Coca-Cola

4724 words 19 pages
TABLE OF CONTENTS

Executive Summary
1. Company Background 1. Coca Cola Amatil Brief Activities in Australia 2. Company’s brief financials 3. Company’s Strategy & Growth Drivers
2. Company’s Key Accounting Policies 1. Foreign currency translations (AASB 1012) 2. Inventories (AASB 1019) 3. Revenue (AASB 1004) 4. Changes in Accounting Policies (AASB 1001)
3. Flexibility in the Selection of Company’s Key Accounting Policies
4. Accounting strategy
5. Quality of Disclosures
6. Questionable accounting figures
7. Possibility to UNDO Distortions in the Accounting Numbers
8. CCA’s financial press
9. Conclusion
10. References
11. Appendices 1. Appendix 3: Flexibility in the selection of company’s key
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The Group operates in a number of diverse markets, and accordingly the terms of trade vary by country. Revenue is recognized net of the applicable amounts of value added taxes such as Australian goods and services tax.
2.4 Changes in Accounting Policies (AASB 138, 1001) The Group have adopted the following change in accounting policy on returnable containers. In the past returnable containers were reported as current assets held at deposit value. The excess cost over deposit value was reported as non-current assets. Given the nature of these assets, it has been decided to reclassify these assets totally as non-current assets. The returnable containers remain the property of the Group throughout their useful life. The life of the assets has been determined to be longer than one year.
The containers will be sold and returned a number of times during their life that is greater than one year. Accordingly, returnable containers are recognized as non-current assets and fully depreciated over their estimated useful life. No change to the net profit reported resulted. The financial impact of the change in the current year has resulted in a reclassification within the Statements of Financial Position and disclosure of the depreciation expense. Comparative information has been restated to reflect this change.

Another significant changing issue is the application of the AASB138, under the

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