Step 2: Moodle profile & personal blog
ACCT11059 Accounting, Learning and Online CommunicationAssessment 1 Part 2-6. By Rhiannon Taylor. CQUniversity.Step 2: Moodle profile & personal blogPersonal Moodle Profile: Rhiannon TaylorPersonal Blog: Rhiannon Taylor's BlogStep 3: MY COMPANY - Berendsen PLCFor my company I’ve been assigned with Berendsen plc. My initial thoughts were who is this, what do they do and where are they located? Then the dread slowly sunk in. How will I remain motivated with my firm if I’m not interested in it? I still had the underlying worry of it being overseas and not located in Australia. Will their financial statements be set out differently than a company located Australia? The company was established in 1920 as a renting out automobiles. Throughout the years they have expanded and changed their business. By 1991 they’d already sold most of their original car rental dealerships and were focusing on the laundry business (this even included a name change during this time). Now they are a global business that is located in over 16 countries within Europe. They are listed on the London Stock Exchange. Their mission is to develop and provide value-added textile, hygiene and safety solutions to their customers. The Berendsen Group is divided into four business lines which include Hospitality, Healthcare, Workwear, and Facility (such as mats, washroom and cleanrooms). They also have four points of focus over the next 5 years within their business plan – Customer/market focus (growth), Operational excellence, Organisation capabilities/people development, and Effective use of capital. As I investigated the firm I found myself becoming more intrigued. I was quite interested to find out that there was an attempt at a hostile take-over by the French laundry service Elis – who after 4 months they were able to come to an agreement and settle in September 2017. If my financial statement was a year later I’d have to include this. But now I’m curious - What would be different in the annual statement to show this? I’ll have to come back in a couple months after the unit has ended to have a look. There seems to be quite a few directors of different areas within this company. Does this mean there is no main owner? I’m still trying to wrap my head around that part. I was expecting to see more accountants in the mix, but unfortunately not. Non-Executive Director, Chief Executive, Finance Director – What does this all mean? What’s the difference? Do they have different powers (as in roles at work)? I understand that this is their job title but I don’t understand what their individual titles involve. One thing I noticed about the annual report was I couldn’t find many personal details or anything that made me want to connect to the report. It just felt like a very long and boring document (which I’m sure to some people its thrilling). But from others I’d viewed this one just seemed quite bland. I couldn’t find much information in regards to employees and how many people actually worked within the firm, or even if the company donated money to any causes. Even so, over the last 3 years there’s been a steady growth within the company. Over the last year they profited ?88.9 million. Although the year prior their growth was ?89.9 million. They may have made more purchases this year which resulted in their profit being slightly less than their profit last year. But perhaps the growth wasn’t substantial enough and hence the take-over. The following article posted on telephrah.co.uk which was released in June 2017, is an extremely interesting read. The reporter discusses information in regards to the offer and take over. Blogs:Firstly, before I go into this I just want to say it took me such a long time to figure out how to ‘follow’ someone’s blog! I didn’t even realise that when I commented on someones blog that they had to authorise it (and vice versa!). Perhaps there are settings that I can change for this. One thing I’ve noticed with wordpress is that when you comment on someones blog, it doesn’t automatically show up. You must wait for the individual to authorise the comment first. I do find this a tad annoying. I don’t like picking favourites because I like each for different reasons. I choose the following blogs because I felt a sort of connecting with each of them. Either they amused me, or made me want to find out more about their company, or it may have been the way they write. stumbled across this blog whilst looking for assessments to provide feedback on. I enjoy her writing style and the way she describes information. Simple and very informative. blog was well prepared and presented and comes across as being very professional. It shows that he has a vested interest in the blog and wants to share information with his classmates. He also thinks very logically and lists through information which keeps my mind busy enough to concentrate. to navigate and well set out. Little did I realise I’d actually be hooked. I found her style of writing to be interesting and captivating. Step 4: COMPANY FINANCIAL STATEMENTS Follow the hyperlinks below to view the Annual