphere is about a futuristic sphere that gives a group of scientists a special and unusual power- the power of being able to turn fantasy into reality. The group of scientists are kept in total wonder as to why they were being sent to the middle of the Pacific Ocean. The scientists consisted of Norman Johnson, a psychologist; Beth Halpern, a zoologist and biochemist; Harry Adams, a mathematician; and Ted Fielding, an astrophysicist. Each scientist played an important role- Norman was to watch the team because no one had ever seen an alien and they didn't know how people would react. Beth was to assess any life form that the team might come across. Harry was there because math is the universal language and Ted was there to determine where in the universe the aliens came from. The story begins as Norman is being transported in a Sea Knight. After Norman arrives at the site, he is directly escorted to his quarters until Captain Barnes came and retrieved him. On their way to the submersible, he explained to everyone in the group what was going on. He told them that there was a titanium fin found 1,000 feet under the ocean and that it is over 1/2 mi. long. He also informed them that the spacecraft had been in that location for almost 300 years (they could date the time because of the coral growth- coral grows at 1 in. a year). When they all arrived at the underwater habitat, they were sent to a compression chamber to bring them to the right pressure. The reason for the habitat is that it has the weight of air plus the weight of water pushing down on it. If the habitat had the same pressure as the surface, it would implode. After compression, the team was sent to their quarters for some rest before they set out to the spacecraft. When the crew was all rested and refreshed, they suited up into insulated suits and jumped into the water. They then proceeded to the airlock. After passing through the airlock and into the ship, they split up into two teams. Norman and Beth were teamed up while Barnes, Harry, and Ted went another way. While they were exploring, Beth and Norman were accidentally transported to the control room. There they found out- with the help of the ship's computers and a suit on a dead body- found a surprising discovery- the ship was American. It must have been transported back in time through a black hole from the year 2043 all the way back to 1743 and landed in the ocean. While Beth and Norman were in the control room, the other group stumbled upon a gargantuan golden sphere. After Norman and Beth had caught up to them, they were running low on air and set up a video camera. As they were about to leave, they noticed that there was no entry into the sphere- no door, no hatch, nothing- but Norman noticed that the sphere reflected everything- except image of the team. As most of the team was sleeping, Harry slipped on his suit and went to the sphere. As he was standing there, the sphere somehow took him inside itself. By the time that Norman reached him, he was unconscious. After they got him back to base, one of the crew members was outside doing some work when she was attacked by jellyfish and was killed because the animals had made miniscule holes which leaked extensively and she drowned. No one left the confines of the habitat because they were cut off from the ship up top- supposedly there was a severe storm and they missed their ride because of Harry's little stunt. As the days went by they were forced to talk to each other and entertain one another. Harry was reading 20,000 Leagues Under the Sea and was quite enjoying it. Since the crew member that was killed by the jellyfish, Norman and Beth took on the responsibility. What they had to do was take video footage that was stored and take it to a sub on a timer. If no one reset the timer in 12 hours, the sub would float to the surface with the videos inside. That way, if anything happened, there would be some idea of what went wrong. As Norman and Beth were coming out of the sub, Barnes warned them of a giant object coming towards them. They scrambled for the hatchway and just

The Iraq War essays

The Iraq War essays Since 1979, the Iraqi people have been living under a tyrant. The dictator (Saddam Hussein) took over as the President of Iraq after persuading the current leader Al-bakr to step down. The Iraqis had no idea how their way of life would change over the next thirty years. Saddam led his country with little sympathy towards two of the three Islamic tribes that resided in Iraq. During his first months as president, Saddam had many Shia and Kurdish tribesmen murdered. His distaste for any tribe other than the Sunni became obvious as he slaughtered and maimed thousands of people within his own country. The new president said, We want our country to achieve its proper weight based on our estimation that Iraq is as great as China, as great as the Soviet Union, and as great as the United States.(pg. 27) In Saddams eyes, World domination was priority over the wellbeing of his people. Saddam decided to test his military power by invading Iran in the 1980s and Kuwait in 1990. During th e invasion of Kuwait President George H.W. Bush decided to intervene and liberate Kuwait. Twelve years after the Liberation of Kuwait the United States found Saddam was not complying with U.N. sanctions and President George W. Bush wanted Saddam and his regime to face the repercussions. On September 11th, 2001, Islamic terrorists attacked the World Trade Centers Twin Towers and the pentagon. This was the final button that the U.S. would allow to be pushed. President Bush vowed that Americans would take action. Without the events of September 11, the American electorate would not have supported a war with Iraq (pg. 39). During the summer of 2002, the Bush administration assembled a coalition to deal with Saddam. The Bush administration along with the coalition had three solid reasons to conduct an invasion and overthrow the regime. First, Saddam and his Baathist regime were not fully cooperating with U.N....

