Company Overview:

Analyze the Financial and Accounting Issues in XYZ Company.

This report has been prepared to analyze the financial and accounting issues in a company. It is quite normal for a company o face accounting and financial issues in its routine life. There are various ways and techniques which is not accepted by the accounting board and used by the companies for convenience creates an issue for the company. It is required for every company to manage the accounts and finance according to the set rules and regulations to offer an exact result to the user of the reports and internal and external stakeholders of the company.

Accounting and financial rules have been set by the boards according to the international accounting and finance rules and regulations to make a common set of rules and regulations for every state and the companies. Singapore culture is diverse in nature. It has been found through analyzing the Singapore’s accounting board that the rules and regulations in Singapore are similar to the international rules and regulations.

More, in this report corporate governance of Singapore has also been studied to analyze the rules of corporate governance in the country. Company act of Singapore has briefed about the corporate governance code of the country which must be followed by every company in the state. Further, it has been analyzed that how the concerned company is applying corporate governance code in its business and what are the issues which could be faced by the company due to corporate governance code.

This report briefs the user about many issues which could be faced by a company due to many internal and external factors. Further, many other factors have also been analyzed on a Singaporean company to understand the factors of the company briefly. Further, this report briefs the user about the entire internal and external factor of the company.

For this report, XYZ plc has been taken into consideration. This company is operating its business functions in Singapore from last many decades. This company has been established in 1980. This company is operating in retail industry. Many stores and warehouses are operated by the company to manage and enhance the sales of the company. Further, this company also offers various services and products to its customers. This company is enhancing its productivity rapidly. Annual report of this company has also been analyzed and it has been found that the liquidity, profitability, capital structure, efficiency etc condition of the company is in the favor of the company or vice versa. Further, many other aspects related to finance and accounts has been analyzed over the company to make a better decision[1]. Following are the reports of the company:

XYZ Plc INCOME STATEMENT
Fiscal year ends in June. MVR In millions except per share data.	2016-06	2015-06	2014-06	2013-06	2012-06
Revenue	3954	3652	3484	3308	3128
Cost of revenue	3089	2854	2745	2610	2480
Gross profit	865	798	739	699	648
Operating expenses
Sales, General and administrative	1006	931	884	839	771
Other operating expenses	-361	-334	-336	-318	-284
Total operating expenses	644	597	548	521	486
Operating income	221	201	191	178	161
Interest Expense	4	6	9	10	14
Other income (expense)	1	1	0	1	1
Income before income taxes	218	196	183	168	148
Provision for income taxes	66	59	54	51	44
Minority interest			0	0
Other income			0	0
Net income from continuing operations	152	137	128	117	105
Other			0	0
Net income	152	137	128	116	105
Net income available to common shareholders	152	137	128	116	105
Earnings per share
Basic	1.51	1.36	1.27	1.16	1.05
Diluted	1.5	1.35	1.25	1.16	1.05
Weighted average shares outstanding
Basic	100	100	101	100	100
Diluted	101	101	102	101	100
EBITDA	263	241	227	211	193

XYZ Plc  BALANCE SHEET
Fiscal year ends in June. MVR In millions except per share data.	2016-06	2015-06	2014-06	2013-06	2012-06
Assets
Current assets
Cash
Cash and cash equivalents	52	49	43	67	40
Total cash	52	49	43	67	40
Receivables	98	81	71	64	58
Inventories	546	479	459	426	428
Prepaid expenses		4	4	4	5
Other current assets	6	3	2	2	2
Total current assets	703	617	578	564	534
Non-current assets
Property, plant and equipment
Other properties	419	385	366	333	301
Property and equipment, at cost	419	385	366	333	301
Accumulated Depreciation	-236	-208	-185	-152	-119
Property, plant and equipment, net	184	176	182	181	182
Equity and other investments		0	0	0	0
Goodwill	37	36	36	35	30
Intangible assets	49	49	49	49	49
Deferred income taxes	21	17	15	15	16
Total non-current assets	290	278	282	280	277
Total assets	992	895	860	843	811
Liabilities and stockholders’ equity
Liabilities
Current liabilities
Accounts payable	302	254	244	335	365
Deferred income taxes	11	9	8	15	4
Deferred revenues			29
Other current liabilities	134	117	70	93	70
Total current liabilities	447	380	352	442	439
Non-current liabilities
Long-term debt	110	139	180	124	150
Other long-term liabilities	31	32	33	33	37
Total non-current liabilities	141	171	213	158	187
Total liabilities	588	552	565	600	627
Stockholders’ equity
Common stock	49	57	58	63	62
Retained earnings	328	269	220	169	118
Accumulated other comprehensive income	27	18	16	12	5
Total stockholders’ equity	405	343	295	243	185
Total liabilities and stockholders’ equity	992	895	860	843	811

