Assignment 1

ACCT11059 USING ACCOUNTING FOR DECISION MAKING

Amy Plant

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

ACCT11059 USING ACCOUNTING FOR DECISION MAKING

ASSIGNMENT 1

Step 1

Moodle profile (includes a photo with description): https://moodle.cqu.edu.au/user/view.php?id=37197&course=3527

Blog link: The Final AcCountdown - https://thefinalaccountdown.wordpress.com/

Welcome message: https://thefinalaccountdown.wordpress.com/about/

Welcome/engagement comments on other blogs: Janis Northrop (about post), Steven Rowntree, Kelly Morton, Adam Searle, Amanda O’Day

Comments on Martin’s blog: https://martinturneraccounting.wordpress.com/2016/02/20/hi-2/#comment-23

Step 2

My allocated firm is OrotonGroup, and their annual reports can be found (via Investor Relations) here: 2013, 2014 & 2015

My Firm

The firm I’ve been assigned for this course is OrotonGroup and I’ve written about my experience with the firm through their primary brand, Oroton, on The Final AcCountdown here. This particular blog post also gives some insights into a particularly interesting period of the firm’s history, the late 2000s. In addition, I’ve explored the company’s origins from the establishment of the firm in the 1930s and linked to their annual reports in a post here. The final relevant blog post about OrotonGroup might help assist understand the trends in the annual/financial reporting between years 2013 – 2015. It’s a brief year-by-year look at movements of OrotonGroup’s ‘child companies’, and some Australian retail market insights (from Deloitte’s retailer trend reports). The final post is located here. External links to relevant media articles and ASX media releases have been included across the three articles mentioned above. All course-work related blogs are available via the following category search: https://thefinalaccountdown.wordpress.com/category/acct11059-course-work/

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

An excerpt from blog post Gold baby, gold – Who is OrotonGroup?

Oroton

[‘oro’ Latin origin, meaning gold / ‘ton’ Latin, to imply a tonne of gold or fortune]

Oroton is a brand of entrepreneurialism and resourcefulness: characteristics that give rise to our Australian culture of modern innovators and creators. Retail is surely one of the most competitive industries in Australia and brands are constantly needing to update, redesign, and innovate to stay relevant in an industry effected by often fleeting whims and vogues. Oroton is no exception. The company’s origin was in the high-end textile trade, but through courageous and innovative foresight coupled with a sense of self, Oroton evolved into the accessories market with a ground-breaking use of an industrial product: interwoven metallic mesh. The metallic mesh was created for the fabrication of industrial safety gloves and thoughtfully reimagined with purpose into make-up “powder puff” compact, a must have accessory for the fashion conscious Australian women of the 1950s.

Oroton continued to push the limits of this unexpected material and created a series of clutches and purses reimagined over the decades adapting to modern tastes. This development period also saw the inclusion of new materials including leather, and new products being brought into the fold including shoes, accessories, eyewear, and apparel. Nevertheless the designers always strive to attain a classic style absolute to the brand’s pedigree for modern elegance.

Initial Thoughts

I was really pleased to discover I would be working with OrotonGroup because I’m really passionate about Australian design and have experience in the retail sector. This experience was largely with the non-profit I work for, FORM, is a cultural organisation and described by some as a ‘think tank’. FORM used to be known as Craftwest which was Western Australia’s peak body for contemporary craft. As part of this remit, I used to run a retail space between about 2008 – 2010 which stocked Australian contemporary craft and design such as glass, ceramics, contemporary hand-made jewellery, and iconic brands including Dinosaur Designs. The part of the job I enjoyed the most was working with emerging designers to bring their product to the marketplace, through our retail space and our business development programming. I was often exploring new supply chains, identifying new consumer trends, creating ‘mini’ operational and manufacturing budgets, and sometimes being able to practice a bit of industrial design myself in the development of packaging and point of sales merchandise aids. When I was studying Visual Art & Craft and Financial Services, I never really imagined finding work where I might be able to combine these two areas of study. Subsequently, with the close of the retail space and my work with new projects, initiatives, and exhibitions also saw these two areas of study to be very complimentary.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Firm Challenges

