Domino's Pizza Enterprises RESTATED financial statements (updated):
Commentary:
Restating my company’s financial
statements, in all seriousness, is definitely one of the most difficult tasks I
have ever done in my whole life. I’m sure, if people with accounting
backgrounds ‘happen’ to read this declaration, they might think I must live a
super easy life.
It’s just that I felt like restating the statements itself wasn’t that bad, but the frustration it carries with it when nothing, and by nothing, I mean NOTHING balances, just makes you want to scream. In my head the theory made perfect sense, but when trying to apply the ideas to practice, nothing worked out! It made me think that what if all of the other things that ‘had been making sense in my head’ were completely wrong? Throughout this assignment, Domino’s Pizza Enterprises continuously made me question my intelligence as well my sanity. Even though worth the least marks and apparently being the ‘easiest’ statement to restate, the statement of movements of equity definitely gave me the most grief. I was misled by the hedges taken to equity that I first put under financial activities, but later, after reading about hedges from footnotes as well as discussing it with a fellow student, I realised that it’s supposed to be situated under operating activities. For some reason, however, I had them put under both – financial and operating liabilities, and it took me ages to figure out what was wrong! It should be mentioned though, that after fixing that mistake up, the statement still didn’t balance…
Most figures in my restated statements seem to match with the normal financial statements (i.e. total of financial assets + total of operating assets = total assets in the first spreadsheet), however, the restated statements don’t balance between each other!! I even had a little guide of what is supposed to match with what on a little post-it; for example CI in the income statement had to equal with CI in equity statement; and equity in movements in equity had to be same as equity in the balance sheet, which none of my statements did, so I might as well could’ve shredded the little piece of paper that reminded me the faults appearing in all of my restated statements. At least I knew what was wrong, but regardless of that I was just not able to figure it out how to fix it.. Asking help on Moodle or Facebook discussions would’ve been beneficial, but to be honest I wasn’t even sure what to ask: Help? My whole assignment is wrong? Since I wasn’t able to specifically determine the source of the errors, I couldn’t construct reasonable questions to assist me in that matter. I’m just hoping that even though not balanced, my restated financial statements still contain the correct elements in accurate sections, and that the work that was still put into it won’t become unnoticed.. Even though I didn’t get them completely right, I’m still quite proud of what I’ve done – it was a huge task and completing it, one way or another, offers the greatest sense of achievement. This step also helped me to start looking at a company’s financial statements on a more profound level, giving a fuller insight into the economic performances of the company.
It’s just that I felt like restating the statements itself wasn’t that bad, but the frustration it carries with it when nothing, and by nothing, I mean NOTHING balances, just makes you want to scream. In my head the theory made perfect sense, but when trying to apply the ideas to practice, nothing worked out! It made me think that what if all of the other things that ‘had been making sense in my head’ were completely wrong? Throughout this assignment, Domino’s Pizza Enterprises continuously made me question my intelligence as well my sanity. Even though worth the least marks and apparently being the ‘easiest’ statement to restate, the statement of movements of equity definitely gave me the most grief. I was misled by the hedges taken to equity that I first put under financial activities, but later, after reading about hedges from footnotes as well as discussing it with a fellow student, I realised that it’s supposed to be situated under operating activities. For some reason, however, I had them put under both – financial and operating liabilities, and it took me ages to figure out what was wrong! It should be mentioned though, that after fixing that mistake up, the statement still didn’t balance…
Most figures in my restated statements seem to match with the normal financial statements (i.e. total of financial assets + total of operating assets = total assets in the first spreadsheet), however, the restated statements don’t balance between each other!! I even had a little guide of what is supposed to match with what on a little post-it; for example CI in the income statement had to equal with CI in equity statement; and equity in movements in equity had to be same as equity in the balance sheet, which none of my statements did, so I might as well could’ve shredded the little piece of paper that reminded me the faults appearing in all of my restated statements. At least I knew what was wrong, but regardless of that I was just not able to figure it out how to fix it.. Asking help on Moodle or Facebook discussions would’ve been beneficial, but to be honest I wasn’t even sure what to ask: Help? My whole assignment is wrong? Since I wasn’t able to specifically determine the source of the errors, I couldn’t construct reasonable questions to assist me in that matter. I’m just hoping that even though not balanced, my restated financial statements still contain the correct elements in accurate sections, and that the work that was still put into it won’t become unnoticed.. Even though I didn’t get them completely right, I’m still quite proud of what I’ve done – it was a huge task and completing it, one way or another, offers the greatest sense of achievement. This step also helped me to start looking at a company’s financial statements on a more profound level, giving a fuller insight into the economic performances of the company.
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