Report: Halfords' Financials

Chester Inc. is a client of SNHU, LLC who prepares the financial statements and financial analysis for Chester Inc. This report will detail several key items including the accounting effects of international expansion as it relates to differences between Generally Accepted Accounting Principles (GAAP), the United States standards, and the International Financial Reporting Standards (IFRS), the standards that would govern a portion of the financial reporting with an international expansion. This report will also review the financial performance of Chester Inc. Additionally; it will use ratio analysis to compare Chester Inc. with two of its main competitors.

In May 2011, the IASB issued IFRS 10, Consolidated Financial Statements, which replaced IAS 27 and SIC 12. IFRS 10 is effective for annual periods beginning on or after January 1, 2013. Early application is permitted under specific circumstances. Under IFRS 10, control is

Furthermore, according to ASC 810-10-10-1, it explains the objectives of the consolidated financial statements, as

To enhance a user’s ability to understand and compare an entity’s operating results, reporting entities are required to describe all significant accounting policies in their financial statements. As such to decide if an accounting principal is significant, is the management’s decision.

The following report includes selected financial data analyzing the performance of our company Life Through the Lens for year 12. Included is our strategy for the current year, future initiatives for our four regions, our competitor analysis, and reasons our company has not been improving as well as we had projected. At the moment our company’s current position is not up to par with our previous years regarding where our company is standing among our competitors. Please refer to Table 1.0 above to further understand our company’s performance for the end of year 12.

The SEC issued its final rule on Acceptance from Foreign Private Issuers of Financial Statements Prepared in Accordance with International Financial Reporting Standards without Reconciliation to US GAAP on 21 December 2007.

With reference to the measurement of tangible non-current assets, critically evaluate whether financial statements prepared using IFRS’s provide useful information. Use specific examples from the annual reports of FTSE 100 companies to illustrate your points.

In this paper I will identify the four basic financial statements, discuss how they are interrelated with each other, and why they are useful to managers, investors, creditors, and employees.

This report is written as a response to the monograph in which the ICAEW published on how financial accounting disclosures can be improved. The aim of this report is to critically discuss and evaluate the worthwhileness of the recommendations made from a financial investor’s perspective. It is done by reviewing recommendations put forward by the ICAEW and analysing if each of the disclosure recommended is worth the effort while putting in perspective what effects these recommendations have on professional investors who are one of the primary users and consumers of financial statements. The report contains information mainly from the ICAEW report and the CFA institute report

This standard outlines the presentation of financial statements for general purpose financial statements, in order to ensure that there is compariablity between the entities reporting periods as well as between other industries reports. The standard discusses the minimum requirement for reporting content and guidelines for the structure in which it is to be set at. Paragraph 117-124 distiguishes the disclosure of accounting policies in relation to judgement. Management’s judgement made in applying accounting policies that may have effected significant amounts found in financial statements and the financial position. Seen in paragraph 125-133 ‘Sources Of Estimation Uncertainty’, it is vital that entities disclose the key assumptions made regarding future prospects and other uncertain estimates that are used in identifying carrying amounts of assets and liabilities. Along side this, the nature and carrying amount must be disclosed at the reporting date.

– Consider whether any extra divulgences as required by IAS 1 Presentation of Financial Statements in connection to

IASB. 2010, "The Conceptual Framework for Financial Reporting" IFRS, pp. A21- A38, viewed 23 April 2014,

Consolidated financial statements are the statements gives a combination of the accounts of a business and all the subsidiaries during a financial period.

Confidentiality – This calls upon any professional accountant to ensure that they do not disclose the accounting information of one company to any unauthorized parties. Such information should only be disclosed if the professional or legal right is granted by the relevant authority. Information obtained from a company should therefore not be used for any personal benefit by a professional accountant (Nobes, 2015).

With complete notion and awareness of how each country has their set of rules, “the goal of IFRS is to provide a global framework for how public companies prepare and disclose their financial statements” (Rouse, 2011). This view is meant to provide general guidelines, as well as international comparisons through conventional and edifying means. To bring broader and vivid objectives, IFRS replaced IAS, the older standards, in order to bring a more comprehensive and simplified accounting procedures.