Identify related parties and party transactions For Nike

Reference no: EM131808385 , Length: word count:1500

ASSIGNMENT - ACCOUNTING FOR CORPORATE STRUCTURES

Assignment Question

'AASB 124 requires "disclosure of related party relationships, transactions and outstanding balances, including commitments, in the consolidated and separate financial statements of a parent or investors with joint control of, or significant influence over, an investee presented in accordance with AASB 10 Consolidated Financial Statements or AASB 127 Separate Financial Statements.'

Is it possible for companies to achieve their desired objectives through the use related party transactions? Based on Nike Australia Pty Ltd (2016 annual report), as an example, to answer the following requirements.

Requirements:

1. For Nike Australia Pty Ltd, identify the related parties and the related party transactions (a template is provided for you to also summarize your findings).

2. Critically evaluate each related party transaction and identify those you believe are not at market value. Discuss why you believe this to be the case and the incentives behind such transaction.

3. Are the disclosures consistent with the requirement of AASB 124?

Attachment:- Assignment Files.rar

Reference no: EM131808385

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Reviews

len1808385

1/10/2018 11:58:36 PM

Australian student, 1500 words. Also in the outline, it is clearly mentioned to follow annual report of 2016. This assignment was already done by a different expert, however, student/lecturer is not satisfied with the quality. Attached is the feedback, please review that as well before working on it. Submit the requirements/ answers for the assigned topic with satisfactory completion of all requirements. There is no word requirement in this assignment. However, all requirements must be addressed.

len1808385

1/10/2018 11:58:30 PM

Feedback from the faculty - The meanings of the titles in the required template have been misinterpreted. For example, 'Assigned company name' in your case is only Nike Australia Pty Ltd. 'Related party categories' refers to paragraph 9 of AASB 124. You are supposed to write in summarized words or put in the references directly (such as AASB 124 Par. 9 (a) (ii) ) 'Type of related party transaction' is to describe briefly the nature of the transaction (such as payable to related party). I cannot justify any information in your table, and so you have to copy and paste the portions of disclosure in Nike's annual report 2016 that are related to 'related party transactions' in the appendix. In terms of compliance/ consistent with AASB 124, you have to systematically discuss compliance's checks of Nike's disclosure with AASB 124 paragraph 17 ~ 24.

len1808385

1/10/2018 11:58:24 PM

Please note that none of what you have done has any relevancy of the requirements. you may want to review chapter 23 of your textbook or your week 8 lecture materials and AASB 124 before you proceed with any meaningful works on the topic. Once more, I am sending you all the details to make it fixed more easily. i would like to request you to give extra effort on this. I can't explain you how important this assessment is for me. Thanks.

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