THIS IS LIKE AN EXAMPLE

this is like an example thay you can look it. Thanks

 

 

 

 

 

ASSIGNMENT STAGE 1

 

Danielle Bradley

CQUniversity

 

Step 2: moodle profile & personal blog

 

Personal Moodle Profile: Danielle Bradley

Personal Blog Link: Be Audit You Can Be

 

step 3: my company – Lyttelton port of christchurch (lpc)

I would like to take a minute to introduce you all to the heart of New Zealand’s South Island, the gateway for the importing and exporting of goods to and from the region:

LYTTELTON PORT OF CHRISTCHURCH (LPC).

http://www.lpc.co.nz

MY FIRM

Lyttelton Port of Christchurch (LPC) is just that, it is a port that loads, unloads and stores cargo in the harbor town of Lyttelton New Zealand. Essentially they are a ‘middleman,’ the go between for both local and international freight companies. LPC provides numerous services in the process of operating a port, all of which can be viewed on my blog: LPC Initial Findings. This post highlights not only their full provision of services, but also the value I perceive they provide the greater community, questions I pondered based on my preliminary research findings and links to relevant news articles. In order to comprehend the industry in which my firm operates, I also conducted research into the maritime transport industry and posted the findings on my blog MOVING MOVING MOVING…

LPC was officially founded in 1988 as a consequence of the Port Companies Act, however port services began operating well over 100 years prior to this. If history excites you then have a look at LPC’s history timeline (http://www.lpc.co.nz/about-us/history/) which provides an interesting insight into how Lyttelton Port came into existence. Essentially the area was colonised in 1848 for its suitability as a port and has grown from a collection of wharves and jetties to a prosperous international port and vital gateway to the South Island.

Coming back to present day, research has revealed that LPC not only own and operate a port on the South Island of New Zealand, they are THE largest port for said island and therefore monopolise the transport and port directives of the area. Thus have the greatest share of business relating to this aspect of the transport industry for the South Island. “Welcome to Lyttelton Port of Christchurch, the largest Port in the South Island of New Zealand. We are the gateway for the goods that keep our region moving.” (http://www.lpc.co.nz/).

 

LPC’S ANNUAL REPORT

http://www.lpc.co.nz/about-us/publications/

From viewing LPC’s 2016 Annual Report, it is significant to outline on Nov 7^th 2014 LPC was officially delisted from the New Zealand stock exchange after Christchurch City Holdings Ltd (CCHL) acquired all shares in the company. Further investigation revealed that CCHL is the commercial and investment arm of the Christchurch City Council which provides an independent non-political buffer between the council and the companies it owns. For further information on CCHL you can visit their website: http://www.cchl.co.nz/

Media release confirming the completion of the takeover:

http://www.cchl.co.nz/content/library/CCHL%5Fmedia%5Frelease%5Fre%5FLPC%5Ftakeover%5Fcomplete%2Epdf

It is important to highlight that although the Christchurch City Council essentially owns LPC, LPC is still a profit driven entity with its own board of directors and, from my basic understanding, the equity dividends received by the new ‘parent’ company are redistributed back into the council to increase the council’s spending availability in its local region.

I found it fascinating that as annual reports are generally a marketing tool for firms to utilise in order to ensure prospective investors, shareholders, customers and the general public of the well-being of the firm, since CCHL have secured one hundred percent of the shares in LPC, there is a notable difference in the presentation of their annual reports. Said reports are now much more concise, contain no propaganda so to speak, and focus on conveying the financial information required of them as set out by the NZ Generally Accepted Accounting Principles and the NZ International Financial Reporting Standards. This was both a blessing and a curse when researching LPC. A blessing due to the Annual Report being shorter in length than many of my peers, but this also meant I was required to research much further via other means to understand the company directives.

The change in layout is evident in the two following Annual Reports that showcase the vast difference between the before and after CCHL obtained all shares: LPC 2016 Annual Report & LPC 2014 Annual Report. I pondered whether this change in layout and information provided was a cost saving measure or if LPC no longer require the ‘propaganda’ to satisfy investors and the community. A fellow peer, Suzanne, also commented on whether this dramatic change in design is due to LPC no longer being listed on the NZ stock exchange.

The consequences of LPC being acquired by CCHL also had me questioning:

• If LPC is now officially owned by CCHL has this affected their earnings or expenditure?
• What was the financial effect of delisting from the stock exchange, if any?
• And most importantly, whether their business realities have significantly changed since this occurrence?

The general layout and segments of the 2016 annual report were easy to distinguish and as outlined above, had a focus on displaying the financial information. So whilst many of my peers had fancy tables and well worded documents showcasing their firm’s direction, risks and strategies, this was not apparent in LPC’s 2016 annual report. As such, I was left to see what answers the financial statements could provide.

