Accounting Analysis of the 2011 Annual Report for Bank of Queensland Limited Essay Example for Free

Accounting Analysis of the 2011 Annual Report for Bank of Queensland Limited Essay 1. Executive Summary The aim of this report is to provide an accounting analysis of the 2011 annual report for Bank of Queensland Limited (BOQ), and a critique of the reporting of their performance. The report discusses the choice of accounting policies and the flexibility of these policies. The main objective of this report is to evaluate and recognise the possibility of using creative accounting within the company, recognise and questionable accounting numbers within items listed previously. A number of items have been selected from Income Statement, Balance Sheet and Cash Flow Statement. 2. Overview Bank of Queensland Limited (BOQ), has history of 137 years with network of over 280 branches operating in Queensland. It offers core banking (commercial/retail), equipment finance, wealth management and insuranceservices. BOQ is listed on the ASX and uses its unique concept of the Owner-Managed Branch (OMB),a partnership between the Bank of Queensland (franchisor) and experienced bank managers (franchisees) to provide banking services. See more:  Capital budgeting essay 3. Description of key accounting policies and standards 3.1 Loans and advances at amortised cost (Asset) As shown on BOQ’s Balance sheet in FY11, loans and advances at amortised cost are big-ticket itemsin its assets accounting for approximately 98 per cent. According to the significant accounting policies explored by BOQ annual report 2011, loans and advances are originated by the bank and are recognised upon cash being advanced to the borrower. Based on AASB13, loans and advances are initially recognised at fair value plus incremental direct transaction cost using the effective interest method. 3.2 Deposits and borrowing (Liability) Deposits, as the one of the most important cash inflows of the bank, follow ruleAASB13 as well. They are initially recognised at fair value plus transaction costs and thenby using the effective interest method, they are measured at amortised cost. It is classified in two concentrations: retail deposits and wholesale deposits. 3.3 Employee benefits (Expense) This item follows AASB119Employee Benefits which has been amended in its accounting rules affecting the measurement of its obligations and the timing of recognition of termination benefits. Employee benefits can be classified to four categories: wages, salaries and annual leave; long service leave; superannuation plan and share based payments. 4. Flexibility of Management in Selecting the Key Accounting Policies It is undeniable that having flexiblemanagement can exert positive effects on the presentation of company’s annual financial report. Specifically, from the Bank of Queensland ´s perspective, if mangers have considerable adaptability in selecting the key accounting policies, the financial performance of Bank of Queensland Ltd can be improved; therefore more investors and customers would give priority to cooperating with them in the future. 4.1 Loan and Advances at Amortized Cost 4.1.1 Flexibility Analysis The measurement of loans and advances at amortized cost is extremelyfavourable to commercial banks. From BOQ’s consolidated financial annual report, the loan and advances at amortized cost accounted for around 83.3% of total assets in 2011, it had increased from 31,736,5 million to 33,276,1 million during 2010 to 2011. This change in $1539, 6 million was caused by impairment charges made by managers of the bank. The increase of loans and advances at amortized cost could enhance the customers trust in the bank. Sincefinancial funds, credit business and debts are the core business transaction of the banking industry, this itemappears to increase receivable accounts. Also, as banks could charge a reasonable rate of interest on such future loans/advances, they are able utilizethis income to pay current liabilities, wage and salaries of employees, and also the tax liability of business. Consequently, the BOQ’s managers have selected a flexible accounting policy in this item. 4.1.2 Accounting policies analysis Being dominant in the assets, loans and advances at amortized cost carries the burden of generating cash. The way that Bank of Queensland recognizes loans and advances at amortized cost can be separated to two phases. Initially, loans are recognized at fair value plus incremental direct transaction costs. Secondly, BOQ uses effective interest method to measure the amortized cost at each reporting date. The advantage of this accounting policy is that including direct transaction cost in the loan price can offset the actual transaction cost occurred and maximize the profit for the bank. Additionally, the effective interest method is considered as one of the prior methods for amortizing a bond discount. Theoretically, investors require a discount on bonds because the market interest rate at the time of issue is higher than the coupon payments on the bond. Therefore, by amortizing the discount at the market interest rate, accounting statement of Bank of Queensland will exactly reveal the economic reality of the bond issue and its true cost of debt. 4.2Deposits and Borrowing 4.2.1 Flexibility Analysis Due to the characteristics of banking industry, there is a high flexibility for management in these two liabilities. It is noticeable that deposits and borrowing accounted for about 97% of total liabilities on the balance sheet. Occupying 69% of total deposits, managers pay more attention to Retail Banking Services because of itsattractiveness to customers compared to other types of deposits. 4.2.2 Accounting Policies Analysis This policy states that securitization set-up costs relating to on-balance sheet assets are included with securitization borrowings, and amortization is recorded as interest expense. Initially, excluding off-balance sheet costs makes the liability much smaller and enlarges their net assets. Likewise, interest on debt is a tax-deductible expense and creates a tax shield benefiting Bank of Queensland. The major function for this policy is to save cash flows for BOQ. 4.3 Employee Benefits 4.3.1 Flexibility Analysis Employee expenses mainly consist of share based payments and employee benefits. All of these kinds of financial activities are beneficialto BOQ.The result from increasing incentives to employees applies as it encourages them to performenthusiasticallywhicheventuallyleads to higher profits for the firm. 4.3.2 Accounting policy analysis Among Employee Benefits, shared based payments are distinguished. The accounting policy demonstrates that Bank of Queensland allows employees to acquire its shares, options and rights sold recognized in the Employee Benefits Reserve. This expense could be reversed if the loss is not due to a market condition. This is highly beneficial as it encourages employees to purchase shares of their own company but, on the other hand, as more shares are sold, the higher price rises in the stock exchange. 