XYZ Plc Statement of  CASH FLOW
Fiscal year ends in June. MVR In millions except per share data.	2016-06	2015-06	2014-06	2013-06	2012-06
Cash Flows From Operating Activities
Other non-cash items	185	180	41	156	215
Net cash provided by operating activities	185	180	41	156	215
Cash Flows From Investing Activities
Investments in property, plant, and equipment	-52	-42	-36	-35	-46
Property, plant, and equipment reductions	0	0	1	1	1
Acquisitions, net		-2	-3	-4
Net cash used for investing activities	-52	-44	-38	-38	-45
Cash Flows From Financing Activities
Long-term debt issued			54
Long-term debt repayment	-30	-40		-26	-84
Common stock issued	6	3	22	1	4
Repurchases of treasury stock	-13	-5	-26
Cash dividends paid	-93	-87	-77	-65	-77
Other financing activities	0	-1	0	-1	0
Net cash provided by (used for) financing activities	-131	-130	-28	-91	-158
Effect of exchange rate changes	0	0	1	1	0
Net change in cash	3	6	-24	28	12
Cash at beginning of period	49	43	67	40	27
Cash at end of period	52	49	43	67	40
Free Cash Flow
Operating cash flow	185	180	41	156	215
Capital expenditure	-52	-42	-36	-35	-46
Free cash flow	133	137	5	121	169
Supplemental schedule of cash flow data
Cash paid for income taxes	-66	-60	-61	-40	-49
Cash paid for interest	-4	-6	-7	-9	-13

XYZ Plc INCOME STATEMENT

Stakeholders of the company are those people or parties who are related to company through any monetary or non monetary relationship. Stakeholders are the main parties of the company. Mostly, shareholders are the main stakeholder of an organization. Shareholders are the investors who have invested their money into the company to raise the invested amount. Shareholders interests get affected with every change in the operations and business functioning of the company[3]. It is required for every shareholder to analyze the financial and non financial data of the company and then make an investment into the business of an organization.

Through analyzing over XYZ plc it has been found that the performance of the company is enhancing rapidly. Minor changes have been faced by the company from last 5 years due to many internal and external issues. It has been found that from last 2 years, economy of the state is getting fluctuate due to international market and it is also impacting over the financial condition of the company. Following are the details over the financial data of the company from last 5 years which will depict the user about the liquidity condition, profitability situation, solvency analysis, efficiency situation etc.

