BUACC5932 Corporate Accounting Report Sample

BUACC5932 Corporate Accounting

This assignment is part of the continuous assessment and feedback. It is a group assignment with a maximum of three students. Please note again that as this is a group assignment and all students in the group are expected to work together and to contribute equitably. The group based case study report prepared on the basis of analysis of the annual report of the company allocated to the group and each student in a particular group will score same mark.

Objectives

The educational objective of this task is to develop student capabilities to read, interpret and analyse financial statements; to apply international accounting standards; to prepare a report on corporate financial performance; and to make judgments on applying appropriate accounting standards to different business situations. Your report should demonstrate ability to access online corporate information and analysis of accounting information. This assignment will involve the use of corporate annual reports, analysis of the relevant information provided within the reports, compare and contrast the information with the requirement of relevant accounting standards and finally reporting your observations and conclusion.

Tasks involved

1. Choose the latest annual report for any one of the following companies

Your group shall be allocated latest annual report of one of the following companies listed on the Australian Stock Exchange. Your group is required to answer following assignment questions for the company selected in a report format and also compare the findings of your company ( wherever necessary) with another competing company from the same industry selected by your assignment group ( Preferably from ASX 200
companies available at http://www.asx200list.com/ )

1. APA Group Stapled (Utilities)

2. Amcor Limited (Materials)

3. Blackmores Limited (Consumer Staples)

4. Cochlear Limited (Healthcare)

5. Crown Resorts Limited (Consumer Discretionary)

6. CSL Limited (Healthcare)

7. Fortescue Metals Group LTD (Materials)

8. Harvey Norman Holdings Limited (Consumer Discretionary)

• All annual reports are available on the website of these companies.

• Choosing a company other than those mentioned above is also permitted. You should consult with your lecturer.

• All accounting standards are available on online database or these standards can also be accessed on AASB web site (www.aasb.gov.au).

2. Draft a report incorporating the following points in relation to your selected company (not
exceeding 4,000 words).

Company- Introduction, Business & operating activities, Finances and Financial performance

• Describe the core business of the company. Provide full details of its different activities and or business segments.

• Discuss the industry that the chosen company operates in. For example, is it a growing or declining industry; which are the main competitors of the company and what are they doing, etc. Ensure you discuss the implications of these factors.

• How the company is funded vis-à-vis internal or external sources? Critically analyse the financial structure of the company?

• Describe key elements of Financial Performance reported by the company in the annual report.

• Has this company reported any event that occurred after the reporting date? Describe the event.

• Were there any changes in accounting policies disclosed in the annual report? If yes, describe those changes.

Assets – PPE and Intangibles

• What is the carrying amount of each class of Property, Plant, and Equipment, at reporting date, of your company?

• Describe the accounting policies relating to Property, Plant, and Equipment adopted by your company.

• Identify the intangible assets reported by the company. Discuss their composition and relevance to the company’s business.

• Describe the accounting policies relating to Intangible Assets adopted by your company.

• Are any items of Property, Plant, and Equipment, and/or Intangible Assets of your company impaired?

If so, identify which assets are impaired, and the amount of accumulated impairment losses.

Research component (suggested 1,500 words of total limit of 4,000 words)

• If your selected company publishes any corporate social responsibility report or sustainability report, then discuss some of their key initiatives regarding their social responsibility and sustainability

• Conduct search for any media stories, blogs or other commentary about your selected company’s initiatives. For example, do they place profit before people? Do they have any credible projects? Use your analytical skills to critically analyse these issues in relations to initiatives of selected company

• Why do you think corporate social responsibility and sustainability have become so important in the modern corporate world? Use any sources (books, journal articles, Parliament debates, Royal Commissions, media, blogs, etc.) and critically argue the case.

• How has Covid19 impacted operations of chosen company, its revenue and staffing. This information may not be available in annual report, but online search will show if there was drop in sales, if there was job losses and so on.

Note: It is important to refer to relevant accounting standards in your report to score high marks in this group assignment.