5. Quality of Disclosure Made in BOQ Accounts The quality of disclosure in the BOQ ´s policies, strategy, performance and financial statements and reports is satisfactory as it provides accessible, transparent and fairly justified information. As the BOQ is a listed company, it has to comply with all ASX disclosure policies and reporting but in addition it also complies with the ASX Corporate Governance Recommendations as well as the Australian Prudential Standards (APS) (Profit Announcement 2011). In the profit announcement report for 2011, BOQ discloses a number of disclosure principles which include management, board structure, ethical and responsible decision making, financial reporting, timely and balanced disclosure, respect rights of shareholders, recognize and manage risk, remuneration. 5.1 Business Strategy and Economic Consequences The business strategy and economic consequences are disclosed in the notes to the annual report in terms of the risk management of the company. As it explains in these notes the bank approach is to manage its risk in terms of credit risk, market risk, liquidity, operational risk, compliance policies and capital management. As it states in the annual report there is a high level of assessment and monitoring of these risks in order to follow the company ´s strategy. 5.2 Notes to the Financial Statements – Explanation of Policies The notes to the financial statements and reports do provide an explanation to the bank ´s management policies. According to the 2011 Annual Report these policies provide effectiveness and efficiency in terms of managing the risks described above as well as creating controls to support growth and competitive advantage. An example of these policies in 2011 was a strong expense management which lead them to reduce their cost-to-income ratio from 45.8% to 44.5%. Moreover, these policies provide regulatory compliance as well as performance management. 5.3 Explanation of Current Performance BOQ through its yearly Profit Announcement Report clearly explains its current performance in terms of its principal activities. It states its current level of profitability and the main reasons for any losses. As well as these profit or losses explanations the report shows explanations for changes in expenses, asset growth, retail deposit growth, branch network expansion and capital management. 5.4 Accounting / Financial Rules In terms of financial conventions that restrict the firm as a banking institution, the main one is the Basel II Accord in which the bank is obligated to maintain capital adequacy requirements. In the 2011 Annual report is mentioned that Tier 1 capital made up of equity capital and disclosed reserves was higher than required by Australian Prudential Regulation Authority (APRA). Moreover, AASB 124 Related Party Disclosures is additionally disclosed in order to understand the impact on the firm. Moreover it discloses all its consolidated statements for all subsidiaries of the group following all consolidation standards. 5.5 Segment Disclosure The quality of the segment disclosure for BOQ is sufficient as it discloses its two operating segments, and since the bank operates only in Queensland, it does not need geographical segmentation. It discloses the high level metrics for both of the banking and insurance segments as well as consolidated totals (Annual Report 2011 pg. 89). Also, following consolidation requirements it eliminates inter-company transactions (Annual Report 2011 pg. 89). 6. Questionable Accounting Numbers The most important and questionable numbers can be seen in the yearly Profit Announcement where BOQ announced a net loss after tax of 90.6 million AUD. The explanation for this loss was attributed to significant impairment charges. As the income analysis shows that the company made a reasonable operating income loss, but the large part of the loss was due to a revision of their commercial loans and provisioning approach. They decided to increase these specific commercial loan provisions more than close to 90 million due to the continuous decline in commercial property in Queensland. Along with loan impairments, the bank also impaired a substantial amount of assets, also because of the decline if commercial property. Furthermore in the Directors Report in 2011 there were some potential red flags regarding remuneration. As the bank went through a restructure last year there were a number of high level managerial positions that changed in this period. During this transition there were a number of payments classified as  ´others` that did not have a clear explanation. An example of this includes a payment of half a million dollars to the previous CEO to  ´ensure a smooth transition` between him and the newly appointed CEO. While taking into account the Director ´s report is audited by KPMG, this payment seemed excessive. 7. Undone Distortions Based on previous parts, the conclusion has arrived that BOQ suffered net loss of $90.6 million because of the tremendous growth in impairment loss. The footnote disclosures in the Profit Announcement provide the composition of the impairment loss. According to note 11, loan impairment expenses totalled $327.7 million. $165.7 million of this amount is specific provision impairment and the rest $162 million relates to collective provision. Moreover, impairment loss for assets also amounts to $578.7 million. Note 4suggests that BOQ ´s management increase its impairment loss based on their estimates of dropping commercial property market. However, this estimate comes from historical experience and professional judgment. In contrast, the estimate might be different from actual results. Therefore, distortions may arise resulting from overstated impairment loss. In order to undo the distortion, the impairment loss should have been adjusted to a lower level with fewer provisions. 8. Financial Press Discussions Even before the Profit Announcement of BOQ came out, many financial reporters foresaw the net loss of BOQ resulting from increasing impairment loss. The downturns in tourism and recent natural disasters impacted Queensland’s economy negatively, and the conditions in Queensland were expected to remain challenging in the future because of strong Australian dollar. As a result, for BOQ a company that is highly exposed to Queensland housing market, the current poor performance of might not change in short term.Following by the poor performance, BOQ isnow struggling to keep regulators happy and keep its capital at acceptable level. On 26 March 2012, BOQ announced aequity rising of $450 million. However, by doing this, the existing shareholders of BOQ will be heavily diluted and it will cause its share price to drop significantly.

The Food of the Gods Essay -- Biology Essays Research Papers

The Food of the Gods For over 2000 years, chocolate in its many forms has been enjoyed and its effects have been exalted. It was believed that the Mexican god Quetzalcoