Financial Accounting Essay

Submitted By Anaavramovska
Words: 4568
Pages: 19

Table of Contents

Executive Summary 3

Introduction 4

Cash Flow 5

Reasons behind choosing Cash Flow of Crown Plaza limited 5
1.Cash and Cash Equivalents and disclosure 5
2.Classification of cash flows 6
3.Notes attached to the Cash Flow statement of Crown Plaza ltd. 7
NOTES : 7
Conclusion For Cash Flows of Crown Plaza Limited 10

Leases of Crown Limited 10

Reasons for Choosing Lease of Crown Plaza Ltd. 10
Accounting Standard for Lease 10
Compliance of Crown Plaza to this Standard AASB 117 11
Notes Attached Regarding Lease 11
Conclusion for Leases for Crown Plaza ltd. 12

Statement of Change in Equity for Crown Plaza ltd . 12

Reasons for Choosing Statement of Change in Equity 13
Compliance with the standard AASB 101 13
Conclusion for Statement of Change in Equity 14

Intangible Assets for Crown Plaza ltd. 14

Reasons for choosing Intangible Assets 14
Compliance of Crown Plaza ltd with AASB 138 14

Conclusion 16

Reference : 17

Executive Summary

In this report we have analysed four aspects from the annual report of one of the top 300 company on the ASX list – Crown Plaza ltd. Our analyses is a combination of AASB standards linked with the segment of the Annual report that is concerned by those standards .The aim of this report is to show the compliance of Crown Plaza ltd with the Australian Accounting Standard Board Framework.

Introduction

Crown Limited is one of Australia’s leading entertainment groups.
Crown Limited took membership of all the gaming assets, which was previously owned by Publishing and Broadcasting Limited (PBL) in 2007. Their main business and their investments are consisted in the resorts sector. Despite owning and operating two of Australia’s leading integrated resorts, one being the Crown Entertainment Complex in Melbourne and the second one being Burswood Entertainment Complex in Perth, they also own and operate the Aspinalls Club in London. They also hold a great interest in Macau Crown Entertainment Limited, which operated casinos and hotel properties in Macau. In addition to all this, Crown Limited also owns a range of gaming systems that they have taken up to add to their existing core businesses. These include interests in Betfair Australasia Pty Ltd, Cannery Casino Resorts LLC, Aspers Holdings (Jersey) Limited, and other North American Investments.
Crown Entertainment Complex in Melbourne is one of the world’s largest integrated resorts in the southern hemisphere. It consists of casinos, hotels, function rooms, restaurants, shopping, and entertainment facilities. The casino alone features 2500 electronic gaming machines and they also have approval to operate 500 table games. They also operate one of the largest single-site VIP operations in the world. Also they have three hotels that offer about 1600 rooms, which include their 31 luxury villas.
Crown Limited took ownership Of Burswood Entertainment Complex in Perth in 2004. Its an integrated resort with casinos, two international hotels, a state of the art convention centre, Burswood Dome which contain 20000 seats, and award winning food and drinks outlet. The casino is approved for 2000 electric games and 220 table games. Like the Complex in Melbourne, Burswood Entertainment Complex also has wide VIP clients. Burswood is the only entertainment spot in Western Australia to offer electronic games and table games.
Due to all this reason and the fact that this company is listed among the Top 300 on the ASX list we have decided to analyse part of their financial statements and see how they complies with the AASB standards.

Cash Flow

Cash flow is a financial statement that provides reconciliation of opening and closing cash including ‘cash in hand’ and cash equivalents.
AASB 107 Cash Flow Statements is an Australian Equivalent International Financial Reporting Standard (AIFRS)
The standard behind the cash flow statement is AASB 107. The objective of this standard is…