Solution

Introduction

This study aims in providing in-depth analysis of CSL Limited, global biotechnology company with headquarters in Australia. The study examines basic business operations, financial results, funding sources, asset accounting procedures, and sustainability and social responsibility initiatives of CSL. Study evaluates how COVID-19 epidemic has affected CSL's operations. As per the MBA Assignment Expert, CSL is engaged in biotherapy research and development, including the creation of goods for the management of severe and uncommon medical problems (Molloy, 2019). An overview of CSL Limited's primary business operations, including those of its divisions CSL Seqirus, CSL Behring, and CSL Plasma, is provided at beginning of research. The industrial activities and competitive environment of CSL are then covered in depth. Report analyses financial structure of company and discusses CSL's internal and external funding sources. The analysis also investigates CSL's accounting practices with regard to PPE and intangible assets. It looks at assets with impairments and importance of those impairments. The study also describes CSL's efforts in sustainability and social responsibility and evaluates how they will affect the business. The impact of COVID-19 pandemic affecting CSL's operations, including adjustments to income, recruiting, and supply chain disruptions, is also examined in this report.

Business and Operating Activities, Finance and Financial Performance

Core Business

CSL Limited is a multinational speciality biotechnology firm based in Australia that conducts research, develops, produces, and markets goods to treat, prevent and cure severe human medical illnesses. Blood plasma derivatives, vaccinations, antivenom, and cell culture reagents are among the product categories offered by CSL (Xie et al., 2020). These items are utilised in a variety of medical and biological research and production applications. Commonwealth Serum Laboratories was founded in 1916, and up to its privatisation in 1994, the Australian federal government owned 100 per cent of the business. CSL has firms in approximately 35 countries with employees in more than 100 nations, giving it a worldwide footprint. More than 100 nations sell the company's goods (Molloy, 2019).

Business activities

Figure 1: Business activities of CSL Limited

CSL Behring

CSL Behring discovers, develops, and offers the broadest range of products in the industry for the treatment of severe and uncommon diseases like haemophilia, vWD (von Willebrand disease), hereditary angioedema (HAE), and inherited respiratory disease. Additionally, CSL Behring medications are used in cardiac surgery, burn therapy, and urgent warfarin reversal.

CSL Seqirus

To satisfy the needs of varied global populations, CSL Seqirus offers a wide range of flu vaccines. Within New Zealand and Australia, CSL Seqirus is a leading supplier of specialised medications and in-licensed vaccinations (Gillespie et al., 2022). Furthermore, it is the only business in the world to offer the Australian government a unique range of products.

CSL Plasma

CSL Plasma has a network of plasma collection facilities in the US and Europe. These facilities gather plasma from donors, which is then used to create medicines that can save lives. For CSL Behring's services to have a steady supply of plasma, CSL Plasma is essential.

Industry Operations

CSL Limited works in the international biotechnology sector. According to a study by Grand View Research, this market will expand at an average annual growth rate (CAGR) of 10.4% from 2022 to 2028. Several factors, such as the following, are causing the biotechnology business to expand:

Figure 2: Expanding characteristics of biotechnology

Competitive Landscape

Takeda Pharmaceutical – The Company mainly focuses on the development of new treatments for rare diseases along with oncology. It also has recently acquired Shire, a company which develops treatments for rare diseases.

AbbVie - AbbVie is working on novel cancer and Alzheimer's medicines. Additionally, the company is expanding its geographic presence in China and Japan (Acosta et al., 2022).

Roche - Roche is working on novel cancer and MS medicines. Additionally, the company is increasing its geographic presence in emerging markets.

Implications of factors

- To grow its business, CSL will need to increase its geographic presence, particularly in emerging regions.

- To keep ahead of the curve, CSL will need to invest in emerging technologies such as editing genes and artificial intelligence.

- To differentiate itself in the industry, CSL must keep innovating while maintaining good product quality.

- Compliance with regulations is critical, and changes to them can have an impact on product development schedules and market access.

Sources of Funds

Internal Funding Sources

Operating Income

CSL obtains a significant percentage of its funding internally through core business operations. Revenues from the sale of plasma-derived medicines, vaccinations, and other healthcare items are included. Operating income is a consistent and recurrent source of funding.