Computation of ratio analysis
Liquidity ratio	2016	2015	2014	2013	2012
Current ratio	1.572706935	1.623684211	1.642045455	1.2760181	1.216400911
Quick ratio	0.351230425	0.363157895	0.338068182	0.312217195	0.241457859
Working capital	256.0	237.0	226.0	122.0	95.0	8%
Profitability Ratios	2016	2015	2014	2013	2012
Operating Profit Margin	9.578907436	10.37102957	10.87112514	11.44951632	12.10837596	0.792122137
Net Profit Margin	0.038442084	0.037513691	0.03673938	0.035066505	0.033567775	-0.000928393
Return on Capital Employed	69.5	73.5	74.6	94.5	101.8	4.048276476
Return on Equity	0.375308642	0.39941691	0.433898305	0.477366255	0.567567568	0.024108268
Return on Total assets	0.153225806	0.153072626	0.148837209	0.137603796	0.12946979	-0.000153181
Solvency Ratios				[4]
Capital structure ratio	2016	2015	2014	2013	2012
Debt- equity	1.455445545	1.609329446	1.915254237	2.469135802	3.407608696
Interest coverage ratio	9468.75	6312.5	4208.333333	3787.5	2705.357143
Activity ratio
Efficiency ratio	2016	2015	2014	2013	2012
Receivable turnover ratio	44.17877095	48.05263158	51.61481481	54.2295082
Creditor turnover ratio	11.11151079	20.5323741	9.481865285	21.0483871
Inventory turnover ratio	6.027317073	35.2345679	6.203389831	40.78125
Assets turnover ratio	4.190779014	4.161823362	4.091603053	4
Computation of return on capital invested
Particular	2016	2015	2014	2013	2012
ROCI	-13.03214596	-10.29929577	-10.29281278	-19.62365591	-23.52941176

Through, above are the details of the company which has been faced by the company from last 5 year. These details would help the entire stakeholders of the company to make decisions about the company. Ratio analysis assists every stakeholder of a company to investigate the relevant information and make a better decision about the company’s performance and their investment into the company.

Here, liquidity position of the company depict about the ability of the company which is useful for the company to met its short term obligation, this information is required by the debtors, creditors and short term investors of the company to analyze the short term financial situation of the company. Here, it has been found that the current ratio of the company has been decreased from last year but has been enhanced from 2012. Currently, the current ratio is 1.57 which depict that company is utilizing the minimum resources at maximum level. Further, it has been found that the quick ratio of the company has also been improved from last 5 years. Company is managing a 0.35 of quick ratio in 2016 which depict that 35% of total liabilities could be paid by the company quickly which a standard rate is according to the industry. Further, working capital management of the company depict about the improvement in the working capital from last year as the operations of the company has been enhanced so it is also required for the company to enhance the working capital to run the business smoothly[5].

XYZ Plc BALANCE SHEET

More, profitability position of the company depict about the ability of the company to earn the profits in its short term period as well as long term period, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the operating profit margin ratio of the company has been decreased from last year and it has also decreased from 2012. Currently, the ratio is 9.57 which depict that company is earning 9.57% of total revenue as a profit. Further, it has been found that the net margin ratio of the company has also been decreased from last 5 years. Company is managing a 0.038 of quick ratio in 2016 which depict that 3.8% of total sales could be retained by the company as net profit of the company. Further, return on capital employed of the company has been analyzed which depict about the total return to the stakeholders over the capital employed of the company. It has been found that the return on capital employed ratio of the company has also been decreased from last 5 years due to less profit[6]. Return on equity and return on total assets have also been analyzed to offer the information to the stakeholders of the company. The return on equity depicts about the total return to the equity holders of the company. It has been analyzed that the return amount has been lower due to less profit and return on total assets depict about the relationship about the revenue and the assets of the company and it has been found that the return on total assets ratio has been enhanced from last year.

Here, solvency ratio of the company depict about the ability of the company to manage the capital structure of the company in long term period, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the debt equity ratio of the company has been decreased from last year and has also been decreased from 2012. Currently, the debt equity ratio is 1.45 which depict that company is managing the 1:1.45 ratio of debt and equity. Further, it has been found that the interest coverage ratio of the company has also been decreased from last 5 years. Company is managing a 9468.75 of interest coverage ratio in 2016[7].

XYZ Plc Statement of CASH FLOW

More, activity position of the company depict about the ability of the company to efficient the activities and business functioning of the company, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the receivable turnover ratio of the company has been decreased from last year and it has also decreased from 2012. Currently, the ratio is 44.17. Further, it has been found that the creditor turnover ratio of the company has also been decreased from last 5 years. Company is managing an 11.11 of creditor turnover ratio in 2016. Further, inventory turnover ratio of the company has been analyzed which depict about the total time period in which the inventory is ordered by the company for further production. It has been found that the return on inventory turnover ratio of the company has also been decreased from last 5 years due to less profit and strategy changes of the company. Asset turnover ratio of the company has also been analyzed to analyze the asset condition in the company[8]. The asset turnover ratio has been analyzed and found that the 4.19 times the revenue of the company is higher than the total average assets of the company.