Definitions and Examples of Tapinosis

Definitions and Examples of Tapinosis Tapinosis is a  rhetorical term for name-calling: undignified language that debases a person or thing. Tapinosis is a kind of meiosis. Also called  abbaser, humiliatio, and depreciation. In The Arte of English Poesie (1589), George Puttenham observed that the  vice of tapinosis might be an unintentional figure of speech: If you abase your thing or matter by ignorance or error in your choice of your word, then is it by vicious manner of speech called ​tapinosis. More commonly, however,  tapinosis is  regarded as a deliberate use of a base word to diminish the dignity of a person or thing (Sister Miriam Joseph in  Shakespeares Use of the Arts of Language, 1947).In a broader sense, tapinosis has been likened to understatement and humiliation: the low presentation of something great, contrary to its dignity, as  Catherine M. Chin defines the term in  Grammar and Christianity in the Late Roman World  (2008).  Ã‚   See Examples and Observations below. Also see: CursingFlytingHow to Rant: Bernard Levins All-Purpose InvectiveInvectivePejorative LanguageSnarkSwear Word EtymologyFrom the Greek, reduction, humiliation Examples and Observations Phillips: We play on a real diamond, Porter. You ain’t good enough to lick the dirt off our cleats.Porter: Watch it, jerk!Phillips: Shut up, idiot!Porter: Moron!Phillips: Scab eater!Porter: Butt sniffer!Phillips: Pus licker!Porter: Fart smeller!Phillips: You eat dog crap for breakfast, geek!Porter: You mix your Wheaties with your mama’s toe jam!Phillips: You bob for apples in the toilet and you like it!Porter: YOU PLAY BALL LIKE A GIRL!(from the movie The Sandlot, 1993)Listen up, maggots. You are not special. You are not a beautiful or unique snowflake. Youre the same decaying organic matter as everything else.(Brad Pitt as  Tyler Durden in the film Fight Club, 1999)Yes, you squashed cabbage-leaf, you disgrace to the noble architecture of these columns, you incarnate insult to the English language! I could pass you off as the Queen of Sheba!(Henry Higgins addressing Eliza Doolittle in George Bernard Shaws Pygmalion, 1912)Draw, you whoreson cullionly barber-monger, dra w.(Kent addressing Oswald in William Shakespeares King Lear, II.2) - I was going to have a few comments about John Edwards, but you have to go into rehab if you use the word faggot.(Ann Coulter speaking at the Conservative Political Action Conference, March 5, 2007)- Ann Coulter, maniacal, money hungry, far right-wing nut burger, has called John Edwards a faggot.(abillingss journal, March 6, 2007)Charlie Kaufman. Oy vay. I have hated every incomprehensible bucket of pretentious, idiot swill ever written by this cinematic drawbridge troll.(Rex Reed, Could Synecdoche, New York Be the Worst Movie Ever? Yes! The New York Observer, October 27, 2008)Hope not for mind in women; at their bestSweetest and wit, they are but Mummy, posessed.(John Donne, Loves Alchemy)Patient: Dr. Chase said my calcium is normal.Dr. House: We call him Dr. Idiot.(Informed Consent, House, M.D.)There are cretins, there are cowards, there are rats who walk like men. And then there is Larry Patterson Jr.(Leonard Pitts, The Lowest of the Low, February  22, 2008) John Synges CurseIrish poet and playwright John Synge addressed this poem to a sister of an enemy of the author’s who disapproved of [his play] The Playboy [of the Western World].Lord, confound this surly sister,Blight her brow with blotch and blister,Cramp her larynx, lung, and liver,In her guts a galling give her.Let her live to earn her dinnersIn Mountjoy with seedy sinners:Lord, this judgment quickly bring,And Im your servant, J. M. Synge.(John Synge, The Curse, 1907) Pronunciation: tap-ah-NO-sis

The Council of Nicea Term Paper Example | Topics and Well Written Essays - 1250 words

The Council of Nicea - Term Paper Example The council discussed and came into an agreement, in the church of Alexandria, concerning the terms of Jesus in relation to the Father. In addition, the council came into an agreement concerning the date for Easter, which is the most documented event in the Christian history. This assignment will discuss the reasons for Nicaea council, the agendas discussed, Nicene Creed and the effects of the Nicaea council. Reasons for Nicaea Council Different reasons led to the gathering of the Nicaea council in 325 AD. Earlier, in 313 AD, Christianity was practiced without fear of persecution by any group. Since there was no persecution, Christianity spread and grew enormously. As Christianity grew rapidly, there emerged many church heretics. These false church heretics made it difficult to explain the correct teachings about Christ since there was a mix up in teaching; different church leaders had different views regarding Christ teachings (Wordsworth 37). This difference in teachings about Chri st made the council seek the correct teaching. Hence, with this confusion in Christ teaching, the council of Nicaea gathered in order to discus the correct teachings of Christ. One such false teaching about Christ was that Jesus had no relationship with the Father, which taught that Jesus was a superficial creature. This teaching caused chief controversies within the church and was condemned by the council of Nicaea. With the gathering of the council, Bishops and Constantine were able to come up with a common teaching of Christ through the formation of the Nicene Creed, which contained the statement of faith for the Christians (Wordsworth 40). The other chief reason for the council assembling; was to discuss and set the date for Easter. The council of Nicaea discussed the issue of Easter and came up to a conclusion that Easter should be celebrated by all Christians in the first Sunday after Equinox. The council resolved the issue raised by various individuals regarding the nature of Jesus. Although some people argued that Jesus had no relationship with God the Father, the council concluded that Jesus has a connection with the Father (Davis 40). Agenda of the Council of Nicaea The council’s gathering was not without an agenda and procedure. The council gathered in order to discuss agenda such as the Arian question. The Arian question entailed the relationship that existed between Jesus and God (Wordsworth 56). Those who supported the Arian argument claimed that Jesus was the first creature to be created by God, and there existed no connection between Jesus and God. According to their argument, those who supported the Arian argument, Jesus was a superhuman. On discussing the agenda, the council ruled that Jesus and God were one in being. The second agenda discussed by the council concerned observation of the Paschal or better known as Easter. Christians differed on the actual date of celebrating the Easter. On discussing the agenda, the council concluded that all Christians should celebrate Easter on the first Sunday after Equinox. The third agenda discussed by the council of Nicaea was the Meletian schism. The council decided that Meletius should not ordain new clergy. He could not go out of the town for the purpose of ordaining Melitian leaders. The fourth agenda to be discussed by the Nicaea council comprised the validity of baptism (Davis 43). The council condemned the argument of heretics that baptism was not necessary. The council conclud

