Homework Help is Here – Start Your Trial Now!
Business
Accounting
Notes 2022 2021 S'000 $'000 Continued operations Revenue 17 256,146 233,186 Cost of sales (150,897) (127,208) Gross profit Expenses Selling and distribution costs Administrative expenses Impairment reversal on trade receivables 105,249 105,978 (60,554) (62,936) (16,252) (17,615) 358 18 (76,448) (80,533) 28,801 25,445 Operating profit before restructuring costs Restructuring cost comprising: 30 Net gain (impairment) of property, plant and equipment Manpower cost Gain on curtailment and settlement Other expenses 4,493 (2,145) (31,528) 10,752 (14,272) (3,423) (30,555) (5,568) Operating (loss) profit after restructuring costs (1,754) 19,877 Finance income (expense)-net 20 101 (635) Other income 19 7,028 5,391 Profit before tax 5,375 24,633 Taxation credit (expense) 21 4,394 (7,702) Profit from continued operations 9,769 16,931 Profit from discontinued operations, net of tax 171,881 Profit for the year 9,769 188,812 Notes 2022 2021 S'000 S'000 ASSETS Non-current assets Property, plant and equipment Retirement benefit asset Deferred tax asset 8 4,285 8,943 9(i) 99,142 137,039 10 14,250 6,459 117,677 152,441 Current assets Inventories 11 29,250 26,808 Taxation recoverable 7,575 7,575 Trade and other receivables 12 63,988 102,948 Due from related companies 13 74,491 176,388 Cash at bank and in hand 171,778 118,132 Assets held for sale 31 58,146 347,082 489,997 464,759 642,438 Total assets EQUITY AND LIABILITIES EQUITY Stated capital 14 26,244 26,244 Property revaluation surplus 36,568 Retained earnings 311,319 414,131 337,563 476,943 Total equity LIABILITIES Non-current liabilities Retirement and termination benefit obligation 9(ii) 3,085 6,989 Lease liabilities 27 1,979 605 Deferred tax liabilities 10 ༤ 29,105 40,104 34,169 47,698 Current liabilities Trade and other payables 15 72,280 63,400 Lease liabilities 27 711 4,170 Due to related companies 13 14,878 31,528 Provisions for other liabilities 16 5,158 15,750 Liabilities directly associated with the assets held for sale 31 2,949 93,027 117,797 Total liabilities 127,196 165,495 Total equity and liabilities 464,759 642,438

Notes 2022 2021 S'000 $'000 Continued operations Revenue 17 256,146 233,186 Cost of sales (150,897) (127,208) Gross profit Expenses Selling and distribution costs Administrative expenses Impairment reversal on trade receivables 105,249 105,978 (60,554) (62,936) (16,252) (17,615) 358 18 (76,448) (80,533) 28,801 25,445 Operating profit before restructuring costs Restructuring cost comprising: 30 Net gain (impairment) of property, plant and equipment Manpower cost Gain on curtailment and settlement Other expenses 4,493 (2,145) (31,528) 10,752 (14,272) (3,423) (30,555) (5,568) Operating (loss) profit after restructuring costs (1,754) 19,877 Finance income (expense)-net 20 101 (635) Other income 19 7,028 5,391 Profit before tax 5,375 24,633 Taxation credit (expense) 21 4,394 (7,702) Profit from continued operations 9,769 16,931 Profit from discontinued operations, net of tax 171,881 Profit for the year 9,769 188,812 Notes 2022 2021 S'000 S'000 ASSETS Non-current assets Property, plant and equipment Retirement benefit asset Deferred tax asset 8 4,285 8,943 9(i) 99,142 137,039 10 14,250 6,459 117,677 152,441 Current assets Inventories 11 29,250 26,808 Taxation recoverable 7,575 7,575 Trade and other receivables 12 63,988 102,948 Due from related companies 13 74,491 176,388 Cash at bank and in hand 171,778 118,132 Assets held for sale 31 58,146 347,082 489,997 464,759 642,438 Total assets EQUITY AND LIABILITIES EQUITY Stated capital 14 26,244 26,244 Property revaluation surplus 36,568 Retained earnings 311,319 414,131 337,563 476,943 Total equity LIABILITIES Non-current liabilities Retirement and termination benefit obligation 9(ii) 3,085 6,989 Lease liabilities 27 1,979 605 Deferred tax liabilities 10 ༤ 29,105 40,104 34,169 47,698 Current liabilities Trade and other payables 15 72,280 63,400 Lease liabilities 27 711 4,170 Due to related companies 13 14,878 31,528 Provisions for other liabilities 16 5,158 15,750 Liabilities directly associated with the assets held for sale 31 2,949 93,027 117,797 Total liabilities 127,196 165,495 Total equity and liabilities 464,759 642,438

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Evaluate the company’s latest annual financial statements (balance sheet, 
income statement, and cash flow statement) and comment on the company's 
financial performance and position. In your response, use the requirements of 
IAS 1 as a guide.
b) Identify and discuss key accounting principles and standards applied in the 
company’s financial reporting process indicating their reasons for choosing these 
and how they were applied. Comment briefly on the appropriateness of the 
choices made given the company’s industry, location and type (e.g. MNC, 
regional conglomerate, etc.)
c) Critically analyze any significant accounting policies and estimates disclosed in 
the notes to the financial statements. In your answer, indicate whether the 
company complied with the accounting standards and conventions.

