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Financial Reporting Disclosures in the Australian Corporate Sector
Finance & Accounting
Pages 8 (2008 words)
Running head: Financial Reporting Disclosures in the Australian Corporate Sector Financial Reporting Disclosures in the Australian Corporate Sector Insert Name Insert Course Title Insert Instructor’s Name 29 September 2011 Executive Summary Coca Cola Amatil LTD needs to ensure adherence to ASIC financial reporting requirements as per the corporations act with regards to the Australian Corporate Sector.
More, the standards require that the identifiable intangible assets must be disclosed by means of subdividing the assets into classes with similar identifiable intangible assets being grouped together with regards to their usage and operations. Cash generating units impairment testing should be through the process of comparing the carrying amounts of identifiable intangible assets, goodwill working capital, and PPE of the cash-generating units. It is also important to note that valuation approaches during disclosure needs to be financial ratios and discounted cash flow. The company also needs to ensure that sensitivity analysis is done in case there are changes in key assumptions used during financial reporting. The importance of carrying out a sensitivity analysis to changes in key assumptions is due to the need to evaluate variations and their effects on financial reporting. Sensitivity analysis will also enable corrective actions to ensure compliance of financial reporting requirements. According to analysis of the company’s reporting practice, forecast must be corrected to be based on present value of future expected future cash flows. ...
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