My experiences in the retail sector, working with Australian designer product, were echoed in OrotonGroup’s Annual Reports. OrotonGroup seemed to face challenges around their primary brand (Oroton) identity and its meaning in terms of responding to changes in consumer spending. For example, a downturn in spending, will often result in retailers discounting their products or having sales events in order to move inventory and generate income. Discounting most obviously effects margins, but for luxury and designer items this can also have a hidden cost: erosion of the brand’s value proposition, meaning the loss of the sense of ‘exclusivity’ that consumers feel from owning one of their products. This is largely why designers such as Marc Jacobs and Chloé have secondary, lower priced pointed brands, Marc by Marc Jacobs and See by Chloé respectively. The idea is to create an ‘entry level’ or affordable option for consumers who still want a ‘piece of the designer action’, so to speak, but are unable due cost prohibitive retail prices of designer goods. This allows the designers to somewhat protect their integrity of their flagship brand’s value proposition: they are able to satisfy a larger consumer demand for their designs, while not needing to discount or reduce price in order to meet some of this market segment’s needs (in this case, lower price points). Interestingly, the language OrotonGroup is using to describe Oroton brand now is ‘affordable’ or ‘accessible’ luxury. To me this indicates consumer spending trends during the reporting period didn’t seem to align with sales at the high price point Oroton would otherwise like to be positioned at. This is reflected in the financial reports as we can see a decrease in the profit overtime, combined with sentiments expressed in the ASX media releases around discontinuing heavy discounting in order to preserve margin integrity. The appointment of a celebrity brand ambassador, Australian actor Rose Byrne at the end of the reporting periods (2015) showed a renewed effort by OrotonGroup to reposition the Oroton brand in the marketplace to drive future business. In addition, the appointment of Byrne as an ambassador was coupled with revitalising the consumer’s in-store experience by refitting some of their brick and mortar shops.

Another challenge was the conclusion of OrotonGroup’s licensing agreement with Ralph Lauren in 2013. There is some further information about this on my blog (as mentioned above).

Key Concepts and Questions

As far as key concepts and questions about OrotonGroup’s Annual Reports, they were all self-explanatory between the company’s activities noted in the Annual Report text and the financials (and notes). An example is profit shown from discontinued operations in 2012-2013, and continuing operation profit shown across all years is consistent with when OrotonGroup’s licence with Ralph Lauren ended in 2013. Share of losses of joint ventures is only shown in 2014-2015 and is consistent with OrotonGroups joint venture with Brooks Brothers, with the first store opening in early 2014. Similarly, the gain on exit of joint venture noted in 2015 is in response to OrotonGroup’s decision to end their relationship with Brooks Brothers that year. I did question why OrotonGroup chose to end the relationship with Brooks Brothers. I’m guessing the decision to end the relationship with Brooks Brothers was based on the losses incurred, as noted above (using accounting for decision making in action!).

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

I love to confuse myself thinking about hedges work, but I think I cracked it with regards to OrotonGroups accounting of cash flow hedges, which are probably an easier type of hedging activity to work with. I suppose this is because I can visualise their international activities – seeing Oroton shops in international airports really does catalyse a connection between seeing the words ‘exchange rates’ or ‘international currency’ in a report and imagining foreign cash being traded for goods in action. What happens when that cash is banked at a store based in China at the end of the day? It’s going to have to eventually end up in Australia for reporting at least, and what might the company need to do to ‘hedge their bets’ if the value of their sales income is eroded due to poor exchange rates? Or what about stock that is purchased from manufacturers based in different countries and is effected by the weakening of the Australian dollar?

OrotonGroup uses hedge accounting to reflect the results of their hedging activities, as noted on their website around financial risk focusing on principles and policies to manage OrotonGroup's exposures to foreign currencies and interest rates. From what I can gather, one of their strategies is to use a derivative contract (derivative financial instrument) – or forward foreign exchange contract to minimise the risk associated with foreign exchange exposure, that is it 'locks in' the exchange rate so there is certainty on the cost of goods. The risk potential for a weaker Australian dollar (or stronger US dollar, whichever way you look at it) to have a negative impact on the company’s margins from products purchased from US suppliers. A predetermined currency exchange contract ‘hedges OrotonGroups bets’ against the negative implication of currency fluctuations on their asset (stock) and thus its effect on profit and loss.

Finally, one question about the annual reports was “What was the company doing in the lead up to this period?” To answer, I did a little research which really helped me understanding the firm’s positon in 2013. As mentioned in the introduction, this blog post can be found here.

In summary, key concepts and questions for Step 2:

The lead up 2013-2015 and its effect on the firm during this reporting period The tension of the Oroton brand identity, and its relationship to price and value

proposition Why OrotonGroup chose to end the relationship with Brooks Brothers? Revisit the elusive concept of hedges and try to find a way to understand and retain

this information (this is an area of the Annual Report I was having trouble understanding)

What was OrotonGroup doing in the lead up to the reporting period we were asked to look at?

Student Discussions

Discussion with Sue Brock on March 19 with regards to operating conditions for retail companies. Sue was given Noni B to work with.

https://thefinalaccountdown.wordpress.com/2016/03/17/assignment-1-my-company-revealed-as-orotongroup/comment-page-1/#comment-47

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Engagement with Zac Beveridge on March 19, initiating a conversation with his company, Slater and Gordon who I was recently following in the news and thought would have also been an interesting company to study for this unit.

https://zacbeveridge.wordpress.com/2016/03/16/my-company-slater-and-gordon/

Here is a bit of guidance I gave to Liz on March 25 who was having trouble deciphering her annual reports.

https://thefinalaccountdown.wordpress.com/2016/03/22/assignment-1-gold-baby-gold-who-is-orotongroup/comment-page-1/#comment-89

Other Students’s Blogs

The three blog’s I’ve chosen as my favourites are reflected in the Student Discussions section above. It’s hard to pin point the exact reasons behind why I was drawn to these blogs. I do think the writing style and sense of self/humor that the authors conveyed through their blogs were a contributing factor to why I like them. Also, I do like to keep on top of Australian business news and a couple of the firms selected as part of the assessment were recently in the news – Slater and Gordon and Billabong (well, Surf Stich was, and by default Billabong).