Surprisingly I really enjoyed perusing the financial statements and seeing what conclusions I could draw from the figures listed. I loved how I could physically see the equations I had just learnt such as Assets = Equity + Liabilities set out in the balance sheet. LPC’s Total Assets in thousands of NZ$ (for 2016) = $498,616.  When I looked at the total for Equity and Liabilities guess what I saw…. $498,616. That moment further instilled the accounting equation as it was a concept occurring in real life so to speak. Remembering the equation and then seeing it at work was a big WOW moment for myself, considering I generally lack any intelligence when it comes to math.

Continuing on through the financial statements, the Income Statement provided me with the basic knowledge of a LPC’s income for a specific time period by looking at its revenue less expenses. One aspect which made comparing the Income Statement between the years difficult was due to the 2015/2016 statement having a different layout to previous years. This was as a consequence of the Earthquakes that struck the area in 2010 and 2011. Much of this statement was quite straight forward although I did scream for help when faced with terms such as ‘cash flow hedges’. To be honest I am still struggling with this concept however I believe it relates to eliminating the risk associated with the fluctuating value of cash and assets.

I also found the Statement of Movements in Equity to initially be a little more difficult to analyse based on its layout as it was displayed differently to that of the other reports. However once I wrapped my head around the strange design I found this statement the simplest, although there were inconsistencies between the years. Therefore I questioned:

• How can the total for 2014 be different to the starting balance for 2015? Could this result from adjustments or further information being provided post balance date?

The Movement in Equity Statement allowed me to understand that although LPC is currently operating at a loss, it is able to do so due to the retained earnings it has from previous years. They will be able to continue to run operations until the retained earnings are no longer available. Due to their operation expanding I do not see this to be a future issue however it had me asking:

• At what point does a business cease trade? Is it when retained earnings are completely depleted or when retained earnings are deemed low enough to be unable to cover current operating expenses and liabilities?

At the conclusion of the financial statements, I am finding that they seem quite self-explanatory. However increased understanding of the sub-categories within each financial statement would provide myself with a more advanced overall analysis of the business and its financial realities.

 

2010 & 2011 CHRISTCHURCH EARTHQUAKES

In order to comprehend the current financial state and future opportunities of LPC it is of great importance to discuss the earthquakes that impacted the region in 2010 and 2011 and the roll-on effect these natural disasters triggered.  To be honest, I initially touched on this subject but did not provide great depth as a bid to focus on what the financial statements were indicating was happening NOW and not in the past. A fellow peer, Cherekee, highlighted the importance of such an occurrence and how the significance is seen throughout the years that followed. With thanks to her brilliant insight, I began my research.

I was literally brought to tears reading one man’s recount of the February 2011 Christchurch earthquake. http://www.abc.net.au/lateline/content/2011/s3146089.htm

While LPC experienced significant damage from the 2010 and 2011 earthquakes, such as that to wharves and buildings, they were still capable of providing port services and thus afforded the community with a means of receiving valuable materials to assist in rebuilding. However it was interesting to discover that the insurance claims made by LPC were not paid in full until December 2013. This is made evident in the following news article: http://www.stuff.co.nz/the-press/business/9535083/Lyttelton-Port-gets-440m-for-quake-claims

So how have the natural disasters as listed above impacted LPC presently and in what way is this displayed in their financial statements? When comparing the years through the financial statements it is evident that Total Income is significantly reduced for 2016 and highlights LPC to be operating at a loss. This was not the case for the previous years. When delving further into the 2016 Income Statement it became apparent that revenue has not been affected, in fact revenue has not significantly changed since 2012, but IMPAIRMENTS have been included for the most recent financial year. From my understanding, impairments are those assets that suddenly decrease in their value due to damage or usefulness and are able to be written off. This made me question:

• Are these impairments a direct consequence of the earthquakes that occurred 5 – 6 years ago, or an indirect consequence considering LPC are currently undergoing expansion in order to upgrade port services?

From the above, we can see that the earthquakes potentially provided a significant impact on LPC’s current accounts. But what is the impact on shaping LPC’s future? The Annual Report indicated that due to these events, LPC were able to use the income received from insurance to not only conduct repairs required, but as a means of assisting their expansion efforts. This was outlined in the ‘Notes to the Consolidated Financial Statements’, but also illustrated in the Financial Statements themselves through the company’s liabilities. LPC’s liabilities are low during the current expansionary period thus exemplifying insurance as the main source of funding and additional funds, through external borrowing, are not heavily relied upon at this point in time. Hence, although the natural disasters initially had a negative impact on the company due to asset damage, they have essentially aided in furthering LPC’s business opportunities.

 

OPPORTUNITIES AND CHALLENGES

As highlighted above, LPC’s expansionary process is underway. Said expansion is to increase the resilience of the port’s infrastructure in a bid to minimise the negative impact that earthquakes and other natural disasters may have in the port’s future. The current expansion is not however limited to ensuring the safe keeping of the port, but also to expand port operations to remain the leading national and international terminal port for the South Island. If you have a few spare hours feel free to peruse the Port Recovery Plan. Such port expansions are demonstrated in the following media article which outlines LPC’s upgraded container holding capacity and its ability to now accommodate larger container vessels, http://www.stuff.co.nz/business/76515839/lyttelton-wharf-expansion-doubles-container-capacity-at-christchurch-port.

