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摘要:澳洲财务分析论文-Woolworths Ltd: A Financial Analysis-I have learned about the implementation of international accounting standards through the......

澳洲财务分析论文Woolworths Ltd: A Financial Analysis
I have learned about the implementation of international accounting standards through the Advance Financial Accounting class.
Through this assignment, I have grasped additional knowledge on international accounting standards as never before. Prior to this assignment, my expectation on financial accounting is that it is uniform and standardized across the globe. After the research, I found that accounting standards differ in countries and the rationale behind local Generally Accepted Accounting Principles is linked to various factors, such as cultural factors and shareholding structure of the company. The most successful part in this submission is that I manage to summarize, analyze from a pile of previous research projects on this subject matter. Moreover, I am capable of developing a deeper understanding to the IFRS and the major controversies in adopting IFRS. However, several areas can be improved in this assignment. The least satisfactory part of the assignment is the breath of countries studied. Only 3 developed regions and 1 developing regions were studied in this submission. Increasing quantity of regions studied in this submission could certainly improve the understanding of the whole picture.

Table of Contents
1.0 Executive Summary 3
2.0 Introduction 3
3.0 Key Objectives 4
4.0 Theoretical background 4
5.0 Research methodology 4
6.0 Research findings 5
6.1 Geographical comparison 5
6.1.1 European Union 5
6.1.2 The United States 5
6.1.3 Canada 6
6.1.4 Korea 6
6.2 Comparison of adopting IFRS before and after the crisis 6
6.2.1 Adoption of IFRS – the cases of the United States 6
6.2.2. Korea 7
7.0 Research Limitations 8
8.0 Conclusion and Recommendations 8
9.0 References 9
10.0 Report reflection 10


1.0 Executive Summary
This report studies the financial statement of Woolworths and provides a valuation for the company, applying the approach suggested in the corporate finance literature, for instance, Bredley and Myers (2003). Empirical analysis showed that Woolworths is a defensive stock by applying regression analysis to the market returns. Based on the market data, the fair valuation of the firm is A$xx. Compared to the current market price, it is xx% above/below the fair valuation based on assumptions drawn from historical market data and financial reports. The firm is therefore undervalued/overvalued.
2.0 Introduction
This submission serves for several purposes. Historical price data of the company and the board market index are drawn from Yahoo! Finance to classify whether the stock is defensive or risky from their historical returns, based on the capital asset pricing model proposed by Sharpe (1963). Based on the slope obtained from the regression analysis, the cost of equity is determined in the preceding section.
3.0 Determine the cost of equity for the firm
To determine the cost of equity of the firm, a typical approach is to consider the use of capital asset pricing model

4.0 Cash Flow Forecasts
To determine the value of the firm, a necessary step is to forecast the future cash flow. Based on the pro-forma financial statements rebuilt in the previous section, the free cash flow analysis will follow the approach suggested by Damodaran (2007) and xx (2003).
5.0 Research methodology
This session outlines the research methodologies used in this submission. First of all, a set of regions will be studied in this report to give an outlook on the pace of implementation of IFRS around the globe. Next, this submission studies whether there has been changed in adopting IFRS by investigating the corporations, regulatory bodies and investors. Developing regions and developed economies will be compared in adopting IFRS so as to compare the factors affecting the pace of adopting IFRS.
6.0 Research findings
6.1 Geographical comparison
6.1.1 European Union
European Union has moved the ahead in adopting IFRS compared to other countries. In June 2000, the European Commission published the document, EU Financial Reporting Strategy: The Way Forward, which suggested that all publicly listed companies prepare their consolidated accounts in accordance with IAS by 2005. Given the scale of the pledge, more than 9,000 listed companies are now using IFRS when generating their consolidated financial statements, according to statistics compiled in the Danske’s (2006) research.
In addition, member states of the European Union (EU) allow companies to use IFRS for corporate income tax statements. Today, most EU countries require companies to generate reports that are in compliance with local Generally Accepted Accounting Principles (GAAP) for tax purposes, but those reports don’t have to be in compliance with IFRS. In practice, companies may be implementing IFRS, as local GAAP guidelines increasingly converge with IFRS.

本文标签: Woolworths LFinan

[斯坦福大学essay]澳洲财务分析论文-Woolworths Ltd: A Financial Analysishttps://www.0592w.com/lunwengs/16355.html

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