The company chosen is EBOS Group which deals in the healthcare, medical and the pharmaceutical products. The company is also a very leading marketer and distributor of the animal are products of the company of Australia.
The company has about more than 3,000 employee in about 52 different locations all across the country of Australia (EBOS, 2018).
In respect of plant, property and equipment, the amount reports its values at their recoverable amounts. This goes on to include in the goodwill as at the date of the balance sheet. In case, the carrying value of the asset is more than the asset, then the expense is recognised as an impairment expense which is reported in the statement of income. The Annual report of the company states that it has some separate cash generating units. The recoverable amounts of these assets is the higher of the value in use or the fair value less the costs of selling. The present values of the future cash flows have been calculated in, in the case of these assets. The company depreciates and amortises its assets on the basis of straight line basis. But the assets other than the freehold land are deprecated at their costs less there residual values.
In respect of the Accounting policies, the notes to the financial statements states that the carrying values of these assets are reviewed at regular intervals for the purposes of determining as to whether there is any indication of any impairment in the value of the asset or not. In case, there is any such indication, then the recoverable amount of the asset is calculated for determining the loss of impairment. The company estimates in the recoverable amounts of the assets wherein the asset does not have any specific cash generating unit. The recoverable amount is considered to be the higher of the fair values less the costs of selling and the value which is in use. For the purposes of assessing in the value in use, all of the future expected cash flows are discounted at their present values on the basis of the pre-tax discount which indicates in the market conditions and the connected time value of money and also the various risks that are connected with that asset.
The property, plant and equipment are reported at their cost which is the original consideration which has been paid towards the purchase of that asset and which is directly connected with the location and the condition for its intended use. After the cost has been recognised, it- is reported at their respective costs less the accumulated depreciation. The amount of the depreciation charged on these assets is calculated using the straight line method of deprecation. This method helps in the allocation of the cost or the fair value amount of the asset less any amount of the residual value over the estimated number of the lives of the company.
Provision have been made for the deferred taxes along with the Trade receivables.
The contingent liabilities of the company includes the guarantees given by the company to the third parties.
Though this is an amount that could have been payable by the company or not in the near future, hence it is fair for the company to include it in a contingent liability.
But if the company is certain that this expense would be payable in the future, hence a provision is more favourable for it.
Conclusion:
In terms of contingencies and provisions, the company has provisions for the employee expenses.
The company reports the lease obligations in the financial statements. The company has also reports in its non-current assets at their costs less costs to sell. In the nutshell, it would be apt to state that the company has complied with all of the rules and the regulations that the company is exposed to, when it comes to the preparation of the financial statements. This can also be stated from the fact that the Auditor report of the company states a clean opinion.
References:
Ebosgroup.com. (2018). Our Company » EBOS Group Limited. [online] Available at: https://.ebosgroup.com/about-us/our-company/ [Accessed 15 Sep. 2018].
ebosgroup.com. (2018). EBOS Group Annual Report. [online] Available at: https://investor.ebosgroup.com/static-files/fdec4b60-0ba3-4c88-9815-eb602133b073 [Accessed 15 Sep. 2018].
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