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FAE Assignment - Overcoatings

  • 12-04-2010 02:49PM
    #1
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭


    Overcoatings
    I've read through this and it looks difficult does anyone have any ideas on how to go about it.
    What are the main issues?


Comments

  • #2
    manafana
    Registered Users, Registered Users 2 Posts: 3,486 ✭✭✭manafana


    Hey

    Looks like consol the main company and the jv's as at appendix 4, discussing SWOT analysis and other issues such as having non exec director into the company and prehaps an FD, as part of your letter to the bank. Thats about it i think.


  • #3
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭Saint Sonner


    Thanks for the help!

    If anyone else thinks of stuff don't be afraid to post - we should all help each other in this horrible horrible year!


  • #4
    stejk11
    Registered Users, Registered Users 2 Posts: 51 ✭✭stejk11


    Just read through the case and (surprise surprise) there's a mistake in the information, specifically the joint venture accounts.

    If you look at appendix 3 and the 2009 income statement for "Swelube" it says that the loss for the year is €2 when it should be €52. This will in turn effect the balance sheet and if you were to assume that this extra amount was due to OCL then this will not tie into the total that is due from joint ventures in OCL's company financial statements.

    Haven't tried a consolidation of the joint ventures however I would assume this mistake would also mess it up?


  • #5
    manafana
    Registered Users, Registered Users 2 Posts: 3,486 ✭✭✭manafana


    stejk your overthinking it a tad, the profit loss is incorrect, but as far as we are concerned the balance is correct as it balances if it wasnt it should be out by 50.


  • #6
    naboh12
    Closed Accounts Posts: 5 ✭naboh12


    Hi i'm wondering when your are consolidating do you solely look at 2009 and ingnore the 2008 figures as you have no idea what opening reserves are at consolidation? Also should you remove the income from R&D that came from OCL and remove it as an expense also as it is effectively a sale and expense by the one group. Totally confused by the whole thing its not worded very well and have no idea how to go about starting the consolidation so any help would be appreciated. Luckily its not worth anything


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  • #7
    miad
    Closed Accounts Posts: 2 ✭miad


    Hi im the same. Im unsure of what to use for the reserves figure on consolidation. Also are all three joint ventures to be accounted for using jointly controlled entity consol adjustments or are some of them just jointly controlled operations and therefore dont need consol adj? Any help would be great


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