Cochlear Limited has been established in 1981 by considering the financial assistance from Australian Government and commercialise the implants which are considered with pioneering by Dr. Graeme Clark. Presently Cochlear has been considered to hold more than two third of the hearing implant available worldwide. The company has been seen to employee more than 250,000 personnel since 1982. Cochlear Limited has been discerned to be awarded as one of the most innovative company from 2002 and 2003.The medical devices are manufactured, designed and supply with the implant from Nucleas, Baha based on the implant taken from Hybrid electro-acoustic implant.
The study has evaluated the conceptual framework for Cochlear Limited. The important section of the study has been further able to relate the various types of the significant data which has been considered with framework required for the company. The study has recognised the main procedure for “assets, liabilities, equities, expenses and revenues”. The next part of the study has been further able to state the necessary information on qualitative characteristics given in the annual report. The main form of the depiction has been further seen to be based on the significant amount of the considerations associated to the reliability of the information given in the financial report (Dale-Jones, Hancock and Willey 2013).
The meeting of the objectives of the company has been compared with the necessary requirement as stated by “Australian Accounting Standards Board (AASB)”. The report developed has been tallied with both public and private companies. The important contribution of AASB is seen to be taken place with “Australian securities and investment commission at 2001”. The data published in 2013 as per AASB has been compared in terms of the significant amendments brought by “measurement, presentation, reporting entity and de-recognition”. The primary amendments have been further seen to be taken into consideration with various types of the considerations which will be able to bring in a greater sense of Stewardship related to other entities (Chaplin 2017).
As per the information depicted from “Cochlear Limited”, the annual report has been able to depict the financial statements based on the compliance of “Australian Accounting Standards (AASBs)”. This standard has been further seen to followed by the company’s in terms of the various considerations which are related to “Australian Accounting Standards Board and the Corporations Act 2001”. The company has followed “International Financial Reporting Standards (IFRS)” and interpolation done as per “International Accounting Standards Board” for the consolidation of the financial reports. The applicability of the new methods is seen to be taken into consideration from 17 August 2017.
The inference from the annual report released by the company has been able take into consideration the significant factors which are seen to be associated to “AASB 9 Financial Instruments”. The assessment of the consideration of “AASB 9 and its interaction with AASB 15 Revenue from Contracts with Customers” (Dale-Jones, Hancock and Willey 2013).
The financial statement has been able to reveal different facets which are related to company’s functional currency and considered as per date of the occurrence of the transaction and foreign exchange rates. The compliance with the financial statement of the company has taken into consideration the adherence of the company with the IFRS requirement. The necessary assumptions and the judgements of the accounting policies related to “assets, liabilities, income and expenses” is also based on considerations given as per IFRS (Gipper, Lombardi and Skinner 2013). The continuing ongoing process with the revisions of accounting has been shown with the recognition done in the future years. The critical aspect of the reporting data has been seen with the main form of the applicability has been seen to be taken into consideration with IFRS requirement. The financial adherence is seen with estimations and assumptions related to the accounting policies amounting for the expenses, assets, income and liabilities. The continuing process has been seen to go through various revisions based on the accounting policies done in the future years. As per the critical judgment it has been discerned that the necessary accounting policy has been taken into account with effect on “Employee benefit liabilities, Share based payments, Intangible assets, Business combinations, contingent liabilities and financial risk management” (Urasaki 2014).
The assets, revenue and the expenses has been seen to be taken into consideration with GST recognition amount. The asset impairment is done annually and the various considerations for monetary liabilities has been denominated with foreign exchange ruling as published in the date on effective functional currency and date of reporting. On the other hand, liability and assets of Cochlear Limited is done based on foreign currencies which are stated at fair value (Guthrie, Evans and Burritt 2014).
