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HI5020 Corporate Accounting


HI5020 Corporate Accounting



This study shows the complete discussion of Blackmore company’s financial report with the relation of tax treatments of the company. The items in equity and the discussion on the changes in such items are highlighted here. The difference in the tax payable and the actual tax payment of the company would also be discussed in order to analyze the tax treatment of the company. In addition to that the treatment of deferred tax assets or liabilities will also be discussed by considering the balance sheet of the company as on the last date of the previous financial year.  Current tax assets and the differences between income tax payable and income tax expenses are also attached in the discussion. Apart from the balance sheet and the financial performance statement, the analysis of the cash flow statement would also be made in order to identify the difference between the actual payment of tax and the tax provisions.

i. List of items of equity and discussion on changes

As per the financial report of the company, or can be stated that the company had the following its in its equity;

1.      Issued capital,

2.      Equity-settled employee benefit reserve,

3.      Cash flow hedging reserve,

4.      Foreign currency translation reserve,

5.      Retained earnings,

6.      Attributable to owners of Blackmores Limited, and

7.      Non-controlling interest (Figure 1).   

The discussion of the above mentioned items could be discussed as below;

1. Issued capital:

Issued capital can be defined as the total value of amount, which is invested by the shareholders in terms of company’s total fund. In the context, it can be said that being a public limited company, it is possible to the company to gather public shareholder in terms of gathering the company’s capital (BLACKMORES Vitamins & Supplements ). The capital amount of the company was $37,753000 in the year 2016 which was same in the year 2017 also. If the discussion is to be made on the reason behind the non-alteration of the equity capital, it can be stated that the company has not issued further capital or bought back its capital from the market. The capital requirement of the company has been met by taking loan from bank, thus there was no change in issued capital.   

2. Equity-settled employee benefit reserve:

Equity settled employee benefit reserve could be stated as the reserve that is formed for enhancing the benefits to the workers. It is possible to the company’s point of view to provide benefit as the equity is settled by the company. The amount of equity-settled employee benefit result was $4,440,000 in the year 2016 where as it is increased to the amount $5,167,000 in the year 2017 (Henry & Robinson, 2015). The enhancement in the equity settled employee benefit reserve could be said as the result of the company’s policy towards providing non-cash emolument to the employees.  

3.Cash flow hedging reserve:

The use of cash flow hedge can be stated in the study relation with the Blackmores Limited is that during the reduction of the amount of liability and financial asset. In the year 2016 the amount of cash flow hedging reserve was $376,000 which was increased to $415,000. The marginal enhancement could be considered as the policy of the company to mitigate its risk involved in foreign market operations. 

4.Foreign currency translation reserve:

Foreign currency translation reserve helps company in order to convert the foreign currency in order to company’s purpose. The amount of foreign currency translation reserve was $1,188,000 (2016) and it is generated to the amount $667,000. As discussed above, it can be seen that the company has an intention to minimise the risk regarding the foreign currency transaction. This could be the reason behind the enhancement in the foreign currency translation reserve. Foreign currency translation reserve specify the improvement of the company’s perspective. It would help the transaction process of the company as the foreign country basis which will help to expand the financial aspect abroad also (Robinson, Henry, Pirie & Broihahn, 2015).

5.Retained earnings:

The retained earnings is to be considered as the accumulated balance of profit of the company. The retaining amount of earning shows company’s profitable income as well as business growth. The amount of retained earnings was $135,258,000 in 2016. In the year 2017, the amount is raised to $135,703,000. In his context, it is to be stated that the reason behind the minor increase in the retained earning is low profitability in the current accounting year. It is the company’s achievement to retain the earnings as per the company’s development and upgradation.

6.Attributable to owners of Blackmores Limited:

This item is to be recognised as the share of profit and wealth to the owners of the company. With the context, the amount of attributable to owners was $178,263,000 in the year 2016. In the year 2017 it was turned to the amount of $177,541,000. In addition with the text, it can be added that, the decrement in the attributable profit to the owners could be the result of low rate of dividend distribution to the shareholders (Tan & Young, 2015).

7.Non-controlling interest:

Non-controlling interest is the share of profit available to the subsidiary companies of the company. In the year 2016, whereas the amount of non-controlling interest has been $2,330,000 and it was reduced to the amount $1,278,000. The decrease in the item reflects the decrease in investment in the subsidiary company. Increasing of non-controlling interest can create problem to the development of the company and not only that this type of incident can make problems to the financial assessment of the Blackmores Limited. It is necessary to calculate and identify the non-controlling interest in terms of company’s financial development.

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