Reports for Berendsen plc. Berendsen plc – 2016 Annual ReportBerendsen plc – 2015 Annual ReportBerendsen plc – 2014 Annual ReportPlease refer to ‘Berendsen plc– Company Spreadsheet’. Step 5: CHAPTERS 2 & 3 REFLECTION. Chapter 2 “If you are going to play the game then you better know the rules, cos one day you’ll need ‘em to save you”.The Rules of the Game, a 1939 blockbuster movie.I did find it interesting to read and discover the changes that have occurred in regards to how the financial statements were provided and whom to in the US. In 1930’s the Securities Act 1933 was introduced and then in 1934 the establishment of the Securities and Exchange Commission (SEC). This legislation required firms to supply financial statements to equity investors – previously this was not mandatory and generally firms only had to provide this to banks. After reading through Chapter 2 I didn’t see much mention of this type of changes in legislation in Australia. I was curious to find out that Australia generally adopted the Accounting Standards by the International Financial Reporting Standards (IFRS) and that the US was not a part of this. Currently more than 100 countries adopt the principles of the IFRS. Wouldn’t be easier if all countries adopted the IFRS, considering more than half already do? One thing I’ve realised over the years from working in the Superannuation industry is that legislations constantly change, although it may not be a huge change they do implement small changes often. It’s also interesting to see that the changes in the legislation of the accounting industry change often too. Although I’m not surprised at all. I did come to realise many years ago that no brain can contain all the information in regards to legislations – otherwise it may just explode. It makes sense that as our world evolves, that our legislations will change alongside it. One of the key concepts that stood out for me in this chapter was Accrual Accounting. Although I recognise it in a normal day-to-day life, I had never considered it to have its own definition. The way lecturer describes its use in relation to using electricity and then paying for it made this so much more clearer for me. At first I didn’t necessarily understand it until he simplified it in his example. I wonder how different accounting would be if this wasn’t an option? To summarise, not everything is black and white. And as the lecturer said “This is just too simple and incomplete a view of the world and of what learning about this world involves”. I completely agree. Although the rules and regulations are there to be adhered to, some companies may not need to adhere to all rules and regulations. Managers need to know all information to make the best possible business decisions. At the end of the day they want to ensure their firm is successful. Chapter 3 (Section 3.1 & 3.2)My understanding of an annual report is to put a firm’s best face forward. To highlight the positive aspects of a company, and show what the firm’s goals are for that year and then to show the financial statement. Okay, I understand now – It’s a marketing tool. But what’s a balance sheet? What’s equity? How are these numbers going to make sense? Although my Annual Report has a lot of numbers, at first it didn’t make sense. Eventually, and I do mean eventually I did find myself getting interested in how and where figures are pulled from in relation to my own firm. After reading this chapter I had a bigger understanding on the firm I was working with. My firm is a group, which controls several subsidiary companies. But how does this effect my company? What’s a subsidiary company? Although it may control these subsidiary companies it does not necessarily own all the equity within these companies. Originally I had been quite confused on this matter as I didn’t understand that even though the firm owned the subsidiary company, I thought it also meant it owned it entirely including all the equity. Obviously each firm/company are different though. To simplify there are four statements within the report: The balance sheet provides the information on a firm’s assets, liabilities, and equity for that year. The income statement shows the firms revenue and expenses for that year. The statement of changes in equity will advise the following for that year – The profit/loss for the period‘other’ comprehensive income Dividends/share payments to share holder/equity investorsThe cash flow statement shows the opening balance at the beginning of the year. Even though I don’t completely understand everything right now, I definitely feel like I have a better understanding. I’m excited to continue the reading and looking into the remainder of Chapter 3 and the remainder of the Chapters. Step 6: peer feedback sheet PEER FEEDBACK SHEET: ASS #1.Feedback From: Rhiannon Taylor Feedback To: Sharnie Lightbourne . CommentsStep 1 – KCQs N/A – Not provided. Step 2 Introductory words in description boxPhoto and descriptionLink to blog/set up blogDefinitely using Introductory Words in the description box. I was surprised to read that you’re in your final year and just doing this unit