Step 3 – Restated Financial Statements… · Web viewAt first I was a little lost when it come to the Financial Performance with ... breakup that was in my Financial Notes

Chapter 6: Understanding Key Cost

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Assessment 2: Step 3 - 4

Course Name/Code: Accounting, Learning & Online Communication (ACCT11059)

Course Coordinator: Martin Turner

Due Date: 11:00am Monday 8th May 2017

Student Name/Number: Kaylee Baldwin s0255863

S0255863 Kaylee Baldwin

Step 3 – Restated Financial Statements At first I was a little lost when it come to the Financial Performance with the tax breakups but after

watching the weekly video tutorials, Maria has removed all doubt.

I do have one question; my CI in the Financial Performance does match the CI in my Income

Statement but I thought I had heard somewhere that this should also match the P&L from the

SOCIE? My view is that it may not because the other comprehensive income was added separately in

the SOCIE and not necessarily in the final Profit figure (when I totaled this up and removed the

transactions from owners my figures balanced which put my mind at ease!). I also had issues with my

Financial Performance at first because I tried to use an income breakup that was in my Financial

Notes. So instead I went through each line to make sure it was operating and included the total so that

my revenue matched my Income Statement Revenue. This way I could balance my CI in the

Financial Performance with my CI from the Income Statement.

I found this task quite enlightening as I do love fiddling around with excel and having little missions

to complete! I learnt a few little tricks along the way and felt very honored when Maria mentioned

my name in the lecture. I think restating helped me to understand some of the items in the financial

statements as I could delve deeper into the notes one at a time on the things I needed to gain a better

understanding on and doing this one at a time meant less figures and acronyms bouncing around in

my head! I found that quite a few students that I assisted were getting confused because the negatives

and positives in excel, which resulted in total figures being thrown out.

Step 4 – Feedback Overall, I think the students could grasp the concept of operating and financial expenses. Presentation

seemed to be consistent with neat and tidy cells, justified figures and correct use of the excel formulas

in their totals. It was good to see that students are linking back to their original sheets. From what I

have reviewed, the section students are having the most trouble with is the tax calculation, specifically

as to whether figures are tax benefits or tax expenses. There were some issues with the NFA and NFO

section also, but I think students grasped this concept a little faster than the tax. I have assisted and

reviewed a few spreadsheets along the way but Kerryn, Amie, Dianne and Quoc specifically requested

feedback so I have included these.

I was lucky enough to receive feedback from three other students (including Amie and Dianne), who

all seemed pleased with my work. This put my mind at ease! I enjoyed reading their feedback and

getting the opinions of others. They had feedback on topics such as presentation, cell linking,

formulas, and balancing totals. Page | 1


Blog Link

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https://kayleesaccountingthedaystogo.wordpress.com/


PEER FEEDBACK SHEETS: ASS#1Feedback From: Kaylee Baldwin

Feedback To: Kerryn Zimmerman

My commentsStep 3Restated Statement of Changes in EquityBalance SheetIncome Statement Commentary and discussion with others

- Changes in Equity balanced and looked presentable

- Balance sheet balanced to totals as required- Income Statement needed a few issues tweaked

as discussed, things such as the tax benefit, and formula balancing in some totals once adjusted it will correctly balance back to Income Statement.

- Looks like you have separated operating and financial well

- Presentation looks good (just need to correct a few coloured cells) apart from that your spreadsheet was easy to follow and I could clearly identify totals.

- You have utilized excel formulas correctly and linked back to your original Financials.

- Cash is split well- Tax calculation needs adjusting as per above

(correct numbers just reconsider: is it a benefit or an expense?)

Step 4Individual feedback with other students

N/A

Overall ASS#2 (Steps 3 & 4) Overall, you have made a good start on your Step 3. With some minor tweaking and a quick tidy up in presentation it will be great overall. Good job.