I’ve posted about my three companies, but I think this post was a little too opinion casual for the assignment, so here is a summary below:

Sue’s blog: https://suebee521.wordpress.com/

The reason I like Sue’s blog is because she is returning to study, which I admire, and names her son as her ‘study buddy’. Sue’s company, Noni B was trading at a loss during the reporting period we’ve been looking at for Assignment 1. It was really great reading her assignment draft this morning because it answered some of the questions I would have also had if Noni B was my company. Not so much around supply chain definition and customer engagement strategies, but more so around how to treat the reduction in share capital. If this was my assignment I wouldn’t have been able to leave that question unanswered like Sue did!

Here is my comment on Sue’s blog acknowledging it was one of my favourites.

https://suebee521.wordpress.com/2016/03/21/draft-ready-for-feedback/comment-page-1/#comment-10

Zac’s blog: https://zacbeveridge.wordpress.com/

The reasons I like Zac’s blog is because he was given Slater and Gordon the law firm and I had recently been reading about the problems the firm was having due to a large write down in goodwill which subsequently affected their share price. From memory it had to do with an overseas purchase which didn’t end up working out as they thought it would. I was really pleased to see Zac had included our conversation as a catalyst to research his company further and it was subsequently really great to read his research and opinions.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

“Amy has raised a few good points which lead to the in depth research of my company slater and Gordon which proved to be crucial in the final outcome of my study. Slater and Gordon Discussion “ (from Zac’s assignment 1 draft)

Here is my comment on Zac’s blog acknowledging it was one of my favourites.

https://zacbeveridge.wordpress.com/2016/03/22/assessment1-draft/comment-page-1/#comment-8

Liz’s blog: https://liz023.wordpress.com/

The reasons I like Liz’s blog is largely due to her writing style, which I think speaks to me because we’re closer in age. I also enjoyed the links she posted on her company Billabong International. I was reading a recent article on Surf Stitch who Billabong used to own a majority share. Unfortunately Billabong sold up and have declined in performance while Surf Stitch is seemingly doing really well. It does make you wonder if Billabong’s ‘revolving door’ of board members had something to do with this oversite. My existing interest in the company, combined with Liz’s writing style and research are at the core of why I’ve chosen to follow this blog.

Liz also takes the effort to engage in conversation:

https://thefinalaccountdown.wordpress.com/2016/03/17/assignment-1-my-company-revealed-as-orotongroup/comment-page-1/#comment-99

Here is a comment on Liz’s blog acknowledging it was one of my favourites.

https://liz023.wordpress.com/2016/03/25/drama-drama-drama/comment-page-1/#comment-16

Step 3

Company Spreadsheet to be uploaded to Moodle independently.

Step 4

Chapter 1

Chapter 1 was a really great way of easing myself back into study, and moreover, studying business. Before I started my career in the cultural sector I went to Central Institute’s Business School (TAFE in WA, but don’t let them catch you calling it TAFE...). I studied Financial Services and part of the course was some basic accounting and bookkeeping. It was centred on the basic principles and being able to reconcile a period of trade in MYOB. We also did some basic budgeting for manufacturing and also focused on operating budgets for retailers, and commercial banking. I guess that is the idea of the course, to get you ready to go in these types of workplaces. After studying art and travelling I wasn’t really ready yet to fully commit myself to this type of study or entertain a career of this nature. It’s also the sort of course where they teach you a bunch of stuff, and as long as you can remember it and

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

regurgitate it in an exam/assignment, you will pass. I feel like they don’t necessarily focus on the ‘why’ as much as they could – it’s just do. There is no pass ‘well’ or aim for a distinction, it’s competent or not competent. I was having a lot of trepidation in choosing ‘number subjects’ this semester because of past experiences with this type of study. So reading Chapter 1 of the Study Guide I was really pleased. Although the info wasn’t brand new, like for many of the people in our class, I felt like for the first time I was actually getting it.

One of the key concepts that stood out was around the idea of trust. It was just by chance that after reading Chapter 1 I happened across an interview on LinkedIn and a penny dropped. I created a blog post about it, Hamburger Trust Metaphor.

