Hello everyone, attached is my current draft as you can see it looks a lot like my posts. Because it is, I thought by adding this; people can review my layout and formatting. Keep in mind that the formatting will be better in MS Word, and the document doesn’t transfer as well as I hoped.
I’ve also attached my excel spreadsheet, once again I apologizes about the formatting.
If you think I can do better or have found any issues please let me know. I’m especially interested in the excel as it caused me all sorts off issues due to the accounting standard change.
ACCT11059 Accounting, Learning and online communication
Assessment 1
Term 3 2019
Evan Redward
Student ID 12125083
Step 2: Update Moodle profile and accounting blog.
Hello, to view my updated Moodle page please click HERE.
To view my ACCT11059 Accounting click HERE.
Step 3: About my company
Attached is links to my company SDL
Background information and introductions (from blog posts)
Time has already flown past as we are already hurtling towards December and week 3 of University.
After being busy with work and bushfires I have finally been able to spend some serious time on Uni and assessment 1 for my Accounting, Learning and Online Communication unit.
I have been a bit overwhelmed with the assessment criteria and felt it was quite wordy and difficult for me to read, but after reading it through a few times and breaking it down I think I am on top of it. I know its long post, but I think it provides an excellent guide for this assignment.
We have been given an assessment consisting of five steps.
- Step 1 was to write down my ideas, reflections and reactions to reading the introductions and Chapter 1 in the study guide. This was due in week 1, and I scored well below my own expectations. Upon reflection of my reflection, I would probably reflect on the businesses in my hometown of Gordonvale and apply the key concepts to them. I was also a little rushed do to my work schedule.
- Step 2 was to set up my Moodle page, this was relatively straight forward, and if you want to view this please see the link at the bottom of this post. We were also tasked with setting up a blog. I have some experience with this as I posted my adventures working in the Pilbara and having a sabbatical in Canada. If you can read this blog post I have obviously met the minimum requirements of setting this up, I won’t put a link-up because I think you have already found what you are looking for.
- Step 3 is learning about my company I have been given, SQL. I am honestly a bit disappointed as I have noticed Rosenbauer on the list and being a firefighter that would have been a awesome company to be allocated. I will write a full post about SQL, but it appears to be primarily a language translation and software company. My task will be to find background information on the company by using online content primarily the companies website and annual report, provide some commentary and KCQ’s and to provide some comments on other peoples blogs.
- Step 4 will be to input the companies financial statements onto the excel spreadsheet template, the annual reports for this company are quite long and with a lot of content that may slow down this process. I’m hoping the International Accounting Standards (IAS) will help guide me through this content.
- Step 5 will be KCQ’s this has been interesting as this has been my second semester I have noticed that every unit has its own way of doing this, for example, my economics unit uses DADA (Define, Assumptions, Diagrams, Critical Analysis). It all seems to be following a similar narrative to ask the right questions, assess the data and provide an informed opinion on the subject.
- Step 6 will be to provide feedback to other students. This will be interesting to see what other people think of my work. I hope people are critical rather than being overly kind as I believe this will better help me understand the content rather than not understanding and blissfully submit below par work.
Do you think I am on track with this assignment I look forward to your comments?
I have the privilege of doing my assessment on SDL.
The first question I had was what SDL is? SDL stands for Software and Documentation Localization however over time it has more become more ambiguous to suit the more broad services it delivers in 2019. (SDL, 2018)
SDL was started in 1992 by Mark Lancaster after identifying a need for a technology provider to provide a service to help companies expand globally. (SDL, n.d.)With the rise of the internet and everyone becoming more globally connected SDL was well placed to leverage this and is now an integral part language translation services for 90 of the 100 global brands. (SDL, n.d.) At 31st of December 2018 with a turnover of 323.3 million pounds and an Operating Profit of 18.9 million pounds. Although SDL has offices all around the world with its headquarters based out of Maidenhead, United Kingdom. SDL is a publicly-traded company on the London Stock Exchange.