Lastly, return on capital invested of the company depict about the ability of the company to pay the returns to the investors in its short term period as well as long term period, this information is required by the debtors, creditors, banks, financial institutes, suppliers, short term and long term investors of the company to analyze the short and long term financial situation of the company. Here, it has been found that the ROCI of the company has been enhanced from last year and it has also enhanced from 2012. Currently, the ratio is -13.03 which depict that company is paying -13.03% of total revenue as a dividend to the shareholders.

Further analysis has been done over the company’s financial and accounting data to analyze the process of preparing the financial statement of the company. It has been analyzed through study over the accounting and financing books, it has been found that there are many issues which could be faced by an organization due to the final statements of the company and the process through which these statements are created by the company. It has been found through this study that it is required for every company to understand the accounting concept deeply and prepare the data accordingly. For it, companies could hire a professional accountant, who has knowledge about the accounting rules and regulations so that the financial report and accounting analysis could be done easily in the company.

In concern of XYZ plc, it has been found that there are various issues in the process of preparing the final financial data of the company which is depicting wrong information to the user. It has been found that company is not following entire rules and regulations perfectly. It has also been found that company is required to look over the international regulations too while preparing the final data. It has been evaluated that company is making changes into many techniques every year just to depict wrong information to the stakeholders so that they could be impressed through the company and make an investment in the company.

In the reports of the company, it has been found that company is not focusing over the conceptual framework totally. Company is still using some traditional approach to prepare the financial reports while new policies have been implemented by the country for the listed companies to prepare the final financial reports accordingly. It has been analyzed that the depreciation methods used by the companies to depreciate the machineries and other fixed assets of the company are not same in each year. Company makes the changes in it according to the convenience. Further, it has also been analyzed that company is not focusing over the conceptual framework totally[9]. Company is still using some traditional approach to prepare the financial reports while new policies have been implemented by the country for the listed companies to prepare the final financial reports accordingly. Further, GAAP rules have been studied and found that there are many rules of GAAP have not been accepted by the company and still it is working like before. Lastly, the assumptions which have been taken by the company while making financial and accounting decision analyzed. The issues of the company are as follows:

Depreciation is a tool which is used by the companies to figure out the exact value of fixed assets of the company. Depreciation over the assets includes a significant part of the assets in many organizations. Depreciation could have an important effect in presenting and determining the results of operation of this organization. The depreciation objective is to stipulate the depreciation accounting treatment[10].

Depreciation accounting rules and regulation depict that property, equipments and plants of the company must be depreciated, and it does not consider the natural resources of the company. Goodwill of the company must not be depreciated. Depreciation is the distribution of depreciable amount over an asset in estimated useful life. It is charged in a financial year through the net profit of the company either directly or indirectly[11].

In this case of XYZ Plc, it has been found that depreciation techniques used by the company are quite similar according to the depreciation accounting standard but the consistency of depreciation methods have not been followed by the company[12]. It has been found that in each year, company make changes in the depreciation % as well as depreciation techniques.

Such as in 2013, company has used straight line method to depreciate the equipments but in 2015, company has changed the method and applied diminishing method to depreciate the equipments of the company. Further, it has been found that various changes have been made by the accountant of the company to make the attractive financial data. It has been found through analyzing over the depreciation techniques of the company, it has been found that company wanted to reduce the tax charges and enhance the net profit of the company thus it had made changes into the depreciation techniques.

Depreciation also creates an issue for the company n terms of selecting the total estimated useful life and take assumption about the scrap value of the company. MASB also depict that it is required for every company to disclose the depreciation technique in its annual report while preparing the financial reports[13]. Company is required to depict entire information related to depreciation such as the estimated life of an asset, residual value of the asset, scrap value of the assets; depreciation allowed in a period, gross depreciable amount in a financial year etc must be disclosed by the company in its annual reports.