A quote from Chapter 1 that really jumped out at me was We build on the past and the sentiment in the text that followed around ‘the way we do thing’ or how our cultures have developed are attributive to the people who have lived before us. This sentiment reminded me of a podcast based on disruptors I listened to featuring Jirra Lulla Harvey who spoke about the rise in Aboriginal entrepreneurs. It make me think about Christopher Sholes, a disruptor in his own right, and what might disruption look like in an Australian context? If we are basing our current understanding of accounting on the work of an Italian monk from the 1440s, then what might 60,000 years of continuous culture teach us about modern day business and accounting in Australia? Are there stories, like the Hamburger trust metaphor, that have something to teach us? I guess this is a good time to point out I am undertaking a Bachelor of Business/Bachelor of Arts. I can’t see myself being a corporate-bottom line driven type, so I can’t help that some of these key concepts are not entirely what was expected from this assignment, however, it is honest. Here is a link to the podcast and a summary on my blog, We Build on the Past: Subtle Disruptors.

To summarise Chapter 1, the ideas – debits, credits, assets, liabilities, accounting equation etc. were not brand new to me. However, if you were to test me on these elements before reading the chapter, I would have not done very well at all because it’s been some time, over 10 years, since being taught these concepts. I feel like the narrative style of the text and the examples were extremely valuable in helping to shape my whole understanding, or the why, behind these ideas. Like I explained in the Hamburger Trust Metaphor blog, I’m absolutely not an acronym type of person – I need a good metaphor or analogy to help me truly understand a concept. I think the testament to this statement are the two examples I’ve given above. If I’m recognising concepts in alternative texts –the media, interviews, podcasts etc. something must be sticking.

Chapter 3

Working in the non-profit sector, I agree that Annual Reports can be a valuable marketing tool. At FORM, we even produce our financial statement in a separate document so it doesn’t disrupt the flow of the main Annual Reporting document. It’s a chance to reflect on achievements during the year and let our sponsors know what they have enabled through their financial or in-kind contribution to the organisation. Understanding key information supporting the financial statements is expressed in the footnotes was important in helping me figure out what was being summarised.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

The key concepts in Chapter 3 broke down the three different types of financial statements with regards to what we are required to input into our spreadsheet for this assignment. Again, I found the narrative style useful in understanding what each are used for, and so I’m hoping this will be the last time I’ll need a refresher.

Another concept that stood out to me was Business on the Move. I felt like OrotonGroup has really been on the move during the reporting period 2013 – 2015. There were instances of long term relationships with brands ending, and new joint ventures beginning. After reading this chapter I felt a lot less sceptical about OrotonGroup’s position which didn’t necessarily look favourable with the 2015 year ending a joint venture (which looked like it was underperforming) 8 years prematurely. This is because I began to think more about the firm as fluid and ebbing and flowing over time. Obviously for shareholders, it might not be favourable for the company’s performance to be falling short of expectations, presumably because they have purchased shares to generate wealth. However some of figures reflected in the financial statements could be considered almost transitory. An example in OrotonGroup is the higher levels or value of stock shown in 2015 in comparison to previous years. One way of looking at this is the company has spent too much on stock. However, another way could be due to the recent investment into revitalising the brand and the expansion into overseas markets, OrotonGroup may need to have merchandise readily available to stock their new stores. At the moment international sales only represent 4% of their sales income, however, this means there is a huge potential – all those extra percent points, ninety six in fact – in which to grow their revenue from international sales.

The Business on the Move sentiments above start to link into The Value of Anything and dividends. This is because realising the potential of the firm to generate higher dividends in the future based on its strategic objectives, and coupled with the ability to recognise the firm has taken the necessary steps to meet these objectives through its financial statements and annual reports may lead to decision making by shareholders to whether the continue or pull out of the firm. Do they want their money now, or might they hold on for potentially larger future returns? Pretty sure that’s some Using Accounting for Decision Making right there. Although in the retail world especially, you would need to have a keen appreciation for the delicate marketing factors and economic conditions that effect the whims and vogues of this particular industry.

This Chapter leaves me interested in finding out more about the ratios used to measure the performance of firms to predict their future. I think I’m much more ready to learn now than I was the last time I was studying business.

Step 5

My draft assignment was posted on The Final AcCountdown: https://thefinalaccountdown.wordpress.com/2016/03/24/assignment-1-my-draft-brooks-ralph/

Receiving feedback from other students was helpful because I really hadn’t considered how I was going to structure this document. One particular student gave some good constructive notes about adding headings (I’m pretty sure my assignment draft was like a bunch of ideas smooched together like mashed potatoes). In addition, it was a really wonderful bonus to learn other’s enjoyed my writing and blog. When I found out blogging was part of the course

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

I decided to take advantage of it and use it as an opportunity to explore and engage in a meaningful way.

I enjoyed reading blogs about similar companies (retailers) and striking up conversation about trends – it was productive when the students were more-so on the ‘engaged’ side of things and conversed back! Even though the 1-9-90 ratio of online engagement has been somewhat disputed in recent times, I feel it could be applied to this experience. In particular with regards to the number of students I felt were active in contributing to quality dialogue.

