This assessment requires you to submit a project report on the financial statements of an Australian Stock Exchange (ASX) listed company like Coles group . In particular, you need to select a company from one of its eight industry categorises. Visit the ASX all industries, state the name of the industry groups and the industry you have selected to pick your company of interest. The industry groups have been specifically categorized in the Yahoo finance Australia which can be accessed at https://au.finance.yahoo.com/ (Links to an external site.).

You need to briefly discuss the background of the selected company. More specifically, the project report requires you to critically report on the following segments of financial statements of the Coles Group (2020):

Discuss the basic understanding of inventories with reference to the AASB standard. Visit the financial statements of the company and report on the following:[20 marks]

1. Discuss about the inventories and computation of inventories of the company, and
2. The inventories in details as reported in the financial statements.

Discuss the basic understanding of depreciation with reference to the AASB standard. Visit the financial statements of the company and report on the following:[20 marks]

1. Discuss about the depreciable assets and method of depreciation used by the company, and
2. The amount of depreciation in details as reported in the financial statements.

Discuss the basic understanding of liabilities including contingent liabilities and provisions with reference to the AASB standard. Visit the financial statements of the company and report on the following:[20 marks]

1. Discuss about the liabilities (payables) including contingent liabilities and provisions of the company with breakup into both current and non-current, and
2. Report on the liabilities (payables) including contingent liabilities and provisions with breakup into both current and non-current.

Discuss the basic understanding of impairment of non-financial assets of the with reference to the AASB standard. Visit the financial statements of the company and report on the following: [20 marks]

1. Discuss about the impairment of non-financial assets of the company with break-up in details, and
2. Report on the impairment of non-financial assets of the company with break-up in details.

Discuss the basic understanding of revenue recognition the with reference to the AASB standard. Visit the financial statements of the company and report on the following: [20 marks]

1. Discuss about the revenue recognition of the company with break-up in details, and 2 Report on the revenue of the company with break-up in details.

Answer rating: 100% (QA)

ANSWER 1 Discuss the basic understanding of inventories with reference to the AASB standard Visit the financial statements of the company and report on the following20 marks Inventories are classified ... View the full answer