The biggest challenge LPC currently have, is to overcome this financial deficit due to the impairments seen in 2016 and to ensure all expansionary measures occur within their target budget. Further to this, it is of high importance for LPC to determine if the current and future market conditions justify the amount of funds being disbursed for their proposed plans. If LPC are unable to receive an increase in their revenue based on said plans, such fund disbursements may result in wasted money.

Nonetheless, I believe LPC’s current strategy of expanding is the correct form of action. A notable aspect of why I deem the current expansionary plans to be of great benefit to LPC is due to our advancing society. We live in a materialistic world whereby the ability to send and receive freight is of the utmost importance. It allows our economy to operate and continue to expand. Therefore LPC providing a mechanism for the transfer of goods is key to the economy’s survival. Add to the fact that we are transporting larger quantities than ever seen before, and on even larger container ships, it is essential that LPC provide the facilities to receive these new-age larger vessels and then have the capability to store the cargo. This is supported by an Independent Advisors Report (page 9 onwards).

Additionally, when looking at their competitors for the South Island, there is only one other major player, Port Ortago Ltd. Port Ortago are also currently undergoing expansion and whilst their port and customer base is smaller than LPC at present, their Annual Report reveals very positive growth improvements. Port Ortago’s Annual Report can be viewed here: https://www.portotago.co.nz/about-us/financial-reports/.

A prominent difference between the financial statements of both port companies can be seen through their Total Liabilities. Whilst Port Ortago currently have an extensive liabilities total, LPC’s own total liabilities is extremely small in comparison. I believe this puts LPC in a better financial position. Minor liabilities indicate a low-level risk if the firm is unable to make loan repayments in the future due to unforeseeable circumstances. Nevertheless, Port Ortago are still increasing the level of competition in the industry for the South Island and it is imperative that LPC continue to put in place mechanisms, such as the expanding of container holding services, to ensure it remains the region’s main port for the transfer of national and international freight.

 

FINAL THOUGHTS

With the assistance of my peers (and let me tell you this was a group effort!), and my previous bookkeeping knowledge that enabled me to recognise many of the sub accounts listed in the various Financial Statements, I was able to understand and incorporate some of the findings displayed through the Annual Report to create further comprehension of the events occurring in LPC both past and present. However one key element I was unable to shed further light on was in relation to the employee death and subsequent safety issues that I highlighted in my blog post.

Obviously a takeover such as that by CCHL makes determining the financial fallout of the employees death, that occurred around the same time period, a little more difficult to determine for someone such as myself who is a novice in the field of analysing financial data. Hence I am looking forward to creating further meaning and understanding from such financial documents in order to assist with my ability to create connections between monetary events not so obviously displayed.

 

 

 

step 4: company’s financial statements

 

For LPC’s financial statement spreadsheet please view Danielle Bradley LPC

 

step 5: chapters 2 & 3 (sections 3.1 & 3.2) reflection

 

“UNDERSTANDING THE GAME” – just the chapter heading gave me an internal feeling of pleasure. If accounting is a game, then I want to learn how to play it!

I enjoyed being introduced to the ‘rules of the game’ and the fact that there are actually two different accounting methods, financial accounting and management accounting. Up until now I assumed that accounting was just that and although there are diverse types of accounting software, I didn’t really consider there being more than one method of accounting. Now this is the part that made me one happy lady – I’m given a clear-cut definition without all the fancy stories that usually accompany such terminology (Martin now I LOVE the way the study guide reads and how it keeps me intrigued but my simple mind just needs simple answers at times!). From my newfound understanding, financial accounting is where a firm’s accounts are available to those outside the firm and must be presented in a manner that abides by legal rules and regulations, whereas management accounting is the accounting information of a firm that is provided to those within the firm and is not obstructed by any legalities but merely the cost and practicality of producing such information. What I did find interesting was that a firm usually only has ONE set of accounting information due to the costs associated with presenting more than one, but it is merely presented differently to external and internal parties. This made me question why? If it is the same information what does it matter how it’s presented? So, is this where the ‘game’ commences? Can accountants/firms manipulate the presentation of data so it is more desirable to those outside the firm? Very interesting! And as they say ‘Let the games begin’!