Retained Earnings and Reserves

CSL has amassed significant reserves and retained earnings throughout the years. These funds can be used to fund the company's expansion, research, and development operations.

Cash Flow

CSL's ability to produce positive cash flows from its operations is an essential source of internal finance. The company's strong cash flow enables it to cover continuing capital expenditures, operational expenses, and debt obligations (RAJINDRA et al., 2021).

Figure 3: Sources of Funds for CSL Limited

External Funding Sources

Debt Financing: To raise outside funds, CSL Limited may issue company bonds or take out loans from financial institutions. Debt finance can give the business access to large sums of money for growth, acquisitions, or other essential projects (Nelaturu, Du & Le, 2022).

Equity Financing: CSL can raise money by issuing new stock shares in the form of either ordinary equity or preferred equity. This strategy reduces the shareholding of current shareholders while giving access to significant amounts of capital.

Partnerships & Collaborations: CSL may form alliances or teams with other businesses or institutes of higher learning. Such agreements may help to share the cost of innovation by providing funds for cooperative research and development initiatives.

Critical Evaluation of the Financial Structure of CSL

Financial stability - This is essential in the healthcare industry and is indicated by the company's reliance upon retained earnings and operating income. Growth and innovation are well supported by consistent cash flow through core operations.

Debt Management: Although debt financing can be advantageous for expansion, CSL must carefully control its debt levels and make sure that it remains sustainable and does not put a strain on the business's finances.

Shares Dilution: CSL should be careful to avoid excessively diluting the holdings of current shareholders when issuing new shares since this may undermine investor trust.

R&D investments: A fundamental component of CSL's financial structure is its dedication to R&D. This is necessary for innovation, but it also necessitates significant continuing expenditure. The business must make sure that its R&D investments result in successful and marketable products.

Global Expansion: Because CSL conducts business on a worldwide scale, geopolitical risks and currency changes may have an impact on its financial structure. Adequate diversification and hedging methods are crucial for controlling these risks.

Key Elements

Revenue: During the fiscal year that concluded on June 30, 2023, CSL's revenue scaled by 12%, reaching US$21.4 billion (CSL.com, 2023). Strong sales of the company's core goods, including immunoglobulins, albumin, and clotting factors, were the main contributors to this growth.

Profit after taxes: For the fiscal year that concluded on June 30, 2023, CSL's profit after taxes climbed by 15%, reaching US$3.2 billion (CSL.com, 2023). Substantial operating margin and revenue growth expansion were the main drivers of this expansion.

Cash flow from operations - For the fiscal year that concluded on June 30, 2023, CSL recorded US$3.7 billion within cash flow from operations. The company's prosperous activities were the main factor in this significant cash flow generation.

Any Event Occurred

No, CSL Limited has not filed a report for any occurrence that took place after the reporting date. Director's report for the fiscal year ending June 30, 2023, the most recent financial information for the company, was released on August 4, 2023. Any significant occurrences that take place after the reporting date except before the release of CSL's financial report must be disclosed. To guarantee that investors are given access to the most recent information on the company, this requirement has been put in place. There are no announcements regarding any significant events that happened after June 30, 2023, according to my search of CSL's website.

Changes in Accounting Policies

Yes, CSL Limited made one disclosure about a change to its accounting principles in its annual report during the fiscal year that ended June 30, 2023. AASB 2020-3 modifications to Australian Accounting Standards - Annual Improvements 2018–2020 and Other Amendments is a change that is being made (AASB, 2020-21). This change specifies how to account for business mergers, property, plant, and equipment, revenues received before intended use, burdensome contracts, and cost of performing contracts. The change also makes it clear that accounting policies relating to insignificant transactions, other occurrences, or situations themselves are minor and, as such, are exempt from disclosure requirements.

Significant changes made by AASB 2020-3:

Combinations of businesses - The amendment specifies how commercial mergers involving organisations under common control are accounted for.

Property, plant, and equipment - The amendment makes it clear how to take responsibility for money received before something is used for its original purpose.

Binding contracts – AASB 15 defines agreements that impose liability greater than anticipated economic benefits, which are referred to as onerous contracts, and the amendment specifies accounting for these types of arrangements (Aasb.gov.au, 2023).