I have attached a YouTube video of the SDL story, which gives you a brief summary of the brand image they want to portray.
SDL appears to have ties almost every major online website on the internet so what software or service is SDL providing to make them so integral to these websites.
The first thing I did was do a quick google search, interestingly SDL produces very little news outside the content they provide and the usual share price analysis, because of this I decided to focus most of my research on the SDL website to help me better understand the company. (SDL, n.d.)
SDL focuses its software packages in three primary areas;
- Web integration by providing SDL Tridion Sites,
- Document control by providing SDL Tridion Docs and,
- Translation management through SDL Language translation
With these three software packages, it appears that SDL provides something similar to a Microsoft Office suite of software with these products being able to integrate and work with each other to provide the desired outcome. As with Microsoft providing apps to make their software easier to integrate and use for certain tasks, SDL also provides this similar service for their software.
Continuing with Key Concepts and Questions I will continue to unpack the company and investigate how the three main software packages work and why they have become an integral part of so many businesses.
Step 4/5: Company’s financials and KCQ’s
Please see the annual reports attached in Step 3 on page 1 of this assignment.
The company spreadsheet will be attached to the same location where Assessment 1 was submitted.
Annual reports and KCQ’s
Reviewing and entering the financials from the SDL annual reports has proved to be a difficult one. I first ran into difficulties finding what details were even supposed to be entered into the company spreadsheet. After comprehensively reading the reports, I found the SOCIE as the Company Statement of Changes in Equity, the Balance Sheet as you guessed it the Balance Sheet. And the Income Statements as Consolidated Statement of Profit and Loss for 2018, Consolidated Income Statement for 2017 and 2016, the name change will make sense later in the post.
I fumbled around utilizing the video by Maria as guidance, and I believe I have completed what is required minus adding broken the down revenue, which is shown in notes on my Annual summary. I think what she was saying in regards to this will make more sense in assessment 2. I do have genuine concerns that I am not getting my head around this as it seems we have gone from describing a balance sheet to completing a company spreadsheet without too many details in-between.
The weekly zoom sessions are often lousy timing for me due to work commitments which doesn’t help the situation.
My company also changed its accounting practices from IAS 18 revenue, IAS 11, construction contract and IFRIC 13 customer loyalty to IFRS 15. This changed the method to which they workout their accounting standards and reporting, for instance, in the 2018 report, they restated the 2017 report with the new standards to align with the most current report. Prior to this, my company spreadsheet will show two standards and has caused some headaches with entering the details. Also, when researching these standards, this change may affect SDL, for instance, SDL may provide a lease for a translation software package that includes a certain amount of hours with a translator to assist in the package. This may change how profit reporting patterns are entered.
KPMG has some excellent information on IFRS 15, which I will link here.
Don’t get me wrong I have enjoyed the challenge and am embracing SDL and its reporting challenges, I have just felt that I have been learning to run before I can even crawl in the accounting world.
Step 6: Individual feedback with others
References
SDL. (n.d.). Retrieved from SDL: sdl.com
SDL. (2018, Oct 1). The SDL story. Retrieved from youtube: https://www.youtube.com/watch?v=77QNF5_OMbs
| SDL | ||||
| Statements of Movements in Equity | ||||
| Years ended 31 December | ||||
| 2018 | 2017 | 2016 | 2015 | |
| £m | £m | £m | £m | |
| Opening Balance | 172.2 | 197.2 | 129.1 | 128.7 |
| IFRS 15 adjustment | – | 0.3 | – | – |
| Opening Balance adjustment for restated financials | – | 197.5 | – | – |
| Profit/Loss for the period | (3.2) | (22.3) | 67.9 | 0.6 |
| Dividend Paid | (5.1) | (5.1) | (2.5) | (2.0) |
| Currency translation difference on net investments | 0.4 | 0.4 | 1.0 | (0.1) |
| Arising on share issues | 35.4 | 1.5 | 0.7 | 0.6 |
| Share-based payments | 1.9 | 0.2 | 1.0 | 1.3 |
| Share-based payments (deferred tax) | (0.1) | – | – | – |
| Closing Balance | 201.5 | 172.2 | 197.2 | 129.1 |
| SDL | ||||
| Balance Sheets | ||||
| as at 31 December | ||||
| 2018 | 2017 | 2016 | 2015 | |
| £m | £m | £m | £m | |
| Fixed assets | ||||
| Tangible assests | 4.3 | 4.3 | 1.0 | 0.7 |
| Intangible assets | 12.4 | 7.1 | – | – |
| Investment in subdisiaries | 224.9 | 222.6 | 223.6 | 150.6 |
| Current Assets | ||||
| Debtors | 172.6 | 117.6 | 142.2 | 105.8 |
| Cash in bank and in hand | 8.2 | 8.2 | 4.0 | 1.0 |
| Current liablities | ||||
| Creditors: amounts falling due within one year | (218.8) | (186.9) | (154.2) | (120.9) |
| Net current liabilities | (39.0) | (61.1) | (26.0) | (14.1) |
| Total assets less current libalities | 202.6 | 172.9 | 197.6 | 136.5 |
| Creditors: amounts falling due after one year | – | – | – | – |
| Interest bearing loans and borrowings | – | – | – | (4.6) |
| Other payables | (0.3) | (0.1) | (0.1) | (0.4) |
| Provisions for liablities and charges | (0.8) | (0.9) | (0.3) | (2.4) |
| Capitial and reserves | ||||
| Called up share capital | 0.9 | 0.8 | 0.8 | 0.8 |
| Share premium account | 136.0 | 100.7 | 99.2 | 98.5 |
| Profit and loss account | 64.6 | 70.4 | 97.2 | 29.8 |
| Total equity | 201.5 | 171.9 | 197.2 | 129.1 |
| SDL | ||||
| Income Statements | ||||
| Years ended 31 December | ||||
| 2018 | 2017 | 2016 | 2015 | |
| £m | £m | £m | £m | |
| Sale of goods | 30.7 | 27.9 | 40.4 | 50.5 |
| Rendering of services | 292.6 | 259.3 | 249.5 | 216.4 |
| Revenue | 323.3 | 287.2 | 289.9 | 266.9 |
| Cost of sales | (154.5) | (136.7) | (131.5) | (116.9) |
| Gross profit | 168.8 | 150.5 | 158.4 | 150.0 |
| Administrative expenses | (149.9) | (133.5) | (153.2) | (175.1) |
| Operating profit/loss | 18.9 | 17.0 | 5.2 | (25.1) |
| Adjusted operating profit | 29.0 | 24.0 | 23.5 | 20.7 |
| Amortisation of acquired intangibles | (2.4) | (4.0) | (5.2) | (6.7) |
| Exceptional items (one-off items pre 2017) | (7.7) | (3.0) | (13.1) | (39.1) |
| Operating profit/loss | 18.9 | 17.0 | 5.2 | (25.1) |
| Loss disposal on non core business (applicable prior to IFRS 15 implementation) | – | – | (21.0) | – |
| Finacing expense | (0.5) | – | – | (0.1) |
| Profit before tax | 18.4 | 17.0 | (15.8) | (25.2) |
| Tax charge | (3.6) | (1.6) | (2.3) | (5.5) |
| Profit from continuing operations | 14.8 | 15.4 | (18.1) | (30.7) |
| Profit from discontinued operations | – | 14.7 | – | – |
| Profit for the year attributable to equity holder of the Parent | 14.8 | 30.1 | (18.1) | (30.7) |
| Earning per share (pence) | ||||
| Continuing operations | ||||
| -Basic | 17.2 | 18.9 | 22.3 | 37.9 |
| -Diluted | 16.9 | 18.9 | 22.1 | 37.9 |
| Continuing and discontinued operations | ||||
| -Basic | 17.2 | 36.8 | ||
| -Diluted | 16.9 | 36.7 |
Mind The Numbers 
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