Based on financial note 5.6, balance sheet of the company has been depicted with the various types of the factors considered with total obligations. Cochlear Limited is primarily seen with the prominent characteristics of financial report along with executive remuneration and board members. The equitable and fair profits of the company have been taken into account with fair and equitable rewards which has been able to motivate ongoing and successful experience and ongoing growing growth with the expectation of the shareholders in the long-term. The comprehensive statement of the company has been based on the motivating factors needed for team to be successful. This is mainly required for the effective changes by consideration of net value and cash flow hedges. The fair measurement has been applied with derivative instrument which is based on selling of the investments. Non-Monetary assets and liabilities has been stated with fair value of the functional to the transactional currency which is seen with fair value available for selling in net profit. The changes in the statement of equity has been discerned as the main form of the qualitative characteristics of the financial report and this has been particularly considered with improving nature of the financial information. The overall changes of the equity have been related to the changes in the cash flow hedges, fair value and qualitative characteristics (Danoucaras and Woodley 2013).
The improving depiction of the qualitative characteristics for Cohclear Limited has been seen with depiction of “KMP STI against the sales revenue and EBIT”. The use of bar graph and histogram has been taken into account with “fixed, short term incentives, deferred short term incentives and long-term incentives”. Based on the significant information given in the income statement Cochlear limited has been able to present the necessary data, which has depicted increased in profit from $ 223,616 in 2017 and $ 188921 in 2016. The timeliness of the report has been maintained with updating the AASB recognitions as per the drafts present by the board. The significant adherence of the company with the AASB regulation has been seen to be taken into account on 17th August 2017. The notes as per the financial statement has been further seen to be based on the several types consideration which has been seen to be based on employee benefit interpretation done in 2016 and 2017. The fair value and performance has been interpreted as per the “EPS performance based conditions, TSR based conditions and deferred STI service based conditions”. The enhancing characteristics has been evident with the computation on monthly basis (Zalaghi and Khazaei 2016).
Conclusion
The interpretation done to show the compliance of the Australian conceptual framework has been able to state that the company has adhered with “Australian Accounting Standards (AASBs)” followed by “Australian Accounting Standards Board and the Corporations Act 2001”. The standards have been further followed with “Australian Accounting Standards Board and the Corporations Act 2001”. The consolidation of the financial statement is further seen to be based on the different type of other depiction which shows the consolidation of the financial report with “International Financial Reporting Standards (IFRS)”. The recognition of “Assets, Liabilities, Equity, Revenue and Expenses” of Cochlear Limited has been considered with the different aspects of foreign exchange considered on the transaction date. The main form of the qualitative enhancing nature of the financial report is seen to be taken into account with the representation of the financial data in bar graph and histogram. The company has been further able to signify the comparison which has been taken into consideration with “fixed, short term incentives, deferred short term incentives and long-term incentives”.
References
Chaplin, S. (2017) ‘Accounting Education and the Prerequisite Skills of Accounting Graduates: Are Accounting Firms’ Moving the Boundaries?’, Australian Accounting Review, pp. 61–70. doi: 10.1111/auar.12146.
Dale-Jones, G., Hancock, P. and Willey, K. (2013) ‘Accounting Students in an Australian University Improve their Writing: But How Did it Happen?’, Accounting Education, 22(6), pp. 544–562. doi: 10.1080/09639284.2013.847321.
Danoucaras, A. N. and Woodley, A. (2013) ‘Alignment and Differences between the Australian Water Accounting Standard and the Water Accounting Framework for the Minerals Industry’, in Water in Mining Conference, Brisbane, QLD, 26-28 November 2013, pp. 26–28. Available at: https://drive.google.com/open?id=0B1R-rSdERLu7QlJoeGg0OEVkOE0.
Gipper, B., Lombardi, B. J. and Skinner, D. J. (2013) ‘The politics of accounting standard-setting: A review of empirical research’, Australian Journal of Management, 38(3), pp. 523–551. doi: 10.1177/0312896213510713.
Guthrie, J., Evans, E. and Burritt, R. (2014) ‘Australian accounting academics: challenges and possibilities’, Meditari Accountancy Research, 22(1), pp. 20–37. doi: 10.1108/MEDAR-09-2013-0038.
Urasaki, N. (2014) ‘Institutions and accounting standard transformation: Observations from Japan’, China Journal of Accounting Research, 7(1), pp. 51–64. doi: 10.1016/j.cjar.2013.10.001.
Zalaghi, H. and Khazaei, M. (2016) ‘The Role of Deductive and Inductive Reasoning in Accounting Research and Standard Setting’, Asian Journal of Finance & Accounting, 8(1), p. 23. doi: 10.5296/ajfa.v8i1.8148.
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