Amcor Limited is Australian based packaging company that provides its services in various countries in the world. The company was established in the year 1986 through renaming the Australian Paper manufacturing company. Primarily, the company is engaged in 2 broad lines of the packaging products, these are flexible and rigid plastics. Flexibles are inclusive of the hospital and pharmaceuticals supplies, drink pouches and food pouches. On the other hand, the rigid plastics are inclusive of packaging for pharmaceuticals, homecare products, personal care products and food products. The company has 12 senior executives in its management board and Mr. Ron Delia is the managing director and CEO of the company. Amcor Flexibles received 2 awards from the Flexible Packaging Associations on 3rd March 2015 in Annual Achievement Award. Further, it received the Gold Award under the technical innovation category for Dessiflex that is exceptionally effective for removing moisture and retarding moisture in the sealed package (Amcor.com 2018).
Coca-Cola Amatil falls under the biggest bottlers for non-alcoholic ready to drink beverages. In the year 1904, the company established as Tobacco Company under the name of British Tobacco (Australia) and got listed under the Australian Stock Exchange during 1972. It has diversified portfolio for the products that includes spring water, soft drinks, fruit juices, energy drinks, flavoured milk, iced tea, SPC Ardmona, Goulburn valley ready to eat vegetables and fruit snacks, tea and coffee. The company has 12 members in its management board and Mr. David Gonski is the chairman of the company. The company received 6th Annual Contractor of the year (COTY) awards held in Auckland on 17th April (Ccamatil.com 2018).
Evolution Mining is the leader and focussed in growth aspect with regard to the mining of Australian gold. The company was established during the year 2011 for forming the mid-tier gold producer in Australia by merging Conquest Mining Ltd and Catalpa Resources Ltd. The company operates and owns 5 gold operations. 3 out of that are situated in Queensland, 1 in Western Australia and 1 is in South Wales. Its diversified portfolio for growth and combining production made it 2nd largest gold miner under ASX. The company has 10 members in their director’s board and Jacob Klein is the executive chairman of the company. Owing to the achievements of the company it was declared as the winner of NSW Mining safety Excellence Award in august 2017, RIU Explorers Conference and Craig Olive Award in February 2017, Dealer Award at the Diggers and Dealers in August 2016 (Evolutionmining.com.au 2018).
One of the largest Mining and Metal Corporation in world, Rio Tinto is the Australian – British multinational company. It is the global leader in metal and mining division with more than 55000 employees from all over the world. Primarily, the company is organized into 4 operational businesses and is divided by the type of product. Main products of the company are Copper and Diamonds that includes copper and various by products like silver, gold, sulphuric acid and molybdenum, Aluminium that includes bauxite, alumina and aluminium, Iron ore and Energy and Minerals that includes uranium and coal interests and industrial minerals. The board of directors includes audit committee, nominations committee, remuneration committee, chairman’s committee, sustainability committee and independent committee. Further, for the 3rd time in last 4 years the company building public trust award owing to the industry leading report for taxes paid. It also received Corporate Leadership Award from the Canadian American business council (Riotinto.com 2018).
As per AASB 15, revenue is recognized while the control on services or goods is passed to the customers at the amount that will reflect consideration to which the company expects to receive in exchange of services or goods. Work to date focussed on Amcor’s main streams for revenue with regard to flexible as well as rigid plastics through reviewing the arrangements with the customers for identifying the impacts of new standard and for developing the accounting policy for rolling out the group (Holland 2016). Revenue is recognized by Amcor Limited at the point of time while the customers gain the control over packaging goods that is not different materially from the revenue recognition under the present standards that is AASB 15.
Revenue is measured and recognized by Coca-Cola Amatil at fair values of the total consideration reduced by discounts. Revenue is recognized only when the significant rewards and risks of the ownership of goods passed to the buyer and the revenue amount can be reliably measured. The rental income from the hire of equipment is accounted for on the straight line method over the rental contract term. Further, the revenue from the maintenance and installation of equipment is recognized after the service is performed and when the amount can be reliably measured.
Evolution Mining recognizes its revenue generated from sales while Revenue is recognized only when the significant rewards and risks of the ownership of goods passed to the buyer and the revenue amount can be reliably measured. Revenue is calculated at the fair values of consideration receivable or received. Adjustments to the price of sales are based on the movements in the quoted price in the market till the date of the final settlement (Jin, Shan and Taylor 2015). The company generally takes 1 to 3 month time between the provisional invoicing and the final settlement. Further, the revenue generated from the sales that is provisionally priced is recognized on the basis of projected fair values of the receivable total consideration.
Rio Tinto recognizes its sales revenue only when – (i) the significant rewards and risks of the ownership of goods passed to the buyer (ii) the revenue amount can be reliably measured (iii) costs to be incurred or incurred with regard to the sales can be reliably measured (iv) it is likely that economic benefits associated with sale will be flown to the company. In most of the cases the revenue is recognized only after the goods are delivered the location that is specified by customer.
Assets are recognized by Amcor limited at cost reduced by depreciation and the impairment losses, if any. Cost includes the expenditures that are attributable directly to the acquisition of item and the subsequent costs incurred for replacing the eligible parts for capitalization. The company provides depreciation on straight line method over the projected useful life of asset. In case of leased asset or leasehold improvements the depreciation is provided over the lease period or useful life of asset, whichever is lower. Further, the asset is derecognized when the asset is disposed or when it is established that no economic benefits can be expected from the use of the asset. Difference among the carrying value and disposal proceeds are recognized as other income or as administration and general expenses.