Feedback to other students to follow.

Feedback From: Amy PlantFeedback To: Christine Cannon

My Comments

Step 1Moodle and Blog link

All there, not much to say.

Step 2Background Information on your company.Comments and KCQ’s.Comments on other’s blogs.

This is a great description of the company – a lot of great information and it seems like you took time researching it.

Formatting:Australian sStock eExchange

What I would suggest is maybe addressing a couple of these questions in Step 2. Like for example if you were happy with the firm you were assigned. It’s actually interesting to read these insights I’ve read in other assignments.

What similarities or differences are there between your firm and the firms of other people and in the way they present their financial statements? Are you happy with the firm you have been given, or would you have preferred to be given a different company? What concerns, if any, do you have at this stage?

Step 3Input into spreadsheet.

This is looking solid I just have some feedback around formulas.

Formulas – you need to make sure your totals are a formula – if you have class tomorrow, take your laptop with the spreadsheet and ask for some help with this. You have done such a great job, back yourself, and don’t lose marks on forumlas!!

To get you started, here is a formula for the 2015 Current + Non-Current assets which could be typed into cell D54=SUM(D43:D45)+SUM(D49:D51)

________Better would be to SUM D46 (=SUM(D43:45)) and then SUM D52 (=SUM(D49:D51))

And then total D54 with (=D46+D52)

Savvy?

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Step 4 Reflective reading and KCQ’s

This section reads really well. I don’t really have any suggestions for edits here, your first person POV flows really well. Just one formatting edit:

There are many factors which need to be consideredGeneral Thanks for including my blog in your top 3. And happy

I could have been some assistance.

Feedback From: Amy PlantFeedback To: Darci Hart

My Comments

Step 1Moodle and Blog link

All there, not much to say.

Step 2Background Information on your company.Comments and KCQ’s.Comments on other’s blogs.

Excellent start to the assignment. Perhaps make sure all your hyperlinks are active.

I’ve got some very small suggestions to improve the flow a bit, however they are completely up to you to take on or not because as I mentioned, it’s a solid section.

Perhaps set up this paragraph a little more clearly-

From what I can understand there are 3 companies – two are in building products and one automotive, and Schaffer Corporation has business activities in three industries: building materials, automotive leather and property.

So perhaps this paragraph needs the first sentence to be rephrased to reflect this?Does Shaffer own UrbanStone too? I’m a bit unclear.

Shaffer Corporation has business interests in The company is made up of three industriales companies: building materials, automotive leather and property. The firm has three main companies: The main, Schaffer's Corporation building materials, is a supplier of building, construction and landscaping products. It is divided into two separate sections Schaffer building products which manufactures, imports and trades a wide range of premium paving, walling and imported stone products. All products are then sold either direct to the trade, or to the public through a nationwide of Urbanstone Central retail stores which was established in 1933.

Do you need a subheading between the KCQ’s and this paragraph? Like Key Challenges

The main part of Schaffer Corporation, the automotive leather, has had many…

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Paragraph needs a full stop at the end:Automotive leather section…. Slovakia factory.

Step 3Input into spreadsheet.

I have a couple of formatting suggestions here:Either capitalise or don’t capitalise each line item in column B for consistency.

In statement of changes to equity I would suggest you use your SUM total D10 in the closing balance. E.g D15 =D10+SUM(D12:D14)

Step 4 Reflective reading and KCQ’s

Yes! Really honest account of your process and engagement with reading the text. Well done.

Where is chapter 3? Don’t lose marks by not including it.

Add stop after etc. because it’s an abbreviationbalance sheet and income statement etc. and reporting and analysing

Add apostrophe after t”It’s more than numbers, it’s about interacting with..

General Thanks for including my blog in your top 3!

Great work all round.

Feedback From: Amy PlantFeedback To: Emma Dunrobin

My Comments

Step 1Moodle and Blog link

All there, not much to say.

Step 2Background Information on your company.Comments and KCQ’s.Comments on other’s blogs.

Emma, your writing is clear and this assignment is well-articulated.

I’ve got some very small suggestions to improve the flow a bit, however they are completely up to you to take on or not because as I mentioned, it’s a solid section.

Perhaps a line space to break up the paragraphs for smoother reading.

RedHill Education Limited is an Australian-based company that delivers and encourages the students of any age to join their organisation and further their studies.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

According to the Sydney Morning Herald, RedHill Education quickly moved to become one of Australia’s highest leading education entities in 2012. This, hHowever; this achievement was after it the firm took experienced a massive downturn in 2011, after trying to over take Navitas, the highest previous leading education company in this sector, leaving it RedHill Education with a terrible listing and reported operating losses.

Step 3Input into spreadsheet.