Now to be honest, when I reached the segment outlining the various regulatory Boards, Acts and Legislation I thought just shoot me now!!! I skimmed through this section but then I thought hang on I want to play the game, no not play the game, I want to OWN the game (is it inappropriate to say I want to make the game my bitch?). So back I went and started making notes on what the ‘rules of the game’ were. Obviously if I don’t know the basic rules how can I be the master game player? It turns out GAAP (Generally Accepted Accounting Principles or as I have now dubbed Games Accountants Actually Play) outline the rules of the game that must be adhered to when preparing financial statements to outside parties (financial accounting). I could go on to summarise the notes I made on the Boards, Acts and Regulatory Bodies that maintain the accounting standards and the expectations of financial reports however this isn’t about summarising so what I will say is this: I understand who they are and why we have them. Just like all other laws and regulations in Australia, and around the world, they have their place. And to know they exist, outline and enforce the rules of the game is what is important at this stage.

When I reached the next section that jumped out and said “You can’t have a rule for everything” I thought awesome, I do tend to like creating my own rules! Cue more legislation and regulatory frameworks that must be adhered to *internal sigh*. But once I read it through in its entirety I agreed with the layout and conceptual framework set out by the Australian Accounting Standards Board (AASB), it makes sense! Why potentially make mistakes that others have made before you if there is a framework that assists you on building better methods. What I loved about this section was the way Martin related the importance of deep intrinsic learning and how it is similar to accounting standards, rules and regulations – no clear-cut black and white definitions provide a ‘deep’ learning experience, just like there is no black and white with accounting, “there are many unwritten rules.”

This section also made sense of the fact that so many large organisations have those with accounting backgrounds in senior/director roles (here I was thinking that it was mainly due to those that complete an accounting degree are just ridiculously intelligent and lovely people!) considering it is the firm’s responsibility that its financial accounts and presentation of said accounts are accurate and complies with GAAP and NOT accountants the firm may outsource work to. This did make me wonder though that if the outsourced accountants aren’t liable for any incorrect or fallacious accounting then how can you be certain they are acting in the firm’s best interests? Surely, they must take some of the blame in such matters? It also made me think back to the ‘double handling’ we see in double entry accounting. As a society, haven’t we advanced enough to reduce our workload and not continually increase it. Shouldn’t the onus be on those that are preparing the financial information instead of having both outsourced accountants and firms having to recheck data. Now although I feel annoyed on the firm’s behalf for being liable for any issues arising even if they did not produce the information, I did feel a sense of relief as if I become an accountant who assists organisations with their accounting needs, then if some error were to occur at least the organisation would be responsible for detecting it and I myself wouldn’t be liable – My gosh that sounds selfish doesn’t it!

After my internal moral debate on whether I agree or disagree if firms or accountants should be held accountable I literally laughed when I saw the joke: A business man asked an account: “How much is two and two?” The accountant got up from his chair, went over to the door and closed it then came back and sat down. He leans across the desk and said in a low voice, “How much do you want it to be?” AND I’M BACK IN GAME MODE!

The next concept I though was key to deepening my understanding of the business world was accrual accounting. Have I heard of it? Yes. Do I understand it? Well that depends on your definition of understanding. Having studied bookkeeping I had a general idea that accrual accounting is where you need to record and report all transactions whether money has been exchanged or not. Reading Martin’s examples allowed me to move away from just when account reporting and see how it is actually applied in real life and WHY it is useful. Businesses such as electricity, gas and many other general service providers know that as a service is being used the customer will be required to pay for it. Allowing the business to use the information from these sales straight away, instead of waiting until payments are made in the future, would allow firms to stop and take a snapshot of the their financial position and economic performance over a period or at a point in time and thus would be greatly beneficial in understanding the business realities of a firm and deciding future steps. So although I initially understood the basic term for accrual accounting, after reading this chapter I can now relate its importance to every day events and not just as a mechanism of account keeping.

As accrual accounting has shown me, the timing of financial reports is important, but as I delved further into the financial reporting world an understanding that timing isn’t always everything became apparent. From my understanding, it is what’s contained in said reports that has the ability to shape future directions. Yes we want to be able to take a snap shot at any time in order to understand our reality and decipher what steps we need to take next, but without the appropriate information, the QUALITY of the report, then how are we to know if the information presented is in all actuality going to help us in furthering our understanding of the firm’s business realities. I really connected with this section and loved the way it looked at the quality of material provided over the quantity. It also made me refer back to this assignment as a whole. Unlike other units which require you to, for instance, write an essay with a specified word count, this unit does not do so and now I think I understand why (please correct me if I’m wrong!). The quantity of information we provide is not significant, it is the quality of workmanship that displays our understanding. And just like this assignment, the qualities such as relevance of information provided and the faithful representation of such information which displays accurate and unbiased information, is what is most important in financial documents.

So although I initially viewed chapter 2 as a bore that would just outline the legalities of accounting, I ended with a feeling of satisfaction and enthusiasm. With my newfound insight I can apply this information to my future studies and allow myself to play the game that is accounting. This brings me to sections 3.1 & 3.2 of chapter 3 where I was excited to see I would be able utilise the knowledge just gained and obtain a deeper appreciation and understanding of financial statements.