The inventories under assets of Coca-Cola Amatil are stated at lower of net realisable value and cost. Cost is calculated on standard, average or FIFO method whichever seems appropriate. Net realisable value is estimated price of selling under the ordinary course of the business reduced by the selling expenses and cost incurred for completion (Bond, Govendir and Wells 2016). Fixed assets are recognized by the company at cost reduced by depreciation and the impairment losses, if any. The company provides depreciation on the fixed assets on straight line method and calculated over the projected useful life of asset.
Evaluation Mining recognizes its fixed Assets at cost reduced by depreciation and the impairment losses, if any. Cost includes the expenditures that are attributable directly to the acquisition of item and the subsequent costs incurred for replacing the eligible parts for capitalization. However, the freehold land is recorded at the cost. The asset is derecognized when the asset is disposed or when it is established that no economic benefits can be expected from the use of the asset. Any loss or gain from de-recognition is reported in the profit and loss statement in the period under which it is derecognised. The company provides depreciation on the fixed assets on straight line method reduced by the residual value, if any and is calculated over the projected useful life of asset.
In accordance with IAS 16, Rio Tinto recognizes its fixed Assets at cost reduced by depreciation and the impairment losses, if any. Further the property, equipment and plant cost includes the projected restoration costs and close down costs that may associated with the asset, if applicable (Chalmers et al. 2012). The company provides depreciation on the fixed assets on straight line method reduced by the residual value, if any and is calculated over the projected useful life of asset.
Amcor Limited recognizes the interest bearing liabilities initially at the fair values reduced by the transaction cost expensed. Further, the foreign currency liabilities are carried out at the amortised cost and translated at the exchange rate at the reporting date (Aldamen and Duncan 2012). After the initial recognition the foreign currency liabilities and interest bearing liabilities are measured at the amortised cost. Further, the interest bearing liabilities are recognized as current liabilities except for those that have the option to defer the settlement for at least 12 months of period.
Liabilities for trade and other payables are recorded in the account by Coca-Cola Amatil for the amounts that is payable with regard to the services rendered or goods received, whether it is billed on the reporting date or not. Further, the borrowings are initially recognised at the fair values at the settlement date and thereafter at the amortised cost taking into consideration the effective method for interest after deducting the associated costs of transactions.
Evolution Mining recognizes the interest bearing liabilities initially at the fair values reduced by the transaction cost expensed and subsequently it is measured at the amortised cost taking into consideration the effective method of interest rate. Any losses or gains are recognized under the profit and loss statement while liabilities are de-recognized (Perera and Chand 2015). Further, the accruals and trade creditors are presented as the liabilities for the services and goods provided to group prior to the closing of financial year that remains unpaid.
Rio Tinto recognizes the financial liabilities and borrowings initially at the fair values reduced by the transaction cost expensed and subsequently the liabilities are amortised at cost. Further, the deferred tax liabilities are recognised in the acquisitions.
It is concluded from the above discussions that all the 4 companies from manufacturing sector as well as mining sector prepare their financial statement on the going concern basis and as per the International IFRS (Financial reporting Standards) that is released by IASB (International Accounting Standard Board) and various interpretations issued by IFRS. All the companies follow AASB 15 for recognition of revenues and the revenue is recognized while the control on services or goods is passed to the customers at the amount that will reflect consideration to which the company expects to receive in exchange of services or goods. Revenue is measured and recognized at fair values of the total consideration reduced by discounts. Revenue is recognized only when the significant rewards and risks of the ownership of goods passed to the buyer and the revenue amount can be reliably measured. All the companies follow IAS 16 for recognition of their fixed Assets and it is valued at cost reduced by depreciation and the impairment losses, if any. Moreover, all the companies provides depreciation on the fixed assets on straight line method reduced by the residual value, if any and is calculated over the projected useful life of asset. The companies recognize financial liabilities and borrowings initially at the fair values reduced by the transaction cost expensed.
However, it is found that except Rio Tinto all the other companies do not provide performance review for past 5 years. Therefore they are recommended to provide it in their annual report which in turn will assist the investors to make a comparison with the competitors and measure the performance trend of the company
Aldamen, H. and Duncan, K., 2012. Does adopting good corporate governance impact the cost of intermediated and non?intermediated debt?. Accounting & Finance, 52(s1), pp.49-76.
Amcor.com., 2018. Amcor - Investor Relations - financial information and ASX announcements. [online] Available at: https://www.amcor.com/investor-relations [Accessed 1 Jan. 2018].
Bond, D., Govendir, B. and Wells, P., 2016. An evaluation of asset impairment decisions by Australian firms and whether this was impacted by AASB 136.
Ccamatil.com., 2018. Coca-Cola Amatil [online] Available at: https://www.ccamatil.com/-/media/Cca/Corporate/Files/Annual-Reports/2017/CCA181-Annual-Report-2016-low-resolution.ashx [Accessed 1 Jan. 2018].
Chalmers, K., Clinch, G., Godfrey, J.M. and Wei, Z., 2012. Intangible assets, IFRS and analysts’ earnings forecasts. Accounting & Finance, 52(3), pp.691-721.
Evolutionmining.com.au., 2018. – Evolution Mining. [online] Available at: https://evolutionmining.com.au/2017/ [Accessed 1 Jan. 2018].
Holland, D., 2016. Simplifying income recognition for not-for-profit entities. Governance Directions, 68(11), p.666.
Jin, K., Shan, Y. and Taylor, S., 2015. Matching between revenues and expenses and the adoption of International Financial Reporting Standards. Pacific-Basin Finance Journal, 35, pp.90-107.
Perera, D. and Chand, P., 2015. Issues in the adoption of international financial reporting standards (IFRS) for small and medium-sized enterprises (SMES). Advances in Accounting, 31(1), pp.165-178.
Riotinto.com., 2018. Rio Tinto. [online] Available at: https://www.riotinto.com/investors/downloads-16678.aspx [Accessed 1 Jan. 2018].
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