The memo aims to discuss some of the important aspects from the financial statements of Capilano and addressing of the same to the board of directors clearly stating about some of the technical issues in the consolidation process. The memorandum to the board of directors has included the specific intricacies of the consolidation to the board and the possible avoidance of the general terms management. It has to be further noted the important aspects of the report has been stated from the annual report of the company.
The main operation of Capilano Honey has been seen in terms of sourcing of network of over 600 loyal beeking families across Australian. The supplies of the company have been seen with 30 years. The operations of the company include the preservatives from the refined range of products. The composition of the different range of the products includes Capilano Classic Honey, Capilano Beeotic, Capilano Manuka Honey, Capilano Premium Selections and Capilano Creamed and pot set. In the recent itmes the Australian honey maker has been further seen to be in the joint venture with Comvita, with the immediate effect. This has been further seen to be based on the unrealized benefit from Queensland-based operations (Capilanohoney.com. 2017).
The main reason for the preparation of the financial statement has been able to present the results of the financial position and the operations for the parent company. One more subsidiaries as if they are considered as an individual entity as it was a single company. Consolidation is seen to be necessary as the corporation own the majority of the stock for another corporation with the outstanding common stock management. The main form of the accounting principle has been applied with the preparation of the separate financial statements. It needs to be further considered that the individual company is seen to maintain individual accounting records. The parent company of Capilano had to prepare consolidated financial statements to be more useful in consideration of the individual financial transactions.
The issued capital has included opening balance. The opening balance of the ordinary shares in 2017 has been further seen to be 9457481 valued at $ 24586831 for the parent company. The subsidiary of the company has been further seen to be considered as per the 8597121 shares valued at $ 8228220. The share issued has been further seen to be 860360 valued at $ 16777020. The closing balance of the shares has been further seen to be $ 24532156 with total of 9457481 shares. The subsidiary company has been seen to be having a share capital of $ 24586831 with total of 9457481 shares. It has been further identified to be owned by Capilano.
It has been discerned that the published set of the financial report is not seen to reveal the policy on corporate governance, audit committees, solvency and sustainability. However, the company publishes the corporate governance documents in form of separate entities. Some of the main form of the corporate reports published by the company includes corporate governance statements, board charter, audit and compliance report, human resource and remuneration report of the common charter. Some of the various types of the other report of the company have been seen in terms of the inclusion of Honey supply and industry. Hence the company has considered all the aforementioned aspects in separate reports.
Minority interest is that non-controlling interest (NCI), which has been identified with less than 50% of company’s equity of another company. For the purpose of accounting, minority, the fractional share of the company has been seen be considered less than 50% of the voting tights. The minority interest is able to show the noncurrent liability stated in the balance sheet with the majority of the interest represented as proportion of its subsidiaries. This is seen to be owned by the minority shareholders. Some of the main form of interpretations from the annual report has suggested that the company maintains as separate entity hence it does not need to specify non-controlling interest.
The goodwill is seen to be carried at cost, less the accumulated impairment losses. The Goodwill has been further seen to be calculated with the excess of the transfer of the acquisition date based on the fare value of the net identifiable assets. The Goodwill as per the acquisition of the subsidiary is further seen to be included in the intangible asset. The impairment of the goodwill and the intangible assets has been further seen to be considered as per indefinite lives of the assets. The company is not seen to be having any goodwill on 2017.
The functional currency has been considered as per the consolidated entity has been further seen to be measured based on the currency in the primary economic environment in which the members are seen to operate. The consolidated financial statement has been further seen to be considered as per the monetary items and the same has been translated at the end of each year based on the exchange rate. The foreign currency items of the company are further seen to be translated at the end of each year and the non-monetary items are seen to be measured with the historical cost and carried at the exchange rate.
At the end of the financial year it has been seen that the different type the consideration made for the disclosures for the directors and key management personnel is based on the remuneration disclosure. The main disclosure for the directoras and executives remuneration has shown cash salary and fees, various types of the non-monetary benefits, bonuses and the post employment benefits for the super-annuation. The contracts associated to the insurance are further seen to prohibit the disclosure and the nature of cover. The board has taken various initiatives for Continuous Disclosure Policy to ensure the compliance with the disclosures under the Corporations Act 2001 (Capilanohoney.com. 2017).
On the aforementioned considerations it can be expected that all the issues have been resolved. If there is any other query kindly revert for further details.
Capilanohoney.com. (2017). [online] Available at: https://www.capilanohoney.com/uploads/Corporate/annual-reports/pdf/2016:Annual%20Report.pdf [Accessed 29 Aug. 2017].
Capilanohoney.com. (2017). Our Range. [online] Available at: https://www.capilanohoney.com/au-en/our-range [Accessed 29 Aug. 2017].
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