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Legal Aspects Of Risk Management - 875 Words

Legal aspects: †¢ Liability: First of all, regarding risk management, the organising team of the event can be held liable for its actions or omissions. According to Silvers, liability means „the legal responsibility for one’s actions or omissions† (Silvers, p.56, 2013). An important question regarding legal aspects is „who owns the event†? The legal owner of an event can range from the organising committee, sponsors and the coordinator. Therefore, „whoever assumes ownership for the event entails legal responsability and therefore liability†(Bowdin, p.330, 2006) In order to avoid being taken liable for the participants actions, such as an injury, every reasonable precaution must be considered and taken care of. This should be done through a risk assessment, therefore considering and trying to avoid any possible negative risk that can occur. This legal responsibility for actions and omissions is called duty of care, and is covered by an area of law kno wn as torts(Bowdin, p.339, 2006). The duty of care states in the Health and Safety Executive from 2003 that „An employer does not have to take measures to avoid or reduce the risk if they are technically impossible or if the time, trouble or cost of the measures would be grossly disproportionate to the risk†. Therefore, the employer would be the person legally responsible for the event, and he should consider and take appropriate actions to avoid a risk if it’s reasonably practicable. †¢ Contract liability: Moreover, in termsShow MoreRelatedEvent Management; Legal and Ethical Responsibilites with Respect to Risk Management685 Words   |  3 PagesEvent Manager; legal and ethical responsibilities with respect to risk management The theme Ethics and Risk Management signifies that each of these two disciplines—risk management and ethics—depends on the other. 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Project-Proposal-Template Free Essays

Project Proposal Template Project Proposal Template Company Name Company Name Write Company Address Here City, State, Zip Code Phone, Fax Email: www. proposaltemplatestips. com Website: www. We will write a custom essay sample on Project-Proposal-Template or any similar topic only for you Order Now abc. com Write Company Address Here City, State, Zip Code Phone, Fax Email: www. proposaltemplatestips. com Website: www. abc. com Project Proposal Project Proposal 2011/12 2011/12 Project Name Project Name Business Area Program Name Business Area Program Name Project Sponsor:| | Author (Business):| | Author (MIS):| | Project Sponsor:| | Author (Business):| | Author (MIS):| | DD/MM/YYYY DD/MM/YYYY a). Sample text —————————————————————————————————————- 1 b). Sample text —————————————————————————————————————- 4 c). Sample text —————————————————————————————————————- 6 b). Sample text —————————————————————————————————————- 8 d). Sample text —————————————————————————————————————- 10 e). Sample text —————————————————————————————————————- 14 f). Sample text —————————————————————————————————————- 15 g). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 19 h). Sample text —————————————————————————————————————- 20 i). Sample text —————————————————————————————————————- 24 j). Sample text —————————————————————————————————————- 27 k). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 28 l). Sample text —————————————————————————————————————- 29 m). Sample text —————————————————————————– ———————————- 31 n). Sample text —————————————————————————————————————- 32 o). Sample text ————â €”————————————————————————————————- 33 p). Sample text —————————————————————————————————————- 35 q). Sample text —————————————————————————————————————- 39 r). Sample text —————————————————————————————————————- 41 s). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 43 t). Sample text —————————————————————————————————————- 45 u). Sample text —————————————————————————————————————- 45 v). Sample text —————————————————————————————————————- 48 w). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 49 x). Sample text —————————————————————————————————————- 52 y). Sample text —————————————————————————————————————- 53 z). Sample text —————————————————————————————————————- 59 a). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 1 b). Sample text —————————————————————————————————————- 4 c). Sample text —————————————————————————————————————- 6 b). Sample text —————————————————————————————————————- 8 d). Sample text ————â€⠀Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 10 e). Sample text —————————————————————————————————————- 14 f). Sample text —————————————————————————————————————- 15 g). Sample text —————————————————————————————————————- 19 h). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 20 i). Sample text —————————————————————————————————————- 24 j). Sample text —————————————————————————————————————- 27 k). Sample text —————————————————————————————————————- 28 l). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 29 m). Sample text ————————————————————————————————————— 31 n). Sample text —————————————————————————————————————- 32 o). Sample text —————————————————————————————————————- 33 p). Sample text ————â₠¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 35 q). Sample text —————————————————————————————————————- 39 r). Sample text —————————————————————————————————————- 41 s). Sample text —————————————————————————————————————- 43 t). Sample text ————â⠂¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€Ã¢â‚¬â€- 45 u). Sample text —————————————————————————– ———————————- 45 v). Sample text —————————————————————————————————————- 48 w). Sample text —————————— ———————————————————————————- 49 x). Sample text —————————————————————————————————————- 52 y). Sample text —————————————————————————————————————- 53 z). Sample text —————————————————————————————————————- 59 Make a list of all sections of proposal along with applicable page numbers. Cover this section on one page. Make a list of all sections of proposal along with applicable page numbers. Cover this section on one page. Table of Contents Table of Contents Project Details Project Details Summary Summary Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Provide a brief executive summary of your project proposal here in this section including background, current situation, objectives, time scales and expected benefits. Business Objectives Business Objectives Please identify main objectives of your project in this section by giving a concrete statement describing your project and what you want to achieve with this project. You have to show here that your project is SMART that is Specific, Measureable, Attainable, Realistic and Time bound. Please identify main objectives of your project in this section by giving a concrete statement describing your project and what you want to achieve with this project. You have to show here that your project is SMART that is Specific, Measureable, Attainable, Realistic and Time bound. Objective No| Objective Description| | | | | | | | | Please identify main objectives of your project in this section by giving a concrete statement describing your project and what you want to achieve with this project. You have to show here that your project is SMART that is Specific, Measureable, Attainable, Realistic and Time bound. Please identify main objectives of your project in this section by giving a concrete statement describing your project and what you want to achieve with this project. You have to show here that your project is SMART that is Specific, Measureable, Attainable, Realistic and Time bound. Objective No| Objective Description| | | | | | | | | Deliverables and Limits Deliverables and Limits The deliverables are the changes that the project has to make in order to achieve the business objectives. Typically these will be system implementation or change to achieve the business process changes described in objectives. In many projects mis-understandings often arise because there are limits to the scope of the project that have not been clearly stated e. g. the system will only be available to a certain group of users, the deliverable is only intended to capture a proportion of the transactions, the system will only be delivered on University supported browsers. Typical deliverables for IT projects are listed below. * New IT Service * New MyEd channel * New Software system * Suite of Reports * Implementation service * Infrastructure Upgrade * Business Process Change The deliverables are the changes that the project has to make in order to achieve the business objectives. Typically these will be system implementation or change to achieve the business process changes described in objectives. In many projects mis-understandings often arise because there How to cite Project-Proposal-Template, Essay examples

Memorandum To Board Of Directors - Myassignmenthelp.Com

Question: Discuss about theMemo to Board of Directors. Answer: Date: 12 September 2017 To: Board of Directors From: Subject: Technical aspects of consolidation Proposal This memorandum seeks to explain the technical aspects related to consolidation that board of directors needs to consider while developing the financial reports. The term consolidation of financial statements refers to integrating the financial reports of all subsidiaries of a multinational organization under the parent company. It has become extremely important for the business companies operating at a global level for constantly adapt their business procedures as per the needs and demands of international market place. As such, development and presentation of consolidated financial statements has become essential for companies operating in global market place for improving their business performance. This memo has explained the various technical aspects related to the consolidation process to the board of directors for assisting them to improve the quality of financial reporting. Background Composition of Group and its Major Operations The consolidation basis requires primarily identifying the composition of a group that can include subsidiaries, joint ventures and operations, associates. The subsidiaries refer to a company that is complete owned by the parent company nada such its financial reports are fully consolidated with the main group (Hove, 2006). The joint venture refers to tow or more entities that are controlled by a third party and each business entity retain their individual identities (Annual Report, 2016). The joint operations refer to an operational partnership between two or more business entities while associates are the partly owned companies of the group. Wesfarmers Limited, a recognized Australian conglomerate, listed on ASX and involved in retail of chemicals, fertilizers, coal mining and industrial products (Hove, 2006). The Wesfarmers Group consists of associates, joint operations, joint ventures and subsidiaries. The joint operations of the company include Sodium Cyanide, Bengala and ISPT while it has joint venture with BPO NO 1 Pty Ltd. The major subsidiaries of the company are Coles Supermarkets, Bunnings Warehouse and many others (Annual Report, 2016). (Source: https://media.corporate-ir.net/media_files/IROL/14/144042/wesfarmers_sr/wesfarmers/group.html ) Need to prepare the Consolidation Financial Statements The Companies Act requires companies to develop the consolidated financial reports