now. The blog link is easily copied and pasted, if you wanted to use it as a direct clickable link you would be able to do so by clicking on the picture of the unbroken chain in the description edit page and pasting the URL in the box that shows up. (It can be added as your “Web Page”). Your blog itself is very impressive, very colourful and laid out nicely. I can easily find the page I'm looking for and just as easily click it to get there.Step 3 Background information on companyComments/KCQ’s Comments on other’s blogsI really enjoy reading the Introduction. Comments on your business and KCQ's are evident, particularly analysis' of the business directly through observations it seems. Addition of annual reports is also terrific. I couldn’t fault them. Your three favourite blogs section have been set out nicely. Step 4Input company’s financial statementYour financial statement/reports seem to add up fine, everything is set out perfectly well also. There's nothing that seems to be in need of improvement here at all, well done!Step 5KCQ’sAgain, this step was completed to a high standard. You showed a lot of understanding from what you have learnt so far. Step 6Feedback to othersProvided and looks exceptional. Overall ASS#1 This assessment piece you've written is very impressive. I enjoyed how informative this text was and look forward to more work from yourself. Feedback From: Rhiannon Taylor Feedback To: Heidi KingCommentsStep 1 – KCQs N/A – Not provided. Step 2 Introductory words in description boxPhoto and descriptionLink to blog/set up blogYour intro was very well written. It kept me captivated and intrigued on reading further. I’d suggest going over with a spell check (I know it’s just a draft but there was a two words merged together). I couldn’t locate the blog link on your Moodle profile. The blog link is easily copied and pasted, if you wanted to use it as a direct clickable link you would be able to do so by clicking on the picture of the unbroken chain in the description edit page and pasting the URL in the box that shows up. (It can be added as your “Web Page”). Step 3 Background information on companyComments/KCQ’s Comments on other’s blogsI really enjoy reading the Introduction. Comments on your business and KCQ's are evident. Your three favourite blogs section have been set out nicely. You’ve prompted me to go have a look at them as they sound interesting and informative. Step 4Input company’s financial statementYour financial statement/reports seem to add up fine, everything is set out perfectly well also. I’d probably just suggest to remove the pounds on every line and just have it at the top to advise that all numbers would indicate pounds as it just makes the spreadsheet neater. (But that could just be me!) Step 5KCQ’s Excellent job on your KYC’s. You’ve included a good number of questions which also made me question more. I enjoyed how you related this back to a personal environment. Step 6Feedback to othersProvided and looks good. One thing I’d note is that in the feedback columns your font changes. It goes from Arial to Calibri. Might be a good idea to highlight it all and make it one font. As currently it appears a little messy this way. Overall ASS#1 Overall you’ve done a good job so far! Looking forward to what you do next with your company. Feedback From: Rhiannon Taylor Feedback To: Fahad TanveerCommentsStep 1 – KCQs N/A – Not provided. Step 2 Introductory words in description boxPhoto and descriptionLink to blog/set up blogYour intro was very well written. I was quite interested because of your background and where you plan to go with your studies. You’ve included the blog link in both your text and in the web page details. Step 3 Background information on companyComments/KCQ’s Comments on other’s blogsI really enjoy reading your Introduction. Comments on your business and KCQ's are evident and included quite thoroughly. Your three favourite blogs section have been set out nicely. I thought you may have gone into a bit too much detail in relation to their blogs but that may be just my opinion.Step 4Input company’s financial statementYour financial statement/reports seem to add up fine, everything is set out perfectly well also. I’d probably just suggest to actually sum up the totals instead of just typing in a total amount just to ensure the amounts were double checked. Nice and clear! Step 5KCQ’s I enjoyed reading your KYCS in regards to these two chapters. You’ve included a few KYCS which had me thinking. Step 6Feedback to othersThe layout of the columns are a little off and in some instances cut off words. It doesn’t appear that it would look proper when printed (even if done so with landscape). If you were printing this out as an assessment it should be more concise. Apart from that I enjoyed reading your feedback on your peer’s assessments. Overall ASS#1 I was quite surprised you’re studying a degree in business analyst. I didn’t really think this type of unit would apply but after reading your assessment I was too wrong. Excellent work on your draft. WELL DONE! ................
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