Notes 2022 2021 S'000 $'000 Continued operations Revenue 17 256,146 233,186 Cost of sales (150,897) (127,208) Gross profit Expenses Selling and distribution costs Administrative expenses Impairment reversal on trade receivables 105,249 105,978 (60,554) (62,936) (16,252) (17,615) 358 18 (76,448) (80,533) 28,801 25,445 Operating profit before restructuring costs Restructuring cost comprising: 30 Net gain (impairment) of property, plant and equipment Manpower cost Gain on curtailment and settlement Other expenses 4,493 (2,145) (31,528) 10,752 (14,272) (3,423) (30,555) (5,568) Operating (loss) profit after restructuring costs (1,754) 19,877 Finance income (expense)-net 20 101 (635) Other income 19 7,028 5,391 Profit before tax 5,375 24,633 Taxation credit (expense) 21 4,394 (7,702) Profit from continued operations 9,769 16,931 Profit from discontinued operations, net of tax 171,881 Profit for the year 9,769 188,812
Transcribed Image Text:Notes 2022 2021 S'000 $'000 Continued operations Revenue 17 256,146 233,186 Cost of sales (150,897) (127,208) Gross profit Expenses Selling and distribution costs Administrative expenses Impairment reversal on trade receivables 105,249 105,978 (60,554) (62,936) (16,252) (17,615) 358 18 (76,448) (80,533) 28,801 25,445 Operating profit before restructuring costs Restructuring cost comprising: 30 Net gain (impairment) of property, plant and equipment Manpower cost Gain on curtailment and settlement Other expenses 4,493 (2,145) (31,528) 10,752 (14,272) (3,423) (30,555) (5,568) Operating (loss) profit after restructuring costs (1,754) 19,877 Finance income (expense)-net 20 101 (635) Other income 19 7,028 5,391 Profit before tax 5,375 24,633 Taxation credit (expense) 21 4,394 (7,702) Profit from continued operations 9,769 16,931 Profit from discontinued operations, net of tax 171,881 Profit for the year 9,769 188,812
Notes 2022 2021 S'000 S'000 ASSETS Non-current assets Property, plant and equipment Retirement benefit asset Deferred tax asset 8 4,285 8,943 9(i) 99,142 137,039 10 14,250 6,459 117,677 152,441 Current assets Inventories 11 29,250 26,808 Taxation recoverable 7,575 7,575 Trade and other receivables 12 63,988 102,948 Due from related companies 13 74,491 176,388 Cash at bank and in hand 171,778 118,132 Assets held for sale 31 58,146 347,082 489,997 464,759 642,438 Total assets EQUITY AND LIABILITIES EQUITY Stated capital 14 26,244 26,244 Property revaluation surplus 36,568 Retained earnings 311,319 414,131 337,563 476,943 Total equity LIABILITIES Non-current liabilities Retirement and termination benefit obligation 9(ii) 3,085 6,989 Lease liabilities 27 1,979 605 Deferred tax liabilities 10 ༤ 29,105 40,104 34,169 47,698 Current liabilities Trade and other payables 15 72,280 63,400 Lease liabilities 27 711 4,170 Due to related companies 13 14,878 31,528 Provisions for other liabilities 16 5,158 15,750 Liabilities directly associated with the assets held for sale 31 2,949 93,027 117,797 Total liabilities 127,196 165,495 Total equity and liabilities 464,759 642,438
Transcribed Image Text:Notes 2022 2021 S'000 S'000 ASSETS Non-current assets Property, plant and equipment Retirement benefit asset Deferred tax asset 8 4,285 8,943 9(i) 99,142 137,039 10 14,250 6,459 117,677 152,441 Current assets Inventories 11 29,250 26,808 Taxation recoverable 7,575 7,575 Trade and other receivables 12 63,988 102,948 Due from related companies 13 74,491 176,388 Cash at bank and in hand 171,778 118,132 Assets held for sale 31 58,146 347,082 489,997 464,759 642,438 Total assets EQUITY AND LIABILITIES EQUITY Stated capital 14 26,244 26,244 Property revaluation surplus 36,568 Retained earnings 311,319 414,131 337,563 476,943 Total equity LIABILITIES Non-current liabilities Retirement and termination benefit obligation 9(ii) 3,085 6,989 Lease liabilities 27 1,979 605 Deferred tax liabilities 10 ༤ 29,105 40,104 34,169 47,698 Current liabilities Trade and other payables 15 72,280 63,400 Lease liabilities 27 711 4,170 Due to related companies 13 14,878 31,528 Provisions for other liabilities 16 5,158 15,750 Liabilities directly associated with the assets held for sale 31 2,949 93,027 117,797 Total liabilities 127,196 165,495 Total equity and liabilities 464,759 642,438
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS