Financial Statements

JONES MICHAEL, (2013) “Accounting” 3rd edition., John Wiley & Sons. For Management Accounting = Drury, C. (2012) Management & Cost Accounting. 8th Edition. London, Cengage Learning EMEA For Financial Reporting:  Needles, B., Powers, M. and Crosson, S. (2011) Principles of Accounting. 11th edition. Boston, Houghton Mifflin. (Textbook # 1)  Dick, W. and Missonier-Piera, F. (2010) Financial Reporting under IFRS: A topic Based Approach. 1st edition. Europe, Wiley. (Textbook # 2)  Holmes, G., Sugden, A., Gee, P. (2008) Interpreting Company Reports and Accounts. 10th edition. Essex, Pearson. (Textbook # 3)  Elliott, B. and Elliott, J. (2012) Financial Accounting and Reporting. 15th edition. Essex, Pearson. (Textbook # 4) For Management Accounting:  Drury, C. (2012) Management & Cost Accounting. 8th Edition. London, Cengage Learning EMEA. (Textbook # 1)  Needles, B., Powers, M. and Crosson, S. (2011) Principles of Accounting. 11th edition. Boston, Houghton Mifflin. (Textbook # 2)  Weetman, P. (2006) Management Accounting, Pearson Education. (Textbook # 3) Overall analysis that should include and demonstrate the following: a. The way in which relevant theory is applied to the problem and the use of the related financial literature. b. Discussion of the key concepts and application of the impact of this financial analysis on the Financial Statements and management accounting issues that should be presented. c. A detailed appraisal of the financial implications of the proposed critical assessment package with the exposure and demonstration of personal contribution and value judgment. Students are encouraged to relate the essay question to their own organizational experience, if possible. You may discuss the case with colleagues at work and with fellow members but the submission must be entirely your own work. A report format is preferred to an essay P&G and Unilever FINANCIAL ASSESSMENT: Both companies are among the top companies in their area in Europe and worldwide in terms of footprint, turnover, profits, technological advance and innovative products and services despite the recession by reinvesting their profits and focus on long term growth. Both of them are always ‘on the way’ and constantly see possibilities to improve for the future through a healthy competitive environment. They have succeeded to offer cheap products/ services paying a lot of attention to staying lean and simple and steadily apply the strategy “value for money” to their customers and satisfy them with innovative applications in all sectors. Therefore, both have launched extensive programmes for a lower cost structure at their companies, where the gains will be re-invested in lowering prices to their customers even more. This is one of their major strengths. Sources taken from Annual Summaries that both companies release every quarter, both of them are listed in Stock Markets and numerous web sites and Press Release Sources. Requirements: Please start up by consulting a number of related books and articles on financial reporting and managerial accounting/costing in your library and the electronic folder of your pack. List the desirable characteristics of financial reports as outlined in such books and articles. Examine the annual reports of P&G and Unilever with all the financial statements included (at least 3 financial years per company) towards the following points: 1. Examine these reports and then make the appropriate financial assessment on it to see how far in your view it appears to contain the desirable characteristics of financial reports as outlined in the textbooks. (You must show all workings, that is to analyze the financial performance and risk position of these companies as disclosed by its financial statements and explain ratios calculated for at least 3 financial years per company and make and comparison between them with the respective analysis). 2. Given the focus of P&G and Unilever on the customer, the drive to reduce costs and “value for money” concept, concerns for the environment and sustainability issues, regulatory issues, technological innovations with huge investments regarding future and always “looking forward” and the emphasis on “customers and suppliers” working together, You are required to: Discuss, using relevant academic literature to support your arguments, the potential for using strategic management accounting/costing concepts and techniques to help promote and facilitate P&G and Unilever ambitions for the future.Prepare a written report on your findings and present them on your assignment and provide a practical example on a specific area regarding their accounting and financial implications. (50% of the total mark). The objective of this assignment for the students is to tackle the financial analysis of two classical and very popular companies as case studies which take place internationally and which will reveal apparently the business and financial strategy of different kind of both enterprises, especially them that are among the very large ones in Europe and in the world. This project will entail a detailed discussion and financial/accounting and managerial accounting application on the proposed alternative strategies on financial ratios and the data derived by the financial statements and will focus mainly on the view and the opinions



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