Through the annual report of the company, it has been analyzed that there are various points which have not been mentioned by the company in its annual reports. It has been found through this report that the annual report of the company is not depicting the entire information about the depreciation of the company[14]. It has been found through the reports that the accountant of the company is either have less information about the accounting standards or he is pressurize by the company to make the annual reports more attractive and thus he ignored many accounting regulations[15].

Basically, it is not some rules and regulations or accounting standards which makes the principles and concepts to assist the accountant or the top level manager in preparing the final statements and annual reports of the company. Consequently, conceptual framework is a set of regulations and rules which should be concerned in a firm while making the financial statements and annual reports of the company[16]. It makes sure about the financial statements reliability to the external stakeholders of the company. 

MASB has launched a framework to help out the accounting professionals to prepare and present the financial statements in 1989. This framework has been known as conceptual framework. This conceptual framework locates the conception which positions the preparation and presentation of statements of final financial reports for the external as well as internal stakeholders[17]. It also assists a firm to prepare and present the financial statements with the assistance of many international rules and regulations; it offers depth information about the preparation and presentation of final statements as well as it also considers the accounting standards.

Conceptual framework assists the auditors in shaping their own opinion about financial statement of a firm. It assists financial statements user to understand the figures according to their requirement.

Internal users of final financial statement and annual reports of a firm are top level managers like production manager, finance director, marketing manager etc. These financial concepts are used by the firm to make decision about future strategy. Every stakeholder considers the financial statements for different objectives. Like a manager could look for decision making, entrepreneur for the objective of growth and development of business, personnel for the reason of take an idea about financial performance and health of the firm. Creditors of the company analyze the risk; politics and government look to examine the tax return[18]. It has been explained about 4 characteristics, which are as below:

• Understandability
• Relevance
• Reliability
• Comparability[19]

In the case of XYZ plc, it has been found that the company is not following the conceptual framework while presenting and preparing the final reports of the company. It has been found through an analysis over the annual report of the company that company is taking many assumptions while preparing the reports rather than it must consider the conceptual framework to maintain the financial detail of the company[20]. Further, it has been found that this framework is not followed by the company due to the accountant of the company. Either the accountants have less information about the accounting standards or they are pressurized by the company to make the annual reports more attractive and thus he ignored many accounting regulations.

GAAP rules are also known as generally accepted accounting principles. GAAP is a compilation of commonly-followed standards and rules of accountants for financial and accounting reporting[21].

GAAP specifications contain explanation of principles and concepts, as well as some rules related to industry. The main purpose of GAAP is to make sure that the reporting of financial and accounting figures are consistent and transparent from one firm to another[22].

There is no general GAAP customary and the particulars vary from one location (geographical) to another. In the Singapore, the MASB permissions that financial reports hold on to GAAP necessities. The IFRS, IASB, FASB, MASB etc boards stipulates GAAP general and the GASB (Governmental Accounting Standards Board) describes GAAP for local and state government[23]. Companies which are publicly traded must observe with both GAAP and SEC requirements.

Many states around the globe have espoused the IFRS (International Financial Reporting Standards)[24]. It has been designed to offer a worldwide framework to public limited companies to prepare and reveal their financial statements and reports. Accepting a single set of accounting global standards simplifies the procedures of accounting for international countries and offers auditors and investors with a unified view of investments.

In the case of XYZ plc, it has been found that the company is not following the global standards while presenting and preparing the final reports of the company. It has been found through an analysis over the annual report of the company that company is taking many assumptions while preparing the reports rather than it must consider the conceptual framework to maintain the financial detail of the company[25]. Further, it has been found that these GAAP standards have not been followed by the company due to the accountant of the company[26]. Either the accountants have less information about the accounting standards or they are pressurized by the company to make the annual reports more attractive and thus he ignored many accounting regulations.