Now to be honest I have seen financial statements before but assumed they provided a firm and external parties with a summary of whether the business was profitable during the period in which the report was run. Looking back, I see this as such a naïve and limited view of what financial statements can provide us. I now appreciate that they not only provide a snapshot of the business, but enable us to plan and create ways to realise and expand our business realities. I thought it was genius how Martin used the analogy of meeting someone for the first time with how we might view financial statements on our initial reading. And as they say, first impressions are important so I was excited to see how Martin would introduce me to his favourite friends, the four main financial statements.

My first introduction was to the balance sheet. As it turns out, the balance sheet provides us with a measure of value for the business on a given day as it displays the firm’s Assets, Equity and Liabilities (well I assume so as Chapter 1 outlined these 3 elements as key to providing a measure of value). What this section did make me question was why would we generally only create a balance sheet once a year? Wouldn’t it be more beneficial to run such a report monthly or quarterly to maintain a keen eye on the firm’s worth which in turn would assist us in updating or making changes throughout the year to assist in creating the most value possible? Or is it due to the cost associated with creating a balance sheet that reduces the amount of times it is created?

The next section assisted in alleviating some of the questions I initially had regarding the balance sheet and why it was not produced more often, as it does not provide an abundance of information regarding what must be done to keep the business advancing. So what is the benefit of the balance sheet as a measure of value if it provides little information on the continual evolving of a firm? This is something I am currently finding difficult to grasp and I hope by the end of this chapter I will obtain a greater understanding as to why I have been introduced to the balance sheet. Apparently the three other financial statements enable us to gain insight into what is occurring throughout the year with their reporting on a firm’s continually evolving activities relating to profit, equity and cash.

Having Martin explain the income statement without using technical jargon allowed me to clearly visualize a firm displaying their revenue and expenses. I enjoyed how this section also gave me a greater understanding of the extended accounting equation by combining the balance sheet and the income statement. The balance sheet’s main accounts = assets, liabilities and equity. Add the income statement’s main accounts of revenue and expenses and ta-duh, we have all 5 elements of accounts which are displayed in the extended accounting equation Assets = Equity + (Revenue – Expenses) + Liabilities. After reading this segment I had a feeling of relief, so this is how it all comes together. I no longer need to consider these accounting equations as mathematical concepts (have I mentioned I’m terrible at math?) but more along the lines of logical connections between the various aspects of a firm.

So now all 5 accounts are accounted for, I still understood why the statement of changes in equity is such an important financial statement. If I were a shareholder or potential investor I would be extremely interested in a firm’s retained earnings, comprehensive income and especially the potential dividend I could receive. From my perspective I deem these to be the most important aspects of the changes in equity statement, however I still wonder if I am completely understanding this financial statement or if there is more to it? Or could it really just be an attractive way of revealing to potential investors/shareholders what bang they are getting for their buck?

Lastly, I was introduced to the cash flow statement, which displays a very sexy asset, CASH. Now as I love to budget and keep a clear personal record of my household’s incoming and outgoing money, I felt the greatest connection to this financial statement. Of course a firm is required to have a complete picture of money spent and received. Martin’s explanation that it doesn’t matter how many assets a firm has, once there is no more cash a firm can no longer operate, did have me wondering at what stage a firm would sell off assets or downsize in order to increase cash. I presume it differs for all firms but then wouldn’t a firm, if they chose to downsize to increase their cash availability, essentially have very limited assets by the time all their cash was diminished to an extent where they could no longer operate?

My brain is positively flooded with all the possibilities that these financial statements are capable of showing us. Having Martin introduce the four main financial statements in a way that allowed me to relate to my previous knowledge and create further meaning for each report was wonderful and I must admit, my first impressions have provided an encouraging experience. Currently I have a feeling of fulfillment, I actually get it.

So coming to the end of Chapters 2 and 3.1 & 3.2, I’m excited to know that if I have an understanding of the rules of the game and the main financial statements, then my journey into the accounting world won’t be so daunting. 

 

 

step 6: feedback for draft ass1

 

The process of providing and receiving feedback between my peers and I has enabled me to grow and develop a feeling of self-confidence. The breaking down of physical barriers to assist one another, I believe, provides an internalisation of the course content and thus activating a much deeper level of learning. I was so enthused by this requirement of the unit and the positive effect of not only receiving feedback but affording it to others that I wrote a blog post at the beginning of the semester outlining my thoughts: Sunday Funday Feedback.

Receiving feedback allowed me to view my work from another’s perspective, instilled confidence for when positive feedback was provided and additionally aided in creating an overall better quality of work when constructive feedback outlined areas where improvement could be made, and I must say there were a few areas that my peers aided in enhancing.

To be honest, I deemed the giving of feedback much more beneficial to my learning than that of receiving. Observing how others view, understand and explain key concepts allowed me to see such concepts in a different light and at times create greater meaning than what I was able to take from the study guide. When viewing areas that I perceived others excelled at it also enabled me to reconsider my own work and where I might be able to create improvements. But most of all I thought the aspect of providing constructive feedback to my peers triggered a deeper learning experience where I would question whether I myself had incorporated the feedback I was providing others into my own work.

