darcycochrane.files.wordpress.com€¦ · Web viewBut if I leave it out the figures don’t match to the first spreadsheet? You’re probably going to laugh at me, ... It’s like

ASSIGNMENT 2 (ASS#2): RESTATED FINANCIAL STATEMENTS & RATIOS DARCY COCHRANE

Step Three & Four ASS #2ACCT11059: Accounting, Learning & Online Communication

Friday, 1st September:

Surprisingly, I didn’t find reading about this step as daunting as expected. I work with excel on a regular basis at work and I’m all over formulas, layouts etc. I have been required to create multiple spreadsheets where which I manipulate figures utilizing formulas. So this whole formulas thing isn’t exactly new to me. I presume much like other students, I found Maria extremely easy to understand. I was concerned when I started watching the lecture today, that the process would be extremely hard to follow, as a result I wouldn’t know what I was actually doing, and consequently not actually learn anything. Thank god that was not the case. Maria is super easy to understand, she goes through the process at the perfect pace and encourages questions. Being a distance student, this really assists in helping you soak up all the information, completing understand what is going on, and do it. I mean, if I have a question I can’t just put my hand up and ask!

Anyway, enough about Maria! I started and completed my restating the movements in equity in one sitting. I was quite impressed with myself if I can say so, but I guess it wasn’t the biggest task. I only ran into one problem. For the total operating comprehensive income to equal, I need to include the total comprehensive loss for the year. However, it was not mentioned that I should include this, and when I sought feedback I was advised to leave that out. But if I leave it out the figures don’t match to the first spreadsheet?

You’re probably going to laugh at me, but I think I spent about 3 hours going back and forth trying to figure out how this figure should be incorporated but how if it is a ‘loss’. Well... it wasn’t the figure that was incorrect is was the heading. The statement says it’s an income but for some reason or another I decided to name it a loss! What a waste of time! *face palm*


Tuesday 5th September:

You know what’s crazy? I’ve actually found myself wanting to sit down and do this step. It’s like a Rubik’s Cube. You’ve started it and you can’t stop until you’ve finished it and everything matches. I think that the fact that I actually understand what I am doing, and why I am doing it made the whole task more fun (I know right.. fun?). But as I described, it was like a Rubik’s Cube and I had to finish it!

I think the most stressful part of restating my financial position was categorizing everything into operation and financing. I felt a lot of the end result lied within whether I did this step correctly or not. When my NOA did not equal, I initially started to freak out. I think the worst thing about this whole activity is that when it doesn’t equal you don’t know where to start looking! It could be anything! However, I took on Maria advice and I ticked and flicked all of my O’s and F’s, and I had included everything. Ugh, I think I’ve spent more time trying to figure out what I’ve done wrong than actually doing it! I have posted in the Facebook group to receive some feedback.

Thursday 7th September:

THANK GOD FOR FEEDBACK!

Chloe Thomson responded to my post in the facebook group and I received the follow feedback:To balance (I have added a screenshot of the edited statement I only changed 2015):

- NOA should be Total operating assets + total operating liabilities (as liabilities are already

negative numbers)

- Total financial assets excluded line 55 from the formula

- NFA should also be added rather than subtracted

- NOA = Equity – NFA

Duh! Obviously, I would add together liabilities and assets *face palm again* It’s already a formatted as a negative so it wouldn’t make any sense to ‘take’ it away. That would basically be taking it away twice…

I’ve been quite keen to get stuck into the third section of the reinstating. I’ve had two days off studying as the netball team I coach/play in have made it to the finals and as a result we have had


extended training. I’ve also bee overloaded at work and haven’t had a chance to take my study leave. I’m starting to think that two-part time subjects are too much for my lifestyle.

I fixed up the mistake that Chloe provided feedback on, and I was still quite excited to move onto the next step and see what it involved! I felt a bit blind whilst completing this step. I felt like there was a lot of work to do before a ‘check’ came up. By the time I could check my figures, I was already really far in and if there was a mistake it could’ve been anywhere. Thank god everything balanced… until the Comprehensive net profit after tax!

