Financial Reporting Disclosures in the Australian Corporate Sector Essay

Financial Reporting Disclosures in the Australian Corporate Sector - Essay Example More, the standards require that the identifiable intangible assets must be disclosed by means of subdividing the assets into classes with similar identifiable intangible assets being grouped together with regards to their usage and operations. Cash generating units impairment testing should be through the process of comparing the carrying amounts of identifiable intangible assets, goodwill working capital, and PPE of the cash-generating units. It is also important to note that valuation approaches during disclosure needs to be financial ratios and discounted cash flow. The company also needs to ensure that sensitivity analysis is done in case there are changes in key assumptions used during financial reporting. The importance of carrying out a sensitivity analysis to changes in key assumptions is due to the need to evaluate variations and their effects on financial reporting. Sensitivity analysis will also enable corrective actions to ensure compliance of financial reporting require ments. According to analysis of the company’s reporting practice, forecast must be corrected to be based on present value of future expected future cash flows. Forecasts on future cash flows must also be based on an established cyclic cash flow pattern. Table of Contents Introduction Identifiable Intangible Assets Impairment Testing on Cash Generating Units Calculation of Discount Rates and Growth Rates Sensitivity analysis to Key Assumption changes Financial Reporting Practice of CCA LTD Recommendations Financial Reporting Disclosures in the Australian Corporate Sector Introduction Corporate companies are subject to Corporations Act, which is being promoted by ASIC reviewers to ensure compliance with financial reporting requirements. The ASIC further provides non-compliance allowance for specific requirements to corporations. Confidence of investors and integrity levels in the Australian Corporate sector is largely boosted by the ASIC activities of monitoring corporationâ₠¬â„¢s compliance to financial reporting requirements. Users of financial reporting and auditing information are able to make informed decisions about the reliability and relevance of financial reporting disclosures in the Australian Corporate Sector. There is need for Coca Cola Amatil LTD to ensure that their financial reporting standards adhere to the professional and legal requirements of the corporations act. The objective of these financial reporting disclosures report is to ensure that Coca Cola Amatil LTD adheres to corporate Act’s requirements of financial reporting disclosures in the Australian Corporate Sector. Identifiable Intangible Assets The corporate act specifies reporting standards that must be adhered to when disclosing information regarding identifiable intangible assets such as names of brands, relationship with customers and written off intangible assets of Coca Cola Amatil LTD. The company should disclose identifiable intangible assets that would have bee n recognized during business formation or combinations and research and development assets. These intangible assets do not include assets that are recognized through contract basis or any other means that is legal. During financial reporti

Better Asphalt Essay Example | Topics and Well Written Essays - 500 words

Better Asphalt - Essay Example Several major research projects have taken place and are currently in progress. The National Cooperative Highway Research Program has a major study currently underway to evaluate skid resistance. The study is not yet complete, but it does show promise in offering improvements in skid resistance through the use of finer grade aggregates. However, due to the fine grade of the aggregate, water may be slow to run off and create a wet condition hazard. Friction is created where the rubber meets the road. The composition of the open coarse grade and its components are a first consideration. The microtexture, the fine aggregate in an asphalt mixture, is most influential force creating the necessary surface friction between the pavement surface and automobile tires (Williams). Over time, the surface wears away and exposes the coarse aggregate. Coarse aggregate size becomes a major consideration on the surface to improve skid resistance. Recent tests in the United Kingdom has indicated that 6 to 10 mm chips at a 1.4 mm depth offered improved skid resistance at high speeds (United States Department of Transportation).