Fundamental accounting assumptions or basic assumptions mean the accounting conceptual which have been concerned and chased while recording and presenting the financial information. As required information’s are different from stakeholder to stakeholder, firm to firm and condition to condition so it could be said that assumption varies.

Basically, there are 3 assumptions which are considered by the companies while preparing and presenting their financial data. Following are there assumptions:

• Going concern concept
• Accrual concept
• Consistency

Further, some accountants depict that there are 5 assumptions which must be used by the companies, which are as follows:

• Business entity concept
• Going concern concept
• Accruals concept[27]
• Money Measurement concept
• Consistency

Though, through the MASB, it has been analyzed that following assumptions could be used by the company for preparing and presenting the financial information of the company:

• Going concern – this assumption depict that the business will always run.
• Accrual basis of accounting – this statement depict that entire financial statements apart from the cash flow statement must be made according to the accrual basis[28].
• Consistency – this statement depict that consistency in classification and presentation must be there while preparing the financial statement.
• Materiality– this statement depict that material class of same items which are presented individually[29]
• Offsetting – this statement depict that assets alongside incomes and liabilities against the expenses which could not be offset except required or permitted by IAS.

Among the above five, beginning 3 are of more importance as they has been least affected by requirements of IAS and situation of the business.

Singapore corporate governance and issues regarding the Singapore corporate governance to the company:

Singapore corporate governance has been studied to analyze the corporate governance. It is a procedure which is apprehensive about how firms could be managed, how managers are administered, what queries could be faced by BOD and the responsibility a firm corporation has to shareholders. Corporate governance is an important aspect which is followed by the companies to manage the effectiveness of the company and meet its social responsibilities[30]. It has been found through the reports that it controls over entire matters of the company. It assists the company to manage the contribution and development of the firm. Singapore corporate governance offers the good relations and policies to the companies to adopt and enhance their business functioning.

 In this case, it could be investigated that the XYZ Plc has been able to execute efficient corporate governance that directs the firm to become more spirited in the market. According to the investigation over the retailing industry of Singapore and XYZ Plc the issues has been concerned that the board must include the skill level and care which is expected from the directors and insufficient financial necessities and requirements. It has been analyzed that board of directors and managers are working on the same phase to resolve these issues[31]. 

In positive aspects terms, the board of director, managers and other employees of the company has been capable to manage entire stuffs of the company and also manage the competitive performance of XYZ Plc. The BOD (board of directors) of this firm makes sure that entire actions of the company are legal and stick to business ethics. Further, they also make sure that the social responsibility of the company is also included with their responsibilities.

Hence, the firm has some positive aspects as well as some negative aspects. One of which remains to the concept that, due to the inconsistencies and mistakes of the entity who is involved, it could not be assured always that there would be no errors or losses which would occur[32]. In capability to grip the differences and diversities also makes a negative aspect which could be attached with corporate governance practice of the company. Lastly, incapacity to make sure shareholder worth is one more negative aspect of the firm. It could be said that shareholders value must be enhanced. Lastly, it could be concluded that these corporate governance practices help the company and individual to maintain the competitive advantages of the company[33].

Conclusion:

Thus through this report, it could be concluded that Accounting and financial rules have been set by the MASB boards according to the international accounting and finance rules and regulations to make a common set of rules and regulations for every state and the companies. Singapore culture is diverse in nature. It has been found through analyzing the Singapore’s accounting board that the rules and regulations in Singapore are similar to the international rules and regulations[34].

More, in this report corporate governance of Singapore has also been studied to analyze the rules of corporate governance in the country. Company act of Singapore has briefed about the corporate governance code of the country which must be followed by every company in the state. Further, it has been analyzed that how the concerned company is applying corporate governance code in its business and what are the issues which could be faced by the company due to corporate governance code[35].

This report briefs the user about many issues which could be faced by a company due to many internal and external factors[36]. Further, many other factors have also been analyzed on a Singaporean company to understand the factors of the company briefly. Further, this report briefs the user about the entire internal and external factor of the XYZ plc

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