I think I need to take a breather. It’s currently 9.30pm and I’m still at uni. I need sleep!

Saturday 9th September:

I have gone over all of my figures and formulas in the second tab and I cannot figure out why it won’t balance. I have resorted to posting in the facebook group again to see if a second pair of eyes can figure it out. The weirdest part about it, is that 2015 and 2012 balance, but 2014 and 2013 do not. How is this so?

Sunday 10th September:

I did it! I balanced it! I spent too much time concentrating on the little things. I re-calculated my tax over and over again. I checked the website to ensure I had viewed the correct years. I even re-did my changes in equity. I think I did my whole second tab three times over again. You know what? The problem was a figure typo on the first tab. How painful! All that wasted time!

If I want to look on the bright side, I guess I did do the assignment about three times over and just like a book the more times you read it the more it makes sense. I cannot describe the feeling of when it balanced. I honestly thought I was going to have to submit it incorrectly. After posting for help on the facebook page and forums, I had people telling me they cannot find anything wrong with it. I even starting thinking, what if there is something in the annual report and I have a dud firm!

I did feel more connected to my firm after completing this step. There was a deeper understanding in regards to their financial statements. Not only was this whole experience a great communication encourager, but I found myself learning new excel skills. I now know how to organise current assets and non-current assets to operating assets and financial assets, and current liabilities and non-current liabilities to operating liabilities and financial liabilities. I now know why we separated them, and what we achieve by doing so.

Although it was very stressful, I did find this task extremely education. I will now get started on my ratios!


Feedback Given:

PEER FEEDBACK: ASS #2 Step 4

Feedback From: Darcy Cochrane

Feedback To: Danielle Bradley

My CommentsStep 3

Restated Statement of Changes in Equity

Balance Sheet

Income Statement Commentary and discussion with others

(Note: You may wish to give some comments on their Excel spreadsheet)

It seems that none of your titles or figures are

linked. This is a super important step – linking from

your first tab to your second. I’m hoping it’s just my

computer, or the fact that I’ve exported your

spreadsheet (maybe it loses it’s formulas)? Maria

shows how this is done in the tutorials.

Your formatting is generally good but could do with

some minor amending i.e., centering all the

columns so they’re inline and placing a hyphen

where there is no figure to be placed in (i.e., Issue

of convertible notes for the year 2015).

Your spreadsheet balances which is great!

Congratulations

Step 4Individual feedback with other students

You are actively replying to the forum which is

great communication

I can see that you have posted to your blog

multiple times throughout the lead up to these

steps due date which is also great communication

Overall ASS#2 (Steps 3 & 4) Overall you have done a great job. The formatting

(in regards to aligning the columns and filling in the

blanks) needs some slight attention. Also, if you

haven’t already fixed it up, or if it’s just my

computer, your figures all need to be linked from

the first tab. This will definitely need to be fixed up

Awesome job, congratulations!




Feedback To: Tiffany Treen

My CommentsStep 3


Balance Sheet



Your spreadsheet is formatted well. Easy to

follow and understand.

I like that you have added in your own notes.

Sometimes when you’re working with numbers

it’s hard to communicate why you’ve done

some things you have done – this is great idea!

There is no breakdown of O’s and F’ in your

first tab. I know that you end up breaking it

down and it’s shown in the second tab, but it’s

always good to show your working out and

thinking. That way the marker can see your

breakdown without having to go back and

forth, just a thought

Great job breaking down your NOL and then

NOA for the different years – great picking up

on that.

Your sheets balance with indicates your

working out is correct. Congratulations.


You have effectively communicated and

provided feedback to other students, including

myself.

Your blog is active, easy to read and follow.


Overall ASS#2 (Steps 3 & 4) Overall you’ve done a great job. It must feel great have it balanced! Sigh of relief! Great communication and all round work.



Feedback From: Darcy Cochrane Feedback To: Dylan Peasnell

My CommentsStep 3


Balance Sheet



It was suggested by Maria that the

‘consideration of the allocation of cash to

operating vs financing’ be placed in the

working area. It’s probably best to keep it out

of the actual reinstating sections as it’s

technically not part of it. I’m not sure if you

would get marked down but just incase!