for integrating the financial results of all its subsidiaries as a whole (AASB 127, 2007). As the subsidiaries prepare their own financial report but in order to provide the users of the annual report the complete performance of the company it is important to include the financial results of the subsidiaries together with the own financial results to come with the consolidation of the financial results. As we know the consolidations of the financial statements are presented for the group as a whole and group means company it-self and wholly owned subsidiaries (AASB 127, 2007). Subsidiaries refer to the separate legal entity who prepares its own financial accounts but it has no existence without its holding company. It is very important to fully own by the entity (Annual Report, 2016). Funds used by the company to pay the acquisition amount The group of companies that are acquired by the Wesfarmers are given above and they are acquired the management board of Wesfarmers through various sources of funds. While making the acquisition Wesfarmers uses various sources of funds to pay the sales consideration for the acquired entities (Annual Report, 2016). The main sources of funds are share capital, debentures or bonds and issue of bonus shares. The subsidiaries acquired by the Wesfarmers are now the fully owned by the Wesfarmers itself and there is no other owner of such subsidiaries (Hove, 2006). In the recent year company has acquired HomeBase and to finance the acquisition amount Wesfarmers has diversified its funding sources. In February 2016, company has established 515 million pounds of three year bank facilities and 115 million pound of one year bank facility. This has provided the base to fund the Homebase acquisition and also provide working capital. So it can also be said that company has used debt fund to finance the acquisition of Homebase acquisition (Annual Report, 2016). Cash Capital Expenditure Subsidiaries Acquired 2016 2015 $M $M Coles $ 797.00 $ 941.00 Home Improvement $ 538.00 $ 711.00 Kmart $ 163.00 $ 169.00 Target $ 129.00 $ 127.00 Officeworks $ 40.00 $ 39.00 WesCEF $ 60.00 $ 56.00 Industrial and Safety $ 52.00 $ 57.00 Resources $ 116.00 $ 137.00 Other $ 4.00 $ 2.00 Total Cash Expenses $ 1,899.00 $ 2,239.00 Less: Sale of Property, plant and Equipment $ -563.00 $ -687.00 Net Capital Expenses $ 1,336.00 $ 1,552.00 (Annual Report, 2016) Corporate Governance The consolidated financial statements of the company has also clearly published and depicted the policy of the company relating to its corporate governance. The corporate governance policies have indicated clearly the role and responsibilities of board and management, structure and composition of the board (Tong, 2013). The corporate governance policies of the Group has also stated the independence criteria established for its directors and the development of various board committees such as audit committee for ensuring transparency and integrity in the preparation of consolidated financial statements (Annual Report, 2016). The group has also maintained the framework for risk management and managing the workforce diversity in order to ensure that a safe and healthy working environment is maintained within the workplace units of the group. The audit and risk committee of the group ensures the maintenance of integrity in the financial reporting by complying with the accounting, legal a nd regulatory requirements. The Group conducts its operational activities as per the Groups 10 community and environment principles for promoting the sustainable development of the communities and environment in which it operates (Annual Report, 2016). Non-Controlling Interest Non-Controlling interest also refers to the minority interest and it presented in the consolidated financial position (Balance Sheet) under Equity Section. The amount of non-controlling interest refers to equity portion in the subsidiaries which is not attributable, directly or indirectly to the parent company (Financial reporting developments, 2015). The purpose of providing the details of the non controlling interests in the financial statements is that it helps in identification of the ownership interests in the subsidiaries held by the other parties other than the actual owner. It is the main reason why non controlling interest must be clearly indentified under the equity section of the consolidated balance sheet (Financial reporting developments, 2015). After reviewing the consolidated balance sheet it has been found that Wesfarmers does not report any non-controlling interest in subsidiaries that signifies that company has 100% stake in all its subsidiaries (Annual Report, 2016). As stated above all the details of the subsidiaries held by the Wesfarmers, it has been hereby held that Wesfarmers pertains 100 % stake in all its list of subsidiaries and subsidiaries of subsidiaries. In notes to accounts some information has been found regarding the non-controlling interest held by Wesfarmers in very small entities such as Forest products: non-controlling interest in Wespine Pty Limited, Property: non-controlling interest in BWP Trust, Investment banking: non-controlling interest in Gresham Partners Group Limited and Private equity investment: non-controlling interests in Gresham Private Equity Fund (Annual Report, 2016). As company does not have any non controlling interest, so details regarding the direct and indirect non-controlling interest are provided in the annual report of the company. Acquisition and role of Goodwill Acquisition means acquiring the company or making controlling rights in the company through obtaining the majority stake in the acquired firm. Acquired entity becomes fully owned or partially owned subsidiary