Formatting is consistent and formulas seem to be in all the right places, but it doesn’t hurt to have one final look over before submitting.

Step 4 Reflective reading and KCQ’s

Really, brutally honest opening line! A good and honest account of your experiences.

There is a rogue indent in front of ‘There’ on paragraph 2

General Excellent cover page! You and Nicole have certainly put my formatting to shame

Also, thank you for naming my blog as your favourite! Much appreciated.

Add a line spacing between the blogs and STEP 3 title.

Ad a line spacing between paragraph 1 + 2 of Chapter 3 KCQs

If you are going to put a reference list, perhaps make sure its APA style. The Course Profile/Moodle site did mention if to use APA – even if Maria didn’t explicitly say this in class.

Feedback From: Amy PlantFeedback To: Nicole Brennan

My Comments

Step 1Moodle and Blog link

All there, not much to say.

Step 2Background Information on your company.Comments and KCQ’s.Comments on other’s blogs.

This is a great description of the company and your experiences. Clear and well-articulated. I’ve got some very small suggestions to improve the flow a bit, however they are completely up to you to take on or not because as I mentioned, it’s a solid section.

My first impression for when I received this company was positive as I have a good understanding for

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

mining as I live around the mining industry.

I’m not too sure how strict they are with regards to putting individual links to the annual reports – maybe including individual links?

Background infoJust a few rephrases and edits for clarity. We can run through these after class tomorrow.

Runge Pincock Minarco provides the services that are needed to improve company performance as well as software, advisory and professional development to implement effective organisational change.

They value positive to transform innovation within the mining industry: into transform their clients into a bigger and better companies.

Careers

Formatting – un-bold the careers paragraph

The Table – The coloured table needs a notation – like Runge Pincock Minarco’s company values – otherwise he is kind of floating in space without a reason. But it’s worth putting it in there, especially if you have personal comment about it.

Key Challenges

Formatting – un-bold this paragraph

Firms annual reports – 1st line, consider prefacing the questions with “While reading the 2015 annual report, my initial questions were: What are the main…”

Suggested edits for clarity-..the company continues to expand, and increase its range of services, due to the increase in revenue, assets and goodwill of engendered through their customers..

This could be 2 sentences;And, you differ the 2nd sentence, consider a rephrase:

In recent times the firm has battled with liabilities and due to this the company has declined on the stock exchange,. tThe firm raised $1.6b of liabilities and the catalyst was regulatory change in the UK on traffic accident compensation. A regulatory change to traffic accident compensation in the UK was the catalyst for Slater and Gordon incurring $1.6b in liabilities during the 2014 financial year.

Consider offering a qualifier for your opinion in the last sentence:

Although this has been a rather substantial hurdle for Slater and Gordon, I believe the company will continue

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

to grow due to the goodwill fostered through their no win no fee policy and substantial assets of the firm.

‘fostered through their no win no fee policy’ this could be through their great history in Australia, spanning 80 decades or anything else you have found But the sentence doesn’t need a qualifier, it may just be nice to show your research here – kind of like a cherry on a cake.

Important areas of the business:Consider a slight rephrase here

As the firm grows, and more clients are satisfied with Slater and Gordon’s services, so does the goodwill of the business. Both growth and development are crucial for Slater and Gordon Lawyers.

Step 3Input into spreadsheet.

I have a couple of formatting suggestions here:Colours of the cells – I you aren’t going to use the blue and white colourway, perhaps change all the cells to white

Formulas – you need to make sure your totals are a formula – if you have class tomorrow, take your laptop with the spreadsheet and ask for some help with this. You have done such a great job, back yourself, and don’t lose marks on forumlas!!

For example Balance at 30 June in the equity statements need to be a formula.

Total assets and total equity in the balance sheet.

There may be more so make sure you give this a good going over before your submit it.

Step 4 Reflective reading and KCQ’s

Honest and really great.

Fomatting- (don’t need the apostrophe)

..and Quickbooks which are accounting software’s..

General Loving your cover page BTW and your contents page puts my assignment to shame!

Thank you for listing me in your favourite blog list!

Feedback From: Amy PlantFeedback To: Stuart Allan

My Comments

Step 1Moodle and Blog link

Need to add your blog linkMaybe add a link to saying Hi on other people’s blogs if you get a chance.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Step 2Background Information on your company.Comments and KCQ’s.Comments on other’s blogs.

Insert the links to your company’s annual reports

Maybe write a little about your personal reactions being given this firm.

If you are able to create a blog, comment on some blogs about people’s companies if you can

Step 3Input into spreadsheet.

Your spreadsheet can use a tiny bit of formatting:

Add a line on the top and bottom of your total rows

Perhaps unbold all the numbers and text, and then bold only the headings and totals.

