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IMPLICATIONS OF INTERNATIONAL ACCOUNTING

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Introduction

 

This report deals with the IFRS in context to its surpluses, equities, liabilities and assets in accordance to the Australian government. The implication of the International accounting is pertained in this study. The annual report of the Woolworths group is entailed in this report. The IFRS was first adopted in Australia. Accounting is very important in today's world and to determine the growth of the country in the financial terms. International financial reporting standards are very crucial to determine financial system in context to the reporting standards. The annual report is presented in context to the Woolworths Group. This study deals with the main focus points of the implication of the IFRS. The annual report is evaluated in details in this report. The international concept of accounting is entailed in this study. The concepts of the IFRS are evaluated in details in this study.

The implications in context to the IFRS

 

This is majorly set in context to the reporting of events and their transactions. The IFRS is generally conjugated by the international Accounting Standards Board (IASB).  It was mainly initiated in context to maintain the reports in accordance to develop an accounting language. As commented by Bryce et al. (2015, p. 163), the maintenance of stability and transparency is generated through this accounting standards. The Woolworths group implements the IFRS standards to maintain a proper accounting language.

The benefit stature is very high in accordance to the IFRS system. The benefit is generated from the in context to the investors and the companies. As commented by Florou et al. (2017, p. 2), the transparency allows the investors to set out money for the business initiation by the company. The companies the Woolworth Group benefit from the most as the practises of the business are more transparent. As commented by Li and Yang (2015, p. 933), the accounting activities are of immense importance like -

       Statements of the financial position

       Statement of changes in equity

       Statement of the comprehensive income

       Statement of the cash flow

The financial position statement is also called as the balance sheet and it influences the balance sheet composition. As commented by Manganaris et al. (2015, p. 72), the changes in the equity are the statements of the retained earnings. The statement of the comprehensive income is the statement of the profit and loss in context to the company. The statement of the cash flow depends on the transactions of the company in context to a certain period of time. As commented by Alade (2018, p. 28), the summary of their accounting policies are held by the company. The reports are compared and contrasted on the basis to pertain the profit and loss statement.

IFRS VS GAAP

 

As commented by Firth and Gounopoulos (2017, p. 432), the calculation procedure is different in different countries. Australians use the IFRS while the GAAP is used by the other countries. The financial ratio is initiated by analysing the IFRS and the GAAP. There are several differences between IFRS and GAAP.

As commented by Ahmed and Alam (2012, p. 190), there are usually two specific ways to track the accounting system that is by the first in first out (FIFO) and last in last out (LIFO). The initiation of the FIFO indicates that the inventory is unsold till the older is sold. LIFO initiates that the recent is the first which is initiated to be sold. The mission initiates the foundation for being transparent efficient and accounted in context to the global markets. As commented by Warren (2016, p. 2), the application and implementation of the IFRS makes the comparisons easy according to the international standards. The Woolworth groups’ financial performance on the year 2016-2017 has grown by 4.5%. The gross profit initiated as 28.71% which incorporated the material development. The COBD initiated for the 24.52% of the sales. The profit and loss for the group initiated to earn 3.6%, depreciation change 5.3%.

 

As commented by Hellman et al. (2015, p. 166), the strategic points of the company lies to achieve the medium plan targets for the financial year of 2016, strengthen the balance sheet delivering the synergy targets and managing the group in terms of capital. the priorities were entailed successfully by the company. As commented by Bloomfield et al. (2017, p. 35), the company outgrew many of their competitors. The growth was more than the expected rate in context to the earnings of the medium term and EBIT targets. The operating performance for the year 2016-

This table shows the operating performance of the company for the year 2016 where the initiation of the sales growth 16.4, the profit margin is 9.7 which was 9.0 in the financial year of 2015.

The comprehensive income of the company initiates a turnover of 72 137 Rm where the coast of the sales is 38 618 Rm, the gross profit is 26 386 Rm and the other revenues are 1 626 Rm. the profit for the year was generated as 4 353 where the comprehensive income was 3 651 Rm. the total comprehensive income was generated as 8 004 Rm while the headline earnings were 4 358 Rm. The adjusted profit in context to the tax was 1 977 Rm during the financial year of 2017. It was 1 826 Rm during the financial year of 2016. The change involved was 8.3%.

The change in the percentage of the turnover initiated for 16.4 and the turnover was 15.0. The operating performance for the year 2017 included for the growth of sales 3.0, profit margin 39.6, and gross profit margin 39.6 and diluted headline 7.9. There was a slow journey in the first section; the financial year of 2017 was low as compared to the financial year of 2016.

The balance of the company was impactful the acquisitions of the year 2015. There was a change in the structure in context to the capital structure and was a requirement of the active management in context to the liquidity, risk perspective and governance. The revenue is gathered from the group sales and the concession sales which were at an increase of 3.0%. The second section reported of slow growth rates. The DJ sales were at an increase by 1.0%. The C&GM increased by the 14% and there was a decline in the comparable stores by 0.9%. The expenses of the company were initiated as 3.9%. The increase ration was initiated by the strategic DJ initiates. The segmental contribution was initiated by Woolworths clothing 2 168 RM in the year 2017.  It was 2 306 at the financial year 2016 and the change amounted to 6.0%. The segmental profit ranged 6 696 at the financial year of 2017 which was 7 254 Rm at the financial year 2016. The change was 7.7 %. The performance was difficult in accordance to all the segments.

INCOME STATEMENT

The ncome statement of the woolworths food initiated for the turnover of 27 688 Rm for the financial year of 2016. It was 25 504 Rm for the financial year of 2016. The indicated change was 8.6 %. The own buy turnover was initiated as 27 075 Rm for the financial year of 2017 whereas it was 24 956 Rm fior the financial year of 2016. The change indicated was 8.5 %.  The cost of sales was 20 281 Rm during the financial year of 2017 whereas it was 18 586 Rm in the year 2016. The change was 9.1 %. The adjusted profit (operating) was 1 977 Rm during the financial year of 2017 and it was 1 825 Rm during the financial year of 2016. The change included 8.3 %.

Thus, this framework of the IFRS mentions the information in context to financial requirements of the company. As commented by Zeghal and Lahmar (2018, p. 311), there are many evaluated topics which are carried by the IFRS which includes presentation in context to the finance statements, benefits of the employees, recognition of the revenue, borrowing of costs, investments, intangible assets, fixed assets, inventories, retirement benefit plans, rates of foreign exchange, business combinations and industry specific accounting. The working groups are initiated for the reduction of differences in context to GAAP and IFRS framework for accounting.

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