BMAN31610 - Corporate Financial Communication and Valuation - Stock Market Performance - Corporate Social Responsibility - Finance Report Writing Assessment Answer

Assessment Task:

BMAN31610 - Corporate Financial Communication and Valuation Report Writing Assessment Answer

Personal Case Study Project

The main aim of this project is to study the annual report and financial reporting practices of a UK listed a company for a period of five years and six annual reports to provide an indication on their usefulness to shareholders and other stakeholders and in relation to stock market performance.  

The identity of your personal case company will be given to you by the project convenor (Dr Mike Strivens) at the beginning of the semester.

You will need to consider all aspects of the annual report including the financial statements and the narrative content.  The lectures on Earnings Manipulation in Semester 1, and Financial Communication in Semester 2, will provide an introduction to the theoretical frameworks that researchers use to understand the accounting and disclosure choices of firms.  In addition, you should think about the kind of information that your firm would need to disclose to explain its business strategy and business model to investors (see Semester 1 lectures on Business Strategy).  The technical training you have had throughout your degree can be used to bring the relevant and appropriate tools and analysis to the project.  

BMAN31610- Main Tasks (NB: this is not intended as a complete report structure though tasks 2 to 9 below could be such in the results and analysis section):

1.    Download the annual reports of your case company that were published during 2018, and five prior years’ annual reports.  If the 2019 report is available by February 2019, then use that.  
2.    Using DataStream stock returns data summarise and discuss the stock market performance of your company over the period starting from six months prior to the financial year end of your first annual report and ending two months after the financial year end of the last annual report in your sample.  Relevant comparisons with nearest competitor are mandatory. 
3.    Compare the reported financial performance of the firm against its stock market performance over the relevant period.  Relevant comparisons with nearest competitor are mandatory. 
4.    Summarise the main features of your first and last annual report. Identify any major changes in the section headings, length, and content of the latest annual report compared with your earliest annual report.  Where you find major changes, try to work out in what year these changes first occurred – a stacked bar graph would be a good way to show how the structure changes over the research period.
5.    Describe and discuss the information provided in the latest annual report that helps you understand the firm’s business model and business strategy. Outline any other information that could be useful for understanding the firms’ business model and strategy.
6.    Focusing on the front-end narrative content of the six annual reports, to what extent do these narratives provide forward-looking statements that might be useful for predicting future financial performance? Discuss whether the use of forward-looking statements changed over time. Relate your findings to the firm’s stock market performance.
7.    Focusing also on the narrative content of the six annual reports, to what extent do these narratives contain statements that may be indicative of impression management by the firm? Relate your findings to the firm’s stock market performance. For this part focus on the “Highlights” section, Chairman’s Statement, and performance review sections (e.g. operating and financial review, financial review, CEO review, CEO statements etc.).
8.    Briefly discuss the information about the firm’s approach to Corporate Social Responsibility disclosed in the latest annual report in your sample. 
9.    Focusing on the six sets of financial statements, the notes to the financial statements, the auditor’s report, and the accounting policies, consider whether there is any evidence of the use of accounting discretion/accounting choice that might potentially have misled investors. Discuss whether there are there any red flags. Relate your findings to the firm’s stock market and reported performance.
10.    Write up your findings in the form of a business report including an Executive Summary.  The main body of your report should consist of a maximum of 13 (A4) pages of DOUBLE SPACED 12pt Font text with NORMAL margins.  In addition, your report should contain a maximum of 12 pages of figures, graphs, and thoughtfully chosen extracts from the annual reports of your case company. You should also include a reference list at the end of your report citing relevant papers and any other literature you have used.  Thus, in total your main report should be about 25 pages long plus the title page, table of contents and list of references, so a maximum of 28 pages in total.  Penalties will be applied if either part of your report exceeds the page limits specified above. 

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