Finance Accounting - Assessment Task

Question 3: (10 marks)

Report Writing on 'Financial Reporting Disclosures in Australian Corporate Sector' (Word length: maximum 1 000 words and at least 3 references)
Collect recently published annual reports (up to year-end 31 December 2020) for two Australian parent companies listed in the Australian Stock Exchange (ASX). The company web-sites can be obtained from the web-site of the ASE at http://vvww.asx.com.au/asx/researchilistedCompanies.do?coName=Q or any other online resources. Identify their 'consolidated financial statements' reported in the annual reports.
Briefly summarise on: Briefly summarise on goodwill method followed, revaluation of assets, impairment of goodwill, non-controlling interests (NCI) and their sharing of any goodwill if applicable.
Critically evaluate the financial reporting and disclosure followed by each parent company whether consistent with the requirements of the AASB3 and AASB 10 for the users of general purpose financial reports. In your essay, identify the strengths and weaknesses of their reporting and disclosure as well as major differences along with your recommendations how to minimise reporting and disclosure gaps between them.
Attach a scanned copy of the 'consolidated financial statements' (i.e. consolidated statement of comprehensive income and consolidated statement of financial position) only. No need to attach 'Notes', which should be part of your analysis.