You haven’t follow the whole row through with

your bold and italic formatting. The formatting

on tour titles is great, but it should be followed

through to the figures.

There are some sections that have two white

lines in a row.

Your figures don’t match (me too!). I would

suggest the tick and flick method. I’ve also

gone over every step again to see where I

have made a mistake, I would suggest you do

this also. Good luck!

Step 4

Individual feedback with other students

I can see that you have provided feedback to

other students. Thank you for providing me

feedback, I have amended my formatting!


Overall ASS#2 (Steps 3 & 4) Overall great job. As I said, I would suggest

going over everything again step by step, even

watching the tutorials again. I did this and

found a few errors within my own work.

Goodluck, I hope it matches for you!




Feedback To: Kim Street

My CommentsStep 3


Balance Sheet



Your spreadsheet is really neat, readable and tidy.

You have a lot of unnecessary extra lines. Each line

is meant to follow on straight after. Also, it is

suggested that you underline the headings, and

bold/italic the totals. That way you separate the

headings and the totals, and they don’t blend in

which each other. If you remove the extra lines you

will need to do this.

Another formatting edit would be to centre the

figures. Again, not necessary but would improve

the presentation.

Your figures match accordingly which suggests that

you have completed the steps correctly. Congrats!


Great communication, offering feedback and asking

for it in return.

Overall ASS#2 (Steps 3 & 4) Overall you have done a great job. (By the way I

went over my annual reports like you suggested

and my spreadsheet balances now, woo!)




Feedback To: Allen Stuart

My CommentsStep 3


Balance Sheet



Some minor formatting to be amending i.e., bold

and italic the totals as well as the headings/titles.

Some font sizes of figures need to be changed to

match the rest of the spreadsheet.

I can see you have worked out your tax rate

correctly.

I can see that you have linked and used sum.

I wouldn’t ‘underline’ the totals all the way through

to the titles. It looks a bit messy. I would keep just

the figures underlines. You have underlined some

and not others, it’s not consistent.

Your figures match which indicates that that your

working out and formulas are all correct. Congrats!


You have asked for, and provided feedback. Your

blog looks good as well.

Overall ASS#2 (Steps 3 & 4) Besides some super minor formatting things, your

whole spreadsheet looks well presented. The

figures match which is the most important thing

too! Congrats, and good luck!



Requested Feedback:

6 September, 4:40pm

Posted to Facebook Page –

Hey guys, my Restated Statements of Financial Position isn't balancing 😓 I'm about to check everything over again super thoroughly, but thought I might as well post it here if anyone else has time to check it out. Thanks in advance 😊

8 September, 2:30pm

Posted to Facebook Page-

Hi Everyone, I'm having a lot of trouble with the restatement of the "Income Statement". I've restated it but does not balance, would anyone be able to take a look to see if they can see how/where I have gone wrong? Any and all feedback appreciated!

9 September, 1:26pm

Posted to Moodle Draft ASS#2 Step 3 Ready for Feedback –Hey guys,

My Comprehensive net profit (AT) is equalling for the years of 2015 and 2014, but for some reason it's out slightly for 2013 and 2012. How could this be so? All my rows have correct formulas so it doesn't make sense, and the company tax rate is correct according to the website. Would anyone be able to check it out? My blog is: https://darcycochrane.wordpress.com/ but I've also attached my spreadsheet!

I'm happy to check out other peoples spreadsheets in return! I need to provide some feedback, so just reply with your blogs

Thanks in advance.



Feedback Received:

PEER FEEDBACK SHEET: ASS#2 STEP 4

FEEDBACK FROM: Chloe Thomson

FEEDBACK TO: Darcy Cochrane

My CommentsStep 3Restated Statement of Changes in EquityBalance SheetIncome StatementCommentary and Discussion with others

Statement of Changes in Equityo Balances and everything is linked to your original

statement

o You haven’t used formatting for totals and have an

extra unnecessary line

Balance Sheeto Everything is linked to your original statement

o You haven’t used formatting for totals and have an

extra unnecessary line

o To balance (I have added a screenshot of the

edited statement I only changed 2015):

- NOA should be Total operating assets + total

operating liabilities (as liabilities are already

negative numbers)

- Total financial assets excluded line 55 from the

formula

- NFA should also be added rather than

subtracted

- NOA = Equity – NFA

Income Statemento Not Provided

Step 4Individual feedback with other students Not Provided

Overall ASS#2: Step 3 & 4 Overall, you have done a really good job with a couple of incorrect formulas which caused you balancing issues. I hope this is helpful and if you need any more details or help let me know.