Analysing the global marketing environment Assignment

Analysing the global marketing environment - Assignment Example Background This report is based on the examination of the global marketing environment of the popular cookies brand of New Zealand, Cookie Times, in the global market, especially in United States. Cookie Time Ltd (CTL) is one of the most popular cookie brands in New Zealand. This is located in Christchurch and makes snack foods since 1983. The mascot of the brand is known as Cookie Muncher. It is a commercial, innovative snacking company. One of the fundamental business structures of the company comprises of franchised distribution, retail, as well as manufacturing operations with special focus on the opportunities of foreign licensing and franchise. Chocolate Chunk Cookie was the first launched product in the New Zealand market intended for individual sale. With unparalleled operational excellence and dynamic entrepreneurship, CTL is dominating the domestic cookie and cracker market for more than 28 years. Their passion lies in building strong customer satisfaction base and network by providing unmatched quality products with extravagant taste (Franchise opportunities, Cookie Time, n.d.). The company’s portfolio includes highly innovative and popular products like glutten-free cookies and smart cookies with authorized certification from the National Heart Foundation. The mainstream sweet cookie was launched in the market in 2006 with prior consultation with the Ministry of health, NZ Parent Teachers Association and the Heart Foundation. In 2010, the first full scale retail space of the company, the Cookie Time Bar was established in Queensland which serves great hot cookies and milk with a nostalgic ambience. The outlet shop of the company outside the Christchurch factory is a landmark site which is well known for its giant cookie frontage. The head quarters and the food science laboratory are also established here. For distribution of the products to more than 6000 domestic retail outlets 40 independent franchisees work rigorously across time (Corporat e Profile, Cookie Time, n.d.). Reports show that about one-third the people of United States of America (US) have no time to take their meal. Only one-third of them take regular three meals in a day. The others depend on easily available food items and snacks and skip their meals. The unhealthy consumer behavior leading to rampant obesity has led majority of the American population to convert their dietary mechanism towards a more healthy process. As a result CTL finds a great opportunity to enter this market with its products which are rich in high proteins, high fibre, natural ingredients with low fat and sugar which guarantees healthy diet (Cookies in the US 2006, p. 6). That is why the study is done to find out whether there is proper global environment of the marketing Cookie Time in the country. 1. Environmental analysis 1.1 Economic Environment The economic setting can modify quite fast. Effects of rapid business decline in a country or region will adversely affect the busine ss environment of any organization within that geographical boundary. However new strategies are to be formulated and implemented at the simultaneously for maintaining sustainability. The fall in consumer’s income changes their consumption pattern by cutting down expenses by barred consumption on some products. As a direct consequence many companies including

Books and Ebooks Essay Example for Free

Books and Ebooks Essay In time of technical progress e-books are getting more popular day by day, but still most of the people prefer hard copy of books and do not support new fashion wave. Book has always been the best present for any kind of occasion, it is something that does not have an expiration date and it will always be in fashion. However, you cannot give e-book as present, of course you can send my e-mail, but you cannot put your sign and it sort of loosing meaning as a present, because you cannot touch it. On the other hand prices for e-books are lower and you can get a variety of free e-books, so everyone can enjoy literature from all of the world, but you should have special gadget to read e-books, and it is additional expanses for reading. In contrast, printed books are sort of pricy, and you cannot buy as much books as you want, as a result you are not trying to read new authors whose creations had not become bestsellers. Spending money on books is good investing, because you can collect a library and after you can leave it for next generations, as I mentioned before book is the product that does not have an expiration date. Having your library in an electronic devise it is a risky business, by reason on viruses that attacking devises every day and deleting all information from them or you can just loose an e-reader with all your book collection. Also hard copy book does not need to be charged and you can read as much as you want and wherever you want, unlike e-book is charging from electricity.