 

COMPLETED FEEDBACK FORMS

 

Feedback From: Danielle Bradley                                                

Feedback To: Stacey Wakeman

	My Comments
Step 1   KCQs	Not provided
Step 2   Introductory words in Description box   Photo and description Link to your blog/Set up blog	Blog was well constructed, easy to navigate and looks visually appealing. Love your quirky humour throughout your blog. FYI I would prefer chocolate over a bale of hay. Can sheep eat chocolate???? Overall well done
Step 3   Background information on company     Comments/KCQs     Comments on other’s blogs	Background information on company was well written but it would have been nice to provide some background information on the industry in which they operate. Enjoyed your section on their general scope of services provided. Helped provide a concise summary of what they’re involved in. I WISH I HAD RECEIVED CADBURYS TOO… With a delivery of chocolate to go with it! Based on the checklist I put together on what step 3 required, I think you still need to: ·       Put in a few questions for the KCQ’s. Was there anything you didn’t understand from the annual report or still finding difficult? ·       What challenges are they facing and how are they overcoming this. You listed some challenges they are facing in the section “Areas that were not so good” so maybe expand on this and see if there is any information from their annual report that indicates how they are going to overcome these challenges. ·       What similarities/differences can you see between your firm’s financial statements and others? ·       You also need to choose a favourite blog. You have added your top 3 (and I’m honoured I’m included in that list ☺) But Step 3 also asks for your favourite blog. Overall the information you provided was fantastic. With a little more information based on the points above I believe this will cover all aspects of this step. I also LOVE your humour! Well done
Step 4     Input company’s financial statement	Not provided
Step 5   KCQs	Step 5 was worded well, showed your understanding and was great to see you using past experiences to help grow your current understanding. I noticed you didn’t really include any comments or thoughts on the beginning of chapter 2 in regards to financial and management accounting, legislation or accrual accounting. Maybe something to think about if you believe these to be key concepts. The information you provided for chapter 3 was great! Overall this was very well written.
Step 6   Feedback to others	Not provided

Overall ASS#1  Overall, this was a well structured assignment that included both relevant information and a little of your own personality through the use of humour. With some minor further inclusions I think you will be on to a winner. Well done!

 

Feedback From:  Danielle Bradley                                              

Feedback To:  Maddie Barnes

	My Comments
Step 1   KCQs	I thought you had some great ideas in step one and your writing flowed extremely well however I believe you need to expand on your key concepts, what you understand them to be after reading the study guide and your thoughts in regards to them. For instance, you state “Some key concepts I do have some knowledge on are Debits/Credits, business types (Sole trader, Partnership and Trust), Double Entry Bookeeping, Journals, Ledgers and the Accounting Equation. All of these I learnt in High School and it was good to read about these again and refresh my memory with these concepts.” This could have been improved by outlining what they mean in your own words and then mentioning how you felt to already have an understanding of these concepts. For instance “I felt relieved to already have an understanding of these concepts…” Overall a great first attempt at KCQ’s.
Step 2   Introductory words in Description box   Photo and description Link to your blog/Set up blog	Great blog layout and design.   Couldn’t see your moodle profile for some reason ☹
Step 3   Background information on company     Comments/KCQs     Comments on other’s blogs	Background on your company was great. I thought Gfinity sounded like an exciting company based on your background information. I also enjoyed your honesty regarding being disappointed in your firm. I too felt the same for not receiving an Australian company. The one thing I believe this step lacked was your key concepts and questions in regards to your company and annual reports. You have done a great job at outlining the company information but did you have any questions regarding the annual report? Any areas you didn’t understand? Did you understand the entire report and who the target audience of the report is focused at? I believe if you expand on what I have listed above this will greatly improve this step.   Also thank you for including me as one of your top blogs
Step 4     Input company’s financial statement	Now excel is definitely not my strong point! Layout was great and you done a top job of using the sum function to calculate your totals so looks like a job well done!
Step 5   KCQs	Step 5 was great on the aspects you included and I loved how you incorporated your own experiences to highlight your understanding. Were there any other sections in these chapters that jumped out as a key concept for you? Perhaps you could have a quick look to see if anything else in chapter 2 jumped out at you. I personally felt like there was a fair bit more to this chapter than what I have seen in your reflection. But overall this was written extremely well. Good job!
Step 6	Not Provided

 

