You are working in the Investment Advice section of the strategic planning department of a major
organization. Your organisation is considering the Australian equities market.
Management have called a meeting of you and your colleagues, and during the meeting have discussed
the effects of the legal need of public listed corporations to conform to the Australian Financial
Reporting Standards. They have asked you and your colleagues to sample a selection of ASX listed
companies, and establish the extent to which companies comply in detail with the spirit of the law.
Management are curious about the compliance in regard to several particular areas of the Standards, in
particular, leasing, liabilities, and earnings per share, intangibles, tax effect accounting, and segment
activities. Management however believe that as an indicator, only up to four of these need to be
investigated.
I will only need question for to be answered which is:
Review the most recent financial statements of WOOLWORTHS and WESFARMERS ( They are both Australian companies). Analyse, compare and discuss both firms� disclosure of intangible assets to explore
both firms� compliances with relevant Australian Financial Reporting Standard and support
your findings using relevant research literature from published research
and the the companies are:
1- Wesfarmers ( WES – ASX)
2- Woolworths ( WOW -ASX)
Australian Financial Reporting Standards can be accessed using the following website
http://www.AASB.gov.au/
At the end of each section, consider what improvements to firms� disclosure may improve the
decision usefulness and transparency of the accounting information you have analysed. Evidence
of research beyond the prescribed texts is required. Ensure these are referenced appropriately
using Harvard referencing style in your references.
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