7702AFE: Corporate Governance Principles and Recommendations - Accounting and Finance Assignment Help

Assignment Task:

Task:

What is “corporate governance”?
The phrase “corporate governance” describes “the framework of rules, relationships, systems and processes within and by which authority is exercised and controlled within corporations. It encompasses the mechanisms by which companies, and those in control, are held to account.” 1 Good corporate governance promotes investor confidence, which is crucial to the ability of entities listed on the ASX to compete for capital.
 

The purpose of the Principles and Recommendations

These Principles and Recommendations set out recommended corporate governance practices for entities listed on the ASX that, in the Council’s view, are likely to achieve good governance outcomes and meet the reasonable expectations of most investors in most situations.

The Council recognises, however, that different entities may legitimately adopt different governance practices, based on a range of factors, including their size, complexity, history and corporate culture. For that reason, the Principles and Recommendations are not mandatory and do not seek to prescribe the corporate governance practices that a listed entity must adopt.

The basis of the Principles and Recommendations – the “if not, why not” approach
Which governance practices a listed entity chooses to adopt is fundamentally a matter for its board of directors, the body charged with the legal responsibility for managing its business with due care and diligence2 and therefore for ensuring that it has appropriate governance arrangements in place. Under the Principles and Recommendations, if the board of a listed entity considers that a Council recommendation is not appropriate to its particular circumstances, it is entitled not to adopt it. If it does so, however, it must explain why it has not adopted the recommendation – the “if not, why not” approach.

PART A Demonstrate an understanding of Accounting and the Consolidated Statement of Financial Position
QUESTION A1 Inventory (5 MARKS- 150 words)
Refer to Consolidated Statement of Financial Position for Freedom Foods as at 30 June 2019 (p75):
a) What is the amount of inventories recorded as current assets for the year ended 30 June 2019 and what proportion of total assets is inventories (to two decimal places)?
b) What is the amount of inventories recorded as current assets for the year ended 30 June 2018 and what proportion of total assets is inventories (to two decimal places)?
c) Looking at Note 11 Current Assets – Inventories (page 88), how much is the provision for impairment?
d) In your own words what does a provision for impairment represent?
e) In Note 11, you can see that inventories are measured at the lower of cost and new realisable value. How is Net realisable value defined?

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