Back to feedback

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From: Kaylee Baldwin

Feedback To: Amie Coleman


1. I’m not 100% sure my ‘Investments accounted using equity method’ is in the right place.

2. Not sure on my financial income. It doesn’t seem right.


- Looks like you have separated operating and financial well

- Presentation looks good, your spreadsheet was easy to follow and I could clearly identify totals.

- You have utilized most of your excel formulas correctly and linked back to your original Financials.

- Cash is split well- Income Statement does not balance to CI from

Income Statement, I will list a few things I noticed below.

- Q1: from a quick look I would think you are on the right track with ‘Investments accounted’ as it does relate to finances/investments.

- Q2: Financial income Step 4Individual feedback with other students

N/A

Overall ASS#2 (Steps 3 & 4) Overall, really great start. A final review will be required to make sure your CI on the Restated Financial Statements matching your CI on your income statement.

Income Statement:

- I would list Share of Net Loss of Joint Ventures… under Operating expenses, simply because it is a

negative figure indicating that it is a loss not a profit to the company?

- I noticed that you have broken up your income figures, I am assuming this is based on your notes to the

financial statements. The figures however, do not balance to the Revenue figure in the original Financial

Sheet (may want to check on this)

- I recommend showing calculations for tax benefit under finances, it is easier to have a formula in there

as it will flow through if you make any changes. (e.g. total x tax %)

- By changing the few things above I could balance the 2016 CI to match the CI from the income

statement. The other two may need review as they are still out, I didn’t spend too much time on this.

- I would recommend checking your original Income Statement as your Total CI formulas does not

include all the Other Comprehensive Income?

- Checking your figures on your original statement with the Financial Statements of the Company will

clarify if there are any other discrepancies or if any items are not included in totals.

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- Anything you are unsure of that you have placed in operating or financial I would just make a note

down the bottom explaining why you have chosen to place it there.

Back to feedback

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From: Kaylee Baldwin

Feedback To: Dianne McCarthy



- Balance sheet balanced to all totals as required- Income Statement CI matches Income Statement

CI- Looks like you have separated operating and

financial well. (Didn’t check the original statements, but I would think Corporate and Investors might be a finance cost, as it is relating to the investors. Maybe not as it is a large amount. Perhaps just check your notes?)

- Presentation looks good, your spreadsheet was easy to follow and I could clearly identify totals.

- You have utilized excel formulas correctly and linked back to your original Financials.

- Cash is split well- I noticed you have put your Finance expenses the

same as Finance Income and your tax benefit, was this to balance your total? If so the correct way would be to have 0 balance in your finance costs, calculate the tax on your finance income (making sure it is an expense not a benefit as income will be greater and that the operating tax benefit is the opposite) then recalculate your CI. This should balance again.


N/A

Overall ASS#2 (Steps 3 & 4) Overall, you have done a great job with your spreadsheet. You will just need to make a few changes as suggested above with your finance section. Although your total balanced, it was not balanced in the correct way.

Back to feedback

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Feedback From: Kaylee Baldwin

Feedback To: Quoc Dat Do


- Equity Statement balances, only comment would be to make it ‘look pretty’ so correcting the blue and white lines (but that’s just me being picky!)

- Balance sheet balances with total and with asset and liability totals, neatly presented.

- Financial Performance balances with CI from the Income Statement.

- Good to see you have linked back to the original sheet, and correctly used excel formulas.

- Looks like you have split between operating and financial well and have split cash correctly.


N/A

Overall ASS#2 (Steps 3 & 4) Overall, a great start. All the figures are there and balancing. Only recommendation from me would be to give it a little bit of a face lift before submitting. Things such as:

- Fixing blue and white lines so they are in order again

- I would recommend making your numbers ‘Right Aligned’

- Checking that all your font and text sizes are the same.

- Making your totals bold so they stand out. Just a few options you could consider presentation wise. Other than that, your spreadsheet was well done!

Back to feedback

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Step 3 – Restated Financial Statements… · Web viewAt first I was a little lost when it come to the Financial Performance with ... breakup that was in my Financial Notes