Reference no: EM13836138
Please find these reports of two companies on internet
1) Advance Energy Limited 2014 Annual Report (https://www.advance-energy.com/)
2) ADX 2014 Annual Report (https://www.adx-energy.com/)
CORPORATE ACCOUNTING
Choose the most recent annual report of TWO Australian publicly listed companies from the list provided in Appendix A (you should NOT choose companies that are not on the list).
Questions:
1. Discuss in 1-2 paragraph some background information about the two companies, including company name, official ticker assigned by ASX, the ultimate controlling shareholder of the company and its ownership percentage (if being disclosed), and the main business of the company.
2. Locate the financial statement notes dealing with related parties in the annual report and answer:
-1) Who are related parties of a company according to AASB 124? Critically evaluate the needs for related party disclosure from the perspective of regulators and company stakeholders.
-2) Following the classification of related parties outlined in Table 23.1 on page 671 in the textbook, discuss the number of related parties for each category. If the number of related parties is less than or equal to THREE, list the names of these related parties. Otherwise, provide information on how to locate each category of related parties (such as the page number and the number of financial statement notes in the annual report).
-3) Identify the risks and opportunities associated with the related party transactions that you have identified.
-4) Locate the financial statement notes dealing with related parties transactions. Again, follow the classification of related parties outlined in Table 23.1 and discuss the details of related party transactions for each category provided in the annual report.
-5) Compare the disclosure requirement of AASB 124 and the information disclosed by the TWO companies. Do you consider there is too much or not enough disclosure about related party relationships, transactions, balances and commitments? Explain.
3. Locate the information about the remuneration (i.e., compensation) arrangement made for key management personnel in the financial statement notes of key management personnel disclosures and/or the corporate governance report in the annual report, and answer:
-1) Has the key management personnel of these two companies received any form of compensation (either short-term or long-term) that is based on the company's performance?
-2) What is the performance benchmark(s) being used to determine the amount of performance-based compensation? Is it based on financial statement numbers prepared in accordance with accounting standards? Has the company disclosed the exact numbers for the performance benchmark?
-3) Is the compensation of the executives justifiable? Explain.
[Hints: For some background information about remuneration (i.e. compensation) arrangement made for key management personnel, you can read section 23.5 and 23.7 in the textbook.]
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