Accounting. Blackmores Limited
Question 1
The principal operating activities of Blackmores Limited is to develop and market nature, innovative, quality branded health products including vitamins, herbal, mineral and nutritional supplement (Blackmores Annual Report 2011, page 37).
Question 2
As shown in the annual report, the chairman is Mr. Marcus C Blackmore AM (Blackmores Annual Report 2011, page 35).
The number of shares the chairman held in the company at the end of their 2011 financial year is 4,479,278 (Blackmores Annual Report 2011, page 36).
Question 3
The financial reports in Blackmores’ 2011 annual report are as follows:
• Consolidated Income Statement (Blackmores Annual Report 2011, page 51).
• Consolidated Statement of Comprehensive Income (Blackmores Annual Report 2011, page 52).
• Consolidated Statement of Financial Position (Blackmores Annual Report 2011, page 53).
• Consolidated Statement of Changes In Equity (Blackmores Annual Report 2011, page 54).
• Consolidated Statement of Cash Flows (Blackmores Annual Report 2011, page 55).
Question 4
The note that deals with Significant Accounting Policies is note 3.5 (Blackmores Annual Report 2011, page 92).
The method of depreciation the company uses is straight-line method (Blackmores Annual Report 2011, page 62).
Question 5
The term, ‘Corporate Governance’ is used to describe the system in which companies are directed and controlled (Atrill,P, Melaney, E, Harvey,D, Jenner,M 2008, Accounting: an Introduction, 4th edn, Pearson Education Australia, Frenchs Forest, NSW, page 42).
The eight principles of corporate governance that Blackmores adheres to are as follows:
1. Lay solid foundations for management and oversight
2. Structure the Board to add value
3. Promote ethical and responsible decision-making
4. Safeguard integrity in financial reporting
5. Make timely and balanced disclosure
6. Respect the rights of shareholders
7. Recognize and manage risk
8. Remunerate fairly and responsibly
The principal operating activities of Blackmores Limited is to develop and market nature, innovative, quality branded health products including vitamins, herbal, mineral and nutritional supplement (Blackmores Annual Report 2011, page 37).
Question 2
As shown in the annual report, the chairman is Mr. Marcus C Blackmore AM (Blackmores Annual Report 2011, page 35).
The number of shares the chairman held in the company at the end of their 2011 financial year is 4,479,278 (Blackmores Annual Report 2011, page 36).
Question 3
The financial reports in Blackmores’ 2011 annual report are as follows:
• Consolidated Income Statement (Blackmores Annual Report 2011, page 51).
• Consolidated Statement of Comprehensive Income (Blackmores Annual Report 2011, page 52).
• Consolidated Statement of Financial Position (Blackmores Annual Report 2011, page 53).
• Consolidated Statement of Changes In Equity (Blackmores Annual Report 2011, page 54).
• Consolidated Statement of Cash Flows (Blackmores Annual Report 2011, page 55).
Question 4
The note that deals with Significant Accounting Policies is note 3.5 (Blackmores Annual Report 2011, page 92).
The method of depreciation the company uses is straight-line method (Blackmores Annual Report 2011, page 62).
Question 5
The term, ‘Corporate Governance’ is used to describe the system in which companies are directed and controlled (Atrill,P, Melaney, E, Harvey,D, Jenner,M 2008, Accounting: an Introduction, 4th edn, Pearson Education Australia, Frenchs Forest, NSW, page 42).
The eight principles of corporate governance that Blackmores adheres to are as follows:
1. Lay solid foundations for management and oversight
2. Structure the Board to add value
3. Promote ethical and responsible decision-making
4. Safeguard integrity in financial reporting
5. Make timely and balanced disclosure
6. Respect the rights of shareholders
7. Recognize and manage risk
8. Remunerate fairly and responsibly
References: Atrill,P, Melaney, E, Harvey,D, Jenner,M 2008, Accounting: an Introduction, 4th edn, Pearson Education Australia, Frenchs Forest, NSW Blackmores Limited, Blackmores Annual Report 2011, www.blackmores.com.au.