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Company and Financial Reporting

Company and Financial Reporting

 Company and Financial Reporting 

1) Find a listed company and identify one (1) example of acquisition recorded in the annual report. Identify information regarding the recognition and measurement related to this acquisition. (4 marks)

The Bank of Queensland applied some strategies to gain much of the market segment by acquiring some firms that offer diverse services or they are dealing with different products. The Bank of Queensland in this case acquired Saint Andrews insurance firm. The St Andrews Insurance is one of the Australian producers of the consumer credit insurance products.  On improving its operation, the Bank of Queenslandalso acquired the New Zealand and Australian divisions of the CIT group incorporations which is a supplier of the vendor financé to the smaller enterprises and the mid-market corporations. By acquiring the St Andrews which deals with the consumer credit insurance products, the firm can improve on its share of markets and technologies hence making their operations efficient. The measures that are put in place in making this acquisition is the improvement of the performance and increase the market share (Horngren et al., 2012).

2) Identify the composition of intangible assets and comments on the recognition criteria

used by the chosen company. (4 marks)

Some of the assets that were classified as the non-tangible assets by the bank of the Queensland include land. In this case, it is recognized as intangible asset that do not depreciate as it has unlimited useful life. In addition, those assets that are under construction or the work in progress are treated as the intangible assets of the bank. These intangible assets are not depreciated or amortized in any case before they attain delivery capacity (PuchetaMartínez & GarcíaMeca, 2014). This is the point when the assets are employed in the production process aimed at improving the revenue of the bank. Before they reach this level they cannot be treated as part of the intangible asset of the company as they are still consuming some of the resources of the institution.

Nevertheless, software of the bank is form part of the intangible assets. They are used by the organization to carry out important functions of the bank that are customized towards the achievements of the objectives. The software is developed by the trusted software developers in the guide of the bank to establish its usefulness to the bank. Bank software can be amortized following the appropriate method hence as it form part of the production unit in terms of realigning the communication and transaction processes of the bank. Bank softwareis enhanced occasionally as per the advancement of the technology security of the information being the main goal. In the event where the bank software fails, the bank may be at high risk as it may be hacked by the fraudsters and the competitors in the industry may get access to the important information.

3) Identify research and development undertaken by the chosen company. Explain and discuss the way to account for research and development. (4 marks)

Bank of Queensland is one of the financial institutions in Australia that undertake research and development on the currentindustry and socio-economic trends affecting the population. The bank has therefore partnered with different stakeholders to help the communities from the diseases and raising the welfare of the people through research and development. The overall benefit that can the bank obtain from partnering with these institutionsincludes the addition of the customer base and the reputation of the international community (Pathan & Faff, 2013). Someof the latest research that has been carried out by the bank includes the impossible ride cycle which is in partnership with the childrensorgau where the participants will take part in cycling over three hundred and fifty kilometers in three days. This event will be held in the entire New South Wales hinterland during October. The event was used to raise funds that would be used to carry out the research on the life-saving cardiac research. The bank, in this case, will be the banker for the funds used for the research and will also contribute to logistics of the project (Golin & Delhaise, 2013). Also, the bank will take part in the research by offering important financial planning to the researchers and helping in the providing the information to the prospect participants. This, therefore, enables them to participate fully in the event.


Adams, R. B., & Mehran, H. (2012). Bank board structure and performance: Evidence for large bank holding companies. Journal of financial Intermediation, 21(2), 243-267.

Beltratti, A., & Stulz, R. M. (2012). The credit crisis around the globe: Why did some banks perform better?. Journal of Financial Economics, 105(1), 1-17.

Brunnermeier, M. K., & Schnabel, I. (2015). Bubbles and central banks: Historical perspectives.

Erkens, D. H., Hung, M., & Matos, P. (2012). Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide.Journal of Corporate Finance, 18(2), 389-411.




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