FEEDBACK FROM: Dannielle Bradley

FEEDBACK TO: Darcy Cochrane

MY COMMENTS

Step 3

Restated Statement of

Changes in Equity Balance

Sheet Income Statement

Commentary and discussion

with others

(Note: You may wish to give

some comments on their

Excel spreadsheet)

Feedback for blog:Your blog is very well set out and delivers good information. I like how it is relatable. However, it doesn’t seem that you’ve posted any KCQ’s for step 3 on here? I noticed that you have done exceptional posts for assignment one but there is none for assignment 2. Have you done these as it is a part of step 3?

Feedback for spreadsheet: Your spreadsheets look really good. Only a few minor things to pick on with formatting, particularly continuing the white and blue lines throughout the entire spreadsheet. The “total comprehensive loss for the year” line in your restated statements of movements in equity needs to be deleted as it is a total and isn’t needed in this statement. Your spreadsheets clearly identify all of the key elements. Very well done.

Step 4 N/a


Individual feedback with other students

Overall ASS#2 (Steps 3 & 4) You have done well with restating the financials for your company. Just a little bit of formatting with the lines to fix up there to make it look more professional. You need to do your KCQ’s for step 3 of the assignment and post them to your blog.


Feedback inserted on spreadsheet from Tiffany Treen to Darcy Cochrane:


FEEDBACK FORM – ASSIGNMENT 2, STEPS 3 & 4

Feedback From: Kim StreetFeedback To: Darcy Cochrane

My CommentsStep 3Restated Statement of Changes in Equity

Balance Sheet

Income Statement

Commentary and discussion with others


You have linked your statement well and separated the Operating activity and this balances back to your original statement so well done.

NOA = NFO + EQUITY looks great and you have picked up all the operating and financial transactions. I’m not an expert on how to allocate operating and financial activities but I think it looks correct.

I notice that in your original income statement you have not used formulas to calculate all of your balances. There may be a mistake in the original statement which is therefore throwing you off with the restatement. If I had time I would have gone back to check your annual report but I don’t unfortunately. It would certainly be worthwhile for you to do that though, just to make sure. Please look at the Wesfarmers example in Moodle it was so helpful for me. You have calculated your tax correctly and your formulas are good in the restated statements.

Step 4 Individual feedback with other students

N/A

Overall ASS#2 (Steps 3 & 4) I think you have done a good job. Please just go back and make sure your original statements are correct and use consistent formulas. Most people that have problems have started with their original statements not being correct in the first place. I’m sorry I couldn’t give you the actual solution but I think this will help you work through it.

To feedback or not to feedback?


Being a distance ed student can be very challenging at times. If I have a question, it can be hours and even sometimes a day until I get a response. I don’t really get to meet new people, and have discussions about the course face to face like normal university students do. You could like at this as a disadvantage, but I like to look at it as a challenge which makes me a stronger student. I have to time and phrase m questions well to receive the exact response I anticipate. I have to reach out to other students without being promoted to discuss the subject.

You can probably guess, and I have mentioned it before, but my favourite part of this subject is the communication. I love that we are encouraged to discuss our learnings with other students. I can easily say that I have connected with and made friends throughout this subject. Some from Cairns, some from all parts of Australia. It really helps us broaden our thinking and our skills. I mean, you can finish your degree, but if you have no people skills, most of the time you will struggle landing your dream job!

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darcycochrane.files.wordpress.com€¦ · Web viewBut if I leave it out the figures don’t match to the first spreadsheet? You’re probably going to laugh at me, ... It’s like