Step 4 Reflective reading and KCQ’s

All the KCQ’s are great, but I would suggest writing some more personal reactions – the assignment brief says ‘Give Something of yourself’

General I’ve made a few suggestions into the document where you might be able to add some headings to include the extra information. You should definitely try to put some more about yourself and your reactions to the assignment. It will get you extra marks – and they are easy marks to get!!

The text you have written is done so in easy to understand terms which is really good (I find my writing to be really ‘fluffy’ and I’m not great at communicating simply).

Feedback From: Amy PlantFeedback To: Zac Beveridge

My Comments

Step 1Moodle and Blog link

All there, not much to say.

Step 2Background Information on your company.Comments and KCQ’s.Comments on other’s blogs.

This is a great description of the company and your experiences. Clear and well-articulated. I’ve got some very small suggestions to improve the flow a bit, however they are completely up to you to take on or not because as I mentioned, it’s a solid section.

2nd Line: formatting, small iIinformation

Firms annual reports – 1st line, consider prefacing the questions with “While reading the 2015 annual report, my initial questions were: What are the main…”

Suggested edits for clarity-..the company continues to expand, and increase its range of services, due to the increase in revenue, assets and goodwill of engendered through their customers..

This could be 2 sentences;And, you differ the 2nd sentence, consider a rephrase:

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

In recent times the firm has battled with liabilities and due to this the company has declined on the stock exchange,. tThe firm raised $1.6b of liabilities and the catalyst was regulatory change in the UK on traffic accident compensation. A regulatory change to traffic accident compensation in the UK was the catalyst for Slater and Gordon incurring $1.6b in liabilities during the 2014 financial year.

Consider offering a qualifier for your opinion in the last sentence:

Although this has been a rather substantial hurdle for Slater and Gordon, I believe the company will continue to grow due to the goodwill fostered through their no win no fee policy and substantial assets of the firm.

‘fostered through their no win no fee policy’ this could be through their great history in Australia, spanning 80 decades or anything else you have found But the sentence doesn’t need a qualifier, it may just be nice to show your research here – kind of like a cherry on a cake.

Important areas of the business:Consider a slight rephrase here

As the firm grows, and more clients are satisfied with Slater and Gordon’s services, so does the goodwill of the business. Both growth and development are crucial for Slater and Gordon Lawyers.

Step 3Input into spreadsheet.

I have a couple of formatting suggestions here:Colours of the cells – I you aren’t going to use the blue and white colourway, perhaps change all the cells to white

Underlines – perhaps make the underlines noting your totals go from cell B to G. Some of them stop at cell E or F

Formulas – you need to make sure your totals are a formula – if you have class tomorrow, take your laptop with the spreadsheet and ask for some help with this. You have done such a great job, back yourself, and don’t lose marks on forumlas!!

To get you started, here is the formula for the 2015 Current + Non-Current assets to be typed into cell D44=SUM(D32:D36)+SUM(D38:D43)

Step 4 Reflective reading and KCQ’s

This section reads really well. I don’t really have any suggestions for edits here, your first person POV flows really well.

General Thanks for including my blog in your top 3. And happy I could have been some assistance.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

TBH, even though you wanted a firm in another industry, for me studying an industry I already know perhaps hasn’t given me the opportunity to learn as much as I wanted to. Perhaps it’s a blessing in disguise!

Feedback From: Amy PlantFeedback To: Kelly Morton

My Comments

Step 1Moodle and Blog link

Assignment cover pg- change header text should be ACCT11059

Step 2Background Information on your company.Comments and KCQ’s.Comments on other’s blogs.

Suggested edit:

MHIL has 6 members on their board including the its company founders and their daughter; Sir Michael Hill, Ann Christine Lady Hill and Emma Hill.

statement there was a difference of $33,180 (is this in 000’s?) in the balancing numbers on

each statement.

The chain did record an 0.8 percent increase

the world’s biggest jewellery retailer

strong value message – We’re for Love it is no wonder

Step 3Input into spreadsheet.

Formatting looks great

Step 4 Reflective reading and KCQ’s

I will admit I haven’t had too much to do with

Consider rephrase of these 2 sentences – perhaps break up the ideas further:

It shouldn’t be such a surprise as there are always lots of jobs advertised in accounting and accounting is a main part of running a business so someone has to do it. You can either choose to study accounting yourself and carry out the task yourself, you can hire someone who has studied accounting or you can employ an external accounting firm to do your accounting for you.

For example:

It shouldn’t be such a surprise as there are always a lot of accounting jobs advertised as accounting is

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

crucial to running a firm and understanding its financial realities.

Therefore firms need to find a solution to satisfy their accounting and reporting needs, which are often legal requirements of running a business in Australia.

Firm owners may either decide to pursue the field of accounting studies and work on this side of the business, or employ someone with the appropriate skills.

Alternatively firms may employ an external accounting firm to undertake their accounting requirements.

