The draft…

Posted on by ACCT11059 - Shreya Jain

Hello and welcome back to my blog, this is my second post which entails download links to my second assignment documents, however, don’t get too excited, just a draft version at this stage.

Although I have made a start, I’m only 40% there. I have learnt some new things in class today,
therefore I needed to make some a few amendments to my assignment as I interpreted the assignment instructions differently. However, for the purpose of peer feedback that needs to be provided today prior to 5:00pm, Please see below links to download my word document that goes
through steps 3-6. I also provide a copy of my spreadsheet that includes the company’s financial statements.

I look forward to my peer feedback, please mark it as tough as possible and feel free to provide direct criticism, I’d love to know your honest thoughts, so drop a comment if you manage to get through it all before Saturday night as that’s when I’ll be finalising my assignment. If you would like
to join my group for peer feedback, let me know, my email is shreya.jain@cqumail.com alternatively my personal email is shreyaxk@gmail.com whichever you prefer.

Draft Assignment word document – Download
Li and Fung Limited – Comapny Spreadsheet –Download

It’s been a great journey so far, despite all the Moodle glitches, the enrolment, the un-enrolment, I got there in the end. If you know, you know.

Cheers, happy Friday!
Shreya

An introduction…

Posted on by ACCT11059 - Shreya Jain

Hello, welcome to my blog.

My name is Shreya and I have created this blog with a purpose to communicate with others online in my first year unit, Accounting Learning and Online Communication (ACCT11059) at Central Queensland University (‘CQU’) on the Sydney campus. A couple of fun facts about me can be found on my CQU profile: https://moodle.cqu.edu.au/user/profile.php?id=43284

In our first lecture on Friday 19 July 2019, we were all provided with a designated company. I was allocated to Li and Fung Limited (‘LF’) the company website is: www. lifung.com

LF is a multinational supply chain management company based in Hong Kong, transacting in USD.
The financial performance overall is a loss in the prior financial year, upon the readings of the CEO and Chairman’s report in the financial statements for FY19, 2018 was a rough year for LF due to retail and sales sector which led to their total income/revenue deteriorating by 20%.
Total assets increased by 10% or $464k from 31 December 2017 to 31 December 2018. On the other hand, due to short term bank loans increasing by $250k, total liabilities increased from 2.3m in 2017 to 2.6m in 2018 (14% or $353k) as a result, net assets decreased significantly by 10.3m.

In my current surface level analysis of the company I note the following:

  • LF’s auditors are one of the top 10 Australian independent auditors, PriceWaterCoopers also known as PWC
  • Huge company with 17k employees worldwide
  • Top five sourcing countries are; India, China, Vietnam, Bangladesh and Indonesia
  • LF year on year execute a two pager, three year summary plan that entails key information about the services they provide, their values and vendor codes. Which would ideally provides security to the shareholders and investors
  • Lastly, towards the end of the financial statements, LF provide a ten year summary of the consolidated profit and loss accounts. This depicts the bigger picture in the financial analysis as we can compare year on year the financial position of the company. In comparison to other companies who tend to provide only a 3-5 consolidated summary.

To finish off, I really look forward to this unit as it will provide a deeper understanding of interpreting the financial statements of LF. Understanding how we, as accountants classify transactions coming in and determining where the real downfall of the company is or previously was.
As a result, we will be able to assist to mitigate overall risk for the investors/shareholders/clients of LF, act in the best interest of the customers and increase the revenue of LF (or in this case, at least understand a plan how practically we would)

Again, thank you for reading my first blog and I look forward to receiving your feedback.
Shreya