Cost of carrying out a contract - The amendment defines how to account for expenses involved in carrying out a contract, such as the cost of labour, supplies, and other fees.

Cost of carrying out a contract - The amendment defines how to account for the expenses involved in carrying out a contract, such as the cost of labour, supplies, and other fees.

Immaterial transactions, additional occasions, or circumstances - The amendment makes it evident that accounting policies related to insignificant transactions, other events, or conditions themselves are minor and, as such, not obligated to be stated.

The adoption of AASB 24(a) and (b) 2020-3 by CSL is a move that is advantageous since it will ensure that the financial statements of the company are prepared in compliance with the most recent accounting standards (AASB 24(a) and (b), 2021).

Assets – Property, Plant and Equipment and Intangibles

Carrying amount of each class

As of June 30, 2023, CSL Limited's carrying amounts for each category are as follows:

The assets that makeup CSL's plant, property, and equipment are crucial to the company's operations. CSL makes significant investments in its assets to make sure it can satisfy the needs of its clients. The amount in which an asset is recorded on balance sheet is known as carrying amount of asset. It is calculated by deducting any cumulative impairment and depreciation losses and adding the asset's cost into all subsequent capital expenditures..

Accounting Policies Relating to PPE

The following are accounting principles that CSL Limited has implemented for Property, Plant, and Equipment:

Recognition - When a company is anticipated to get future financial advantages from an asset and when the cost of the asset can be precisely calculated, the asset is recognised as plant, property, and equipment.

Measurement - Plant, equipment, and property are evaluated at cost, minus cumulative depreciation and impairment losses. Cost is made up of the asset's purchase price along with any fees associated with moving the asset to its current location and condition.

Depreciation: Throughout an anticipated useful life, property, plant, and equipment are depreciated. Depending on type of asset, different assets have different expected useful lifetimes at CSL. Buildings, for instance, are thought to be useful for 5 to 40 years, whereas machinery and equipment are thought to be valuable for 3 to 30 years.

Impairment - Every year, CSL evaluates the condition of its property, plant, and equipment. An impairment loss is reported when the carrying value of an asset exceeds its recoverable value.

Reported Intangible assets

Trademarks - CSL is owner of several priceless trademarks, such as the CSL brand. These trademarks are significant to the business since they aid consumers in recognising the company's goods and services (As per AASB 136).

Patents - CSL has several patents on its goods and methods. These patents provide CSL an advantage while defending its intellectual property.

Software licenses - CSL has many third-party software licenses (Matheson & Kirkinis, 2021). The company's business activities depend on these software applications.

Customer relationships - CSL offers sizable clientele, which includes medical facilities including hospitals and clinics. Company values these customer ties because they give it a consistent stream of income.

Assets for research and development - CSL makes significant investments in this area. New goods, new procedures, and new technology are just a few of the valuable intangible assets that have been produced as a result of this investment.

Relevance to company

The business of CSL depends on intangible assets. Creation and production of CSL's products, as well as management of its customer interactions and supply chain, all depend on its software intangible assets. Value of CSL's links with customers is reflected in its intangible assets related to such interactions.
Accounting Policies relating to Intangible assets

Recognition

As per AASB 138 (18), when it is likely that an asset's subsequent economic benefits will accrue to business and when the cost of the asset can be accurately estimated, CSL recognises intangible assets.

Measurement

Intangible assets are valued by CSL at cost, less accrued impairment and amortisation and impairment losses. Cost consists of asset's acquisition price as well as any expenses incurred in transferring asset to its present placement and state (Xiong et al., 2022).

Amortisation

Intangible assets are amortised by CSL over their projected useful lifetimes. Depending on asset category, intangible assets of CSL have different expected useful lives.

Impairment

CSL evaluates the impairment of its intangible assets every year. An impairment loss will be reported if the carrying value of an asset is higher than its recoverable value (AASB 138 (8)). The amount recoverable is greater than the fair worth of the asset, less selling costs and value in use.
Assets impaired

Yes, CSL Limited have a number of intangible and physical assets that are impaired. As of June 30, 2023, the following table displays impaired assets and the total amount of cumulative impairment losses:

CSL periodically assesses assets for potential impairment. An impairment loss is reported when carrying value of an asset exceeds its recoverable value. The amount that could be recovered is lower than the asset's actual value, less selling costs, and value in use.