Feedback From: Danielle Bradley                                                

Feedback To: Sophie Browning

	My Comments
Step 1   KCQs	Step 1 was well written and you presented your thoughts and honesty in an easy to read manner. I do have a few tips to improve this section (and subsequently the other chapter reflections we are required to do throughout this unit). Firstly, you point out some great key concepts  however to enhance this it is a good idea to write in your own words the definition of the key concept that you have taken from the study guide. For instance, you have done a fantastic job of outlining your thoughts on ‘learning’  -“Another element of the Introduction that I found particularly interesting is that of how we learn. … so I found this part of the text very relevant. “ To improve this you could have also said “from reading the introduction I now understand that learning can be seen as occurring on a continuum staring at the most basic form of memorising and repeating definitions through to changing as a person…”. This highlights that you also understand the concept. I also thought you could have included some more key concepts from chapter one as there were quite a few areas I think you have missed. For instance double entry bookkeeping, credit & debit, the accounting equations, etc. Overall a good first effort.
Step 2   Introductory words in Description box   Photo and description Link to your blog/Set up blog	I couldn’t view your moodle profile however I believe this is a technical issue.   You blog is visually appealing and easy to navigate so good work!
Step 3   Background information on company     Comments/KCQs     Comments on other’s blogs	The work you provided in this step was well done and I enjoyed reading about the history of Keir group and also your thoughts on receiving a firm in the construction industry. However I do believe you a missing a few of the key areas that step 3 requires. I have posted a Step 3 checklist on my blog so why don’t you have a quick look and see what you still need to include: https://daniellecqu.wordpress.com/2017/03/26/methodical-mowing-step-3-checklist/
Step 4     Input company’s financial statement	Not provided
Step 5   KCQs	Not provided
Step 6   Feedback to others	Not provided

Overall, for the work you provided this was a good first attempt. With expanding on the ideas you have already listed I believe this has the potential to be great

 

Feedback From: Danielle Bradley                                                

Feedback To: Rosslyn Johnson

	My Comments
Step 1   KCQs	As you already know, I am a big fan of your step 1. I thoroughly enjoyed your personal reflections on the course content. And you certainly have a way with words. Fantastic work!
Step 2   Introductory words in Description box   Photo and description Link to your blog/Set up blog	Moodle profile and blog completed to a good standard. While your blog isn’t as ‘pretty’ as others I have seen, I just absolutely love the blogs you post, the information you provide and the silly accounting jokes you incorporate into your work. I’m looking forward to seeing what jokes you will incorporate into your work next!
Step 3   Background information on company     Comments/KCQs     Comments on other’s blogs	The background information you provided on your company was fantastic and very in depth. You provided a great insight into what could be difficult for people to understand who are not familiar with the industry your firm operates. What I felt this step lacked was your own personal reflection on the firm and their annual report. Did you have any questions about the annual report? Did you find anything difficult to understand? Or were there areas that you really enjoyed or found interesting? Who do you believe the target audience of the annual report is? I think that once you expand on your own personal reflections on the information you have discovered your step 3 will be even more fantastic.
Step 4     Input company’s financial statement	I’m not the most proficient in excel however your layout was great, easy to understand and you used the sum function to assist with ensuring your totals were correct. Well done.
Step 5   KCQs	Once again your reflection on the study guide was absolutely fantastic. Your internal thoughts in relation to the course content was amusing and kept me intrigued, as did knowing there were more accounting jokes to come!
Step 6   Feedback to others	The feedback you have provided others as posted on your blog has been wonderful. You can see the effort you put into each assignment you review and you provide some wonderful insight to assist others.

Overall this was an absolutely fantastic assignment and you should be extremely pleased with yourself!

 

Feedback From:  Danielle Bradley                                              

Feedback To:  Suzanne Kriedemann

	My Comments
Step 1   KCQs	Not Provided
Step 2   Introductory words in Description box   Photo and description Link to your blog/Set up blog	Great blog layout and presentation, easy to navigate and filled with blog posts that are written to a high standard.
Step 3   Background information on company     Comments/KCQs               Comments on other’s blogs	The layout of this step was great, very clear and concise. The company background was informative and well written. I did wonder why they changed the company name though? I also thought it was great how you obviously undertook further research to create understanding on areas you were not familiar with. Overall great work!     Not much to say here as I believe you outlined your thoughts well and thank you for listing me as one of your top 3.
Step 4     Input company’s financial statement	Again well presented however I did notice that you haven’t used the ‘SUM’ function for columns D & E when doing totals for the balance sheet. Is there a reason for this?
Step 5   KCQs	This was also extremely well written! I loved how you have included your personal background and internal reflections to help identify your understanding. I thought the introduction to the 2nd paragraph could have been worked better: Instead of saying “Having now got an appreciation of the rules of the game” Maybe say “Now having an appreciation…) But overall this was fantastic.
Step 6   Feedback to others	Not Provided

 