of the company depending upon the percentage of the stake company has taken in the acquired entity (AASB 1013: Accounting for Goodwill, 2017). There are many ways through which acquisition can be done like through issuing the equity shares to the shareholders of the acquired firm, through providing the cash and cash equivalents for the total amount of sales consideration and many other (Tong, 2013). Goodwill refers to the intangible asset that arises due to the result of acquisition by one company of another company at premium value (Annual Report, 2016). Premium value means any amount that has been paid on and above the net asset value of the company acquired. Goodwill represents company value poses in its brand name, patents, customer base, good customer services, employee rel ations, improvement in technology and other similar things that appreciate the value of company (AASB 1013: Accounting for Goodwill, 2017). In year 2016, Wesfarmers has acquired Homebase business, a recognised home improvement and garden retailer in the United Kingdom (UK), for $665 million and it has raised the goodwill amount to 1,018 million dollar. There is impairment of 1208 million dollar on the whole of goodwill amount recorded in current year as well as in previous years. Impairment refers to the reduction in carrying value of assets due to change in value in use and discounted value of future cash flows (Annual Report, 2016). (Annual Report, 2016) Accounting of Foreign Currency Transactions The accounting transactions relating to foreign currency are denominated in foreign currencies through the application of exchange rate differences between the original purchase and sale transaction date on the day of settlement. The notes to the financial statements section of the Group has mentioned the occurrence of foreign currency transactions at the time of financial reporting of its overseas business units. The Wesfarmers Limited has many foreign subsidiaries including Coles, Target and Bunnings Warehouse. The assets and liabilities of the foreign business units of the Group are denominated into Australian dollars on the basis of average rate of exchange for the year (Annual Report, 2016). The foreign currency transactions are primarily reported in the functional currency through the application of exchange rate differences. The monetary figures relating to the assets and liabilities are denominated in the foreign currencies through the application of exchange rate present on the date of balance sheet (Annual Report, 2016). There are many overseas subsidiaries whose balances of assets and liabilities are converted into the Australian dollars using the exchange rate available on the reporting date of consolidated financial statements. Income Statement balances are converted using the average exchange rate for the year. Below is the statement of change in equity that contains the difference of amount arises due to exchange rate fluctuations. (Annual Report, 2016) Other Information related to the Consolidation of Financial Statements such as Ratio Analysis There are many other interesting information that are related to the consolidation of financial statements that board members must be aware of like difference between the parent company performance and group performance. Wesfarmers prepares their financial results in a group which comprises of various different units such as Coles, Home Improvement, Target and other industrial units. Financial Performance of the Group as the whole: Financial Data of the Wesfarmers in year 2016 Amount in AUD million Financial Items 2015 2016 Net Income after Tax $ 2,440.00 $ 407.00 Total Assets $ 40,402.00 $ 40,783.00 Shareholder's Equity $ 24,781.00 $ 22,949.00 Current Assets $ 9,093.00 $ 9,684.00 Current Liabilities $ 9,726.00 $ 10,424.00 Revenue $ 62,447.00 $ 65,981.00 (Annual Report, 2016) Ratio Analysis of the Group Ratio Formula 2015 2016 Return on Assets Net income/Total Assets 6.04% 1.00% Return on Equity Net Income/ Equity 9.85% 1.77% Current Ratio Current Assets/Current Liabilities 0.93 0.93 Assets turnover Ratio Revenue/Total Assets 1.55 1.62 Wesfarmers makes there consolidation of financial statements at the end of financial year with keeping in mind all the guidelines and presentation format required in the AASB 127 accounting standard. The main group of Wesfarmers comprises of Coles and Home Improvement. So it is important look after the financial performance of the Coles group. (Annual Report, 2016) (Annual Report, 2016) References AASB 1013: Accounting for Goodwill. 2017. [Online]. Available at: https://www.aasb.gov.au/admin/file/content102/c3/AASB1013_6-96.pdf [Accessed on: 11 September, 2017]. AASB 127. 2007. Consolidated and Separate Financial Statements. [Online]. Available at: https://www.aasb.gov.au/admin/file/content105/c9/AASB127_07-04_COMPjul07_07-07.pdf [Accessed on: 11 September, 2017]. Annual Report. 2016. Wesfarmers. [Online]. Available at: https://www.wesfarmers.com.au/docs/default-source/reports/2016-annual-report.pdf?sfvrsn=4 [Accessed on: 11 September, 2017]. Financial reporting developments. 2015. A comprehensive guide Consolidated and other financial management statements Presentation and accounting for changes in ownership interests. [Online]. Available at: https://www.ey.com/Publication/vwLUAssets/FinancialReportingDevelopments_BB1577_ConsolidatedFinancialStatements_8December2015/$FILE/FinancialReportingDevelopments_BB1577_ConsolidatedFinancialStatements_8December2015.pdf [Accessed on: 11 September, 2017]. Hove, M.R. 2006. Consolidated Financial Statements: An International Perspective. Juta and Company Ltd. Tong, T.L. 2013. Consolidated Financial Statements, International Edition. CCH Asia Pte Ltd.