The business expects that impaired assets of CSL will continue to be used and produce cash flows in the future. Carrying amount for these assets have been altered to reflect their decreased cost as well as their fair value and value in use. The overall financial position of the company is not significantly impacted by CSL's impairment losses.

Research Component

Social responsibility and sustainability

Enhancing healthcare access: CSL strives to increase the number of individuals in poor nations that have access to healthcare. For example, CSL supports initiatives to increase immunisation coverage and distributes plasma products towards low- and middle-income nations.

Reducing its environmental impact - CSL is dedicated to minimising its negative effects on the environment (CSL.com, 2023). The company has set challenging goals to cut back on waste output, water use, and greenhouse gas emissions.

Promoting inclusion and diversity - CSL is dedicated to establishing an inclusive workplace. To support women as well as underrepresented groups within the workforce, the company has several types of different programs in place.

Access to healthcare and affordability - The access of patients to CSL's life-saving treatments and vaccinations is a priority for the company. To increase accessibility and affordability of its products, particularly to those having rare and chronic diseases, company has put in place patient support programs and partnerships.

Reducing environmental impact - The company has made a significant commitment to preventing climate change by setting a 40% reduction goal for emissions of greenhouse gases by 2030. In addition, CSL has established a target to promote sustainable water resource management by reducing water consumption through 20% by 2030 (CSL.com, 2023). It is lowering waste generation with the goal of a 10% decrease by 2030, demonstrating its dedication to reducing waste and encouraging more sustainable business strategy.

Search conducted

I looked for articles in the media, blogs, and other sources of commentary regarding plans of CSL Limited. Here are a few conclusions:

The activities of CSL are acknowledged for having a favourable effect on both people and environment:

The development and provision of COVID-19 vaccinations and therapies by CSL were lauded in a 2022 story in The Guardian (Legge & Kim, 2021). According to the report,
CSL had a "vital role" in the international response to the pandemic. Through its efforts, CSL not only exhibited its technical prowess but also revealed its dedication to helping people in need during times of distress. CSL's assistance was vital in tackling healthcare issues the virus caused as the epidemic spread around the world.

World Economic Forum acknowledged CSL for its dedication to sustainability in a blog post from 2023 (Weforum.org, 2023). According to a blog post, CSL was among the first businesses to publicly disclose net-zero emissions goals for the year 2050. This challenging goal demonstrated CSL's commitment to reducing environmental impact of its activities and cooperating with international initiatives to tackle climate change.

CSL has been under criticism for charging excessive pricing for certain of its goods:

CSL was accused of charging exorbitant pricing for plasma goods in Sydney Morning Herald report from 2022 (Koehn, 2023). According to the article, CSL's plasma product pricing was "significantly higher" compared to that of its competitors. Such allegations may cast doubt on the accessibility and affordability of necessary healthcare items, particularly those made from plasma that are critical for people with particular medical conditions.

The consumer protection organisation Public Citizen attacked CSL for charging excessive costs for hepatitis C medicine Harvoni in blog post from 2023 (Huang, 2023). According to the blog post, Harvoni is "one of priciest medicines in world." The drug Harvoni, created by Gilead Sciences to be distributed in some areas by CSL, is well-known for its exorbitant price. It is regarded as a very successful hepatitis C treatment, greatly enhancing patient outcomes and cure rates.

Critical Analysis of CSL's initiatives

CSL has a chequered history when it comes to sustainability and social responsibility. The business, on one hand, has variety of programs in place that benefit both environment and people. However, the company has come under fire for charging too much for some of its goods.

It's critical to remember that CSL is a profit organisation. This implies that the business must make money to satisfy its stockholders. CSL must take into consideration social and environmental effects of its economic operations, nevertheless.