Feedback From: Danielle Bradley                                               

Feedback To: Kerryn Zimmerman

	My Comments
Step 1   KCQs	Not Provided
Step 2   Introductory words in Description box   Photo and description Link to your blog/Set up blog	Blog is set out well and easy to navigate
Step 3   Background information on company     Comments/KCQs     Comments on other’s blogs	Great company background. Well set out. Few minor wording/grammatical errors, e.g., “Directors’ Meetings that we held during the year and the number of meetings that each director attended” I believe you mean WERE held… I thought your personal reflection on what you did and didn’t understand was great. And thank you for choosing me as your favourite blog.
Step 4     Input company’s financial statement	Spreadsheet was set out well, formulae used for totals and it was great where you outlined the discrepancies in the financial statements.
Step 5   KCQs	Your step 5 was great and I really enjoyed how honest you were with outlining the areas you still found confusing. The one thing I found this step lacked in comparison to your other work was flow. I felt that all your paragraphs were a little disjointed and didn’t flow as well together. Perhaps read your work aloud to someone else to assist in picking up any errors. But otherwise this was great!
Step 6   Feedback to others

 

Feedback From: Danielle Bradley                                               

Feedback To: Montana Baker

	My Comments
Step 1   KCQs	This step was superb! You have done a wonderful job of including the key concepts, your thoughts on them and also relating to your own personal experience where possible. Well done!!! There were a few wording/grammatical errors but overall this was fantastic.
Step 2   Introductory words in Description box   Photo and description Link to your blog/Set up blog	I believe my post outlining you as one of my top blogs highlights that I think your blog is absolutely fantastic in both design and what you have written.
Step 3   Background information on company     Comments/KCQs     Comments on other’s blogs	The layout of step 3 was great and made it extremely easy to follow. I was also a little jealous for you receiving an Australian company however that was where my jealousy ended. Your firm’s field of expertise looks extremely complicated compared to mine! However in saying that I believe you have done a great job in outlining who they are and what they do. You have also done a fantastic job of analysing the financials of your firm and what they may mean. When looking at providing feedback I try and see what areas of your work I can fault. To be honest I found it extremely difficult. The only thing I can recommend is re-reading your work and seeing if there are any sections you could improve your wording and also incorporating some of your discussions with others about the firms you have been provided. Overall this is FANTASTIC!
Step 4     Input company’s financial statement	Excel isn’t my strong point but it seemed you done a great job (again). You used the sum function for your totals which was great but I did question why isn’t row 94 using the sum function for totals like all the other totals?
Step 5   KCQs	Step 5 was also wonderfully written. Once again I found it hard to find faults in your work. One thing I will mention is that when you indicate you already have previous knowledge of key terms it would be beneficial to put in your own words their actual meaning. For instance “The assumptions like the going-concern, materiality, relevance and faithful representation – just to name a few – are not mysterious terms however learning about them again will not kill me it will just cermet them into my memory more.” Why don’t you tell us what these concepts actually mean so the marker knows you actually understand these concepts and not just because you state you do without any evidence to support your claim.
Step 6   Feedback to others

Overall ASS#1   Montana this is absolutely fantastic work. You have excelled in each step and with some minor tweaking, this will be PHENOMENAL!

 

Feedback From: Danielle Bradley                                               

Feedback To: Angela Engelbrecht

	My Comments
Step 1   KCQs	Step 1 was extremely well written and I enjoyed your honest recount on how you felt when commencing the study guide and all the other areas this unit requires. One area I believe could use improvement is to expand on the key concepts you identified by providing a definition of the key concept in your own words. For instance, you introduce the new idea of learning and studying but did not provide an explanation on what learning is. To improve this, you could have stated something along the lines of “I now understand that learning can be seen on a continuum that starts at the most basic form of memorising and repeating facts, through to changing as a person….” Overall this section was very well constructed.
Step 2   Introductory words in Description box   Photo and description Link to your blog/Set up blog	I couldn’t see your moodle profile but I believe this is a technical issue.   Blog was well constructed, easy to follow and the work contained well written.
Step 3   Background information on company     Comments/KCQs     Comments on other’s blogs	I thought you absolutely nailed step 3! Your company background was great, layout was easy to follow, you highlighted the key areas you were struggling with and provided evidence of external research in order to increase your understanding. Your step 3 also has me questioning where I can improve my layout and possibly remove sections that don’t add value. One item that I thought your step 3 was missing was your initial reactions to receiving Bellway PLC as your firm. If you have a blog post in regards to your initial reactions then I would include a link to the blog post, otherwise maybe an introductory paragraph with your initial thoughts would be great. Overall this step was extremely difficult to fault.
Step 4     Input company’s financial statement	I definitely do not excel at Excel, but from my opinion your excel document was well structured and included all that was required.
Step 5   KCQs	What can I say, this section was also well written and I believe you have improved in comparison to step 1’s chapter reflection. You have highlighted the key concepts well and also explained your own understanding. It was further improved by your ability to relate some of these key concepts back to your own experience. Fantastic work!
Step 6   Feedback to others	From your assignment and comments I have witnessed you provide others, your feedback is great, informative and extremely helpful. You are definitely an asset to the unit.

Overall ASS#1   Overall this is a great assignment. With some very minor changes I believe your work will be fantastic. Well done!

 

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