Super Retail Group Financial Report Analysis 2013
13/04/13
Research Report: Estimates and Accounting Policy Judgement
Address: Board Of Directors of Super Retail Group Ltd
Constructed by: Jennifer Jerram
Words: 2400
This Report was commissioned on the request of the Board in relation to ASIC’s press release: ‘12-140MR ASIC’S areas of focus for 30 June 2012 financial report’. A review of the relevant disclosures made in Super Retail Group Ltd’s 2012 Annual Report is assessed against relevant policies that relate to element 8, estimates and accounting policy judgements under ASIC’s press release.
Executive Summary
This Report was commissioned on the request of the Board in relation to ASIC’s press release: ‘12-140MR ASIC’S areas of focus for 30 June 2012 financial report’. A review of the relevant disclosures made in Super Retail Group Ltd’s 2012 Annual Report is assessed against relevant policies that relate to element 8, estimates and accounting policy judgements under ASIC’s press release. The outline of AASB standards 108 Presentation of Financial Position, AASB136 Impairment of Assets, AASB138 Intangible Assets and AASB137 Provisions, Contingent Liabilities and Contingent Assets are disclosed. Super Retail Group (SRG) Ltd’s accounting practice is determined in regards to the standards examined. From this analysis, differences can be determined in the ways SRG applies the relevant standards and the requirements of the standards in relation to estimates and judgements. From this analysis, it is determined that SRG has failed to disclose any judgements and certain estimates and assumptions that may affect significant amounts seen in the financial statement and the entity’s positions. Recommendations of refining the presentation of the disclosures and the ways in which it should be structured are outlined. Other recommendations of disclosing more in-depth information regarding judgements and estimates are made. These recommendations are discussed in order for SRG to meet user needs and
Research Report: Estimates and Accounting Policy Judgement
Address: Board Of Directors of Super Retail Group Ltd
Constructed by: Jennifer Jerram
Words: 2400
This Report was commissioned on the request of the Board in relation to ASIC’s press release: ‘12-140MR ASIC’S areas of focus for 30 June 2012 financial report’. A review of the relevant disclosures made in Super Retail Group Ltd’s 2012 Annual Report is assessed against relevant policies that relate to element 8, estimates and accounting policy judgements under ASIC’s press release.
Executive Summary
This Report was commissioned on the request of the Board in relation to ASIC’s press release: ‘12-140MR ASIC’S areas of focus for 30 June 2012 financial report’. A review of the relevant disclosures made in Super Retail Group Ltd’s 2012 Annual Report is assessed against relevant policies that relate to element 8, estimates and accounting policy judgements under ASIC’s press release. The outline of AASB standards 108 Presentation of Financial Position, AASB136 Impairment of Assets, AASB138 Intangible Assets and AASB137 Provisions, Contingent Liabilities and Contingent Assets are disclosed. Super Retail Group (SRG) Ltd’s accounting practice is determined in regards to the standards examined. From this analysis, differences can be determined in the ways SRG applies the relevant standards and the requirements of the standards in relation to estimates and judgements. From this analysis, it is determined that SRG has failed to disclose any judgements and certain estimates and assumptions that may affect significant amounts seen in the financial statement and the entity’s positions. Recommendations of refining the presentation of the disclosures and the ways in which it should be structured are outlined. Other recommendations of disclosing more in-depth information regarding judgements and estimates are made. These recommendations are discussed in order for SRG to meet user needs and