Concerns have been raised about some of CSL's high product costs. Patients may need help to obtain the necessary treatments due to high costs. CSL needs to make an effort to make its products accessible to patients.

Importance of Corporate Social Responsibility

For a variety of reasons, sustainability and CSR (corporate social responsibility) have grown in significance in today's business environment.

Consumer expectations - Customers are placing greater emphasis on sustainability and social responsibility of businesses they support (ElAlfy et al., 2020). Customers are more inclined to purchase goods and services from businesses that are seen favorably by public.

Employee expectations - Workers are also putting more and more pressure on their employers to be ethical and sustainable. Companies that are regarded as being decent corporate citizens are inclined to attract and keep employees.

Investor expectations: Investors demands for socially conscious and environmentally friendly businesses are rising (Al Breiki & Nobanee, 2019). Investors are more inclined to invest money in businesses with a reputation for sound management and an outlook for the future.

Pressure from regulations: Governments all over the world are passing and implementing more rules about CSR and sustainability. This is because these issues are becoming more and more important.

Social and environmental issues: The globe is dealing with a number of environmental and social issues, such as poverty, inequality, and climate change. Businesses can contribute to solving these problems.

Impact of COVID 19 on operations of CSL Limited

CSL Limited's business activities have been significantly impacted by COVID-19 epidemic. The pandemic temporarily reduced demand for certain of CSL's products, including those employed in elective procedures. On the other hand, the pandemic is anticipated to boost demand for CSL's goods in the long run, particularly those utilised in plasma treatments and vaccinations. Sales of CSL's products used in elective procedures decreased in the early stages of the pandemic (Perreault & Levy, 2021). This resulted from a pandemic-related postponement of numerous elective procedures. However, during the pandemic, CSL saw an increase in sales of vaccinations and plasma therapy. The growing need for these goods to aid COVID-19 patients as well as immunise people against the virus was the cause of this. During the pandemic, CSL has also made significant investments in research and development.

Revenue

The COVID-19 pandemic has had some influence on CSL's revenue, but that impact has been rather minor. CSL's revenue for fiscal year that ended on June 30, 2023, was A$8.9 billion, compared to A$9.1 billion previous year.

Staffing

As a result of the COVID-19 epidemic, CSL has retained substantial amounts of jobs (Smallwood et al., 2022). In reality, company have increased number of employees recently. CSL hired an average estimated 27,000 people during the fiscal year that concluded on June 30, 2023, up from 25,000 during the previous financial year.

Additional effects

The COVID-19 pandemic is having a variety of additional effects on CSL's operations. For instance, the pandemic has caused supply chain disruptions and delays in clinical trials. Yet, CSL has taken action to lessen these effects, and business is still optimistic about the long term.

Overall

CSL Limited's business activities have been significantly impacted by COVID-19 pandemic. The company is nevertheless optimistic about its long-term potential despite the impact's relative modesty.

Conclusion

Above report analysis CSL Limited's main operations, financial results, and accounting practices. The COVID-19 pandemic's effects on company's operations, as well as its commitment to sustainable and social activities, were all examined. CSL Limited has proven its dedication to sustainability and innovation, placing a priority on creating medicines and vaccines that save lives. The company's financial record, with rising sales and earnings, underlines its position as major participant in biotechnology sector. CSL is still committed to improving healthcare access and minimizing its environmental impact, irrespective of some criticism over product pricing. The epidemic presented difficulties, but CSL overcame them by hiring more people and funding R&D. Overall, CSL Limited is prominent player in worldwide biotechnology industry due to its sound financial standing, careful asset management, and dedication to social responsibility. The pandemic increased demand for vaccinations and plasma therapies, underscoring the company's relevance during times of major global health crises even though other segments experienced brief setbacks. Additionally, CSL's dedication to social responsibility, sustainability, and global healthcare access corresponds to the shifting expectations of customers, employees, and investors. CSL's proactive approach augurs well for its long-term performance as regulations and social pressure for moral corporate practices grow. CSL Limited is a prominent leader in the biotechnology industry, poised for continuing expansion and beneficial contributions towards global healthcare thanks to its resilience, adaptability, commitment to innovation, and commitment to social responsibility.

References

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