Consider rephrase:Also every company has a different way of setting out their statements so there is another nail to through out on your track.Also every company has a different way of setting out their statements so there is another pothole on the road to understanding a firm’s financial reporting.explaining today’s society and also

General This was a really lovely and honest account of your process and engagement with the course, Kelly. There are a few instances where there might need to be a slight rework for clarity, and that will just really put the icing on what is one tasty cake of an assignment. Nice work.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Feedback from other students about my assignment.

PEER FEEDBACK SHEET: ASS#1

Feedback from: Kelly Morton

My Comments

Step 1

Introductory words in Description box Photo and descriptionLink to your blog/Set up blog

I don’t think anyone will have comments on the way you have established your blog. I feel it speaks for its self in the way of popularity. Well done to your creative thinking.

Step 2

Background information on company Comments/KCQsComments on other’s blogs

You have mentioned that you were pleased to get Oroton Group as your company and then you go on to talk about your experience in the arts industry. I think you might need an extra sentence or some linking words in there to bring the two together. Or maybe separate the two as different paragraphs.

Paragraph 2 – My experiences in the retail sector, working with Australian designer product, were really echoed (I think it needs to be reworded slightly)

I really like how you asked questions about the company’s international spending and the way you explained being able to visualise the stores at airports.

Feedback to: Amy Plant

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Step 3

Input company’s financial statements

The only thing I would say in regards to your financial statements is that maybe you might like to define your totals a little bit more and just check your alignment matches up.

Step 4

KCQs

Paragraph 1 – Before I started my career in (needs a the) cultural sector

Its good to see that the study guide has helped you understand the subject more clearly and that you are understanding accounting better.

One of the key concepts that stood out was around the idea of trust. Maybe just say that stood out for me, or that I thought stood out.

Overall ASS#1

Overall I think you have covered the course criteria very well and have created an excellent and very well thought out first assignment for ACCT11059.

I think with a good spell check and a re-read you will hash out any errors or confusion in your wording.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Peer Feedback Sheet: ASS#1 Feedback From: James Wilson-Scheikowski Feedback to: Amy Plant

Comments Step 1 Introductory words in Description BoxPhoto and Description Link to your Blog/Set up blog

I loved your views on business and I thoroughly enjoyed reading your introduction on your Blog. And also as an added extra learning a little about you and your past careers. Unfortunately I was unable to view the Moodle component of your Step 1 (It’s an issue I’ve been having all morning for some reason)Nonetheless I’m sure you have fulfilled the requirements for the Moodle side of step 1.

Step 2 Background information on company Comments/KCQSComments on others Blogs

The information about your firm is very well constructed. There are some areas of your ‘My firm section’ which needs to go into the ‘Similarities, differences, happiness and concerns’ section of this assignment. You mentioned that you want to cut down on the word count, I don’t think that is entirely necessary because you have a lot of necessary information. I think you just need to categorise your work so it doesn’t seem like such a large chunk of text.

The same goes with your KCQ’S they are all well written but I think you need to consider text efficiency in this section. Because again you have a lot of really good information, its just surrounded by lots of text.

Step 3 Input Company’s Financial Statements

Your spreadsheet looks fantastic and very professional.

Step 4 KCQS

And your step 4 meets the requirements exactly, they are your own personal reactions and KCQS to the readings.

Overall ASS#1 Overall your assignment and blog has some very interesting elements, however I did notice that there are some areas of the assignment which have not been covered yet. Re-read the task sheet there are a few bits and pieces that you haven’t covered yet. There are also examples available for viewing on the Moodle site. I think you have made fantastic progress on this task. And I wish you the best of luck in your studies.

PEER FEEDBACK My Comments

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

SHEET: ASS#1

Feedback From: Graham Pass

Feedback To: Amy Plant .

Step 1

Introductory words in Description box Photo and description Link to your blog/Set up blog

I thought I might catch you out on the photo description, but you had it covered. Also, as I’m sure you are well aware, your blog is widely regarded as one of the best in this subject, and for good reason.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Step 2

Background information on company Comments/KCQs Comments on other’s blogs

Love that you were able to make a personal connection to your company. I didn’t notice any comment links to others blogs, but as you were the one who taught me how to do that (thanks again ) I am sure that you have just removed them from the draft.

7

Step 3

Input company’s financial statements

Again, pretty much spot on. The OCD in me wants to correct the formatting on your opening balance, as the numbers seem to be a little small, but the formulas are what’s important. Once again, I feel I have learned something from reviewing your work, so it’s hard to find fault.

ACCT11059 - Assignment 1 Amy PlantLecturer – Maria Tyler

Step 4

KCQs It was obvious that you have prior admin experience throughout this assessment, as your attention to detail has been spot on from the very beginning. One thing that can’t be taught however is liking what you do, and it is clear that you have taken a genuine interest in establishing the KCQs.

Overall ASS#1

What can I say? Amazing work I also want to thank you for providing a link to this feedback sheet. I’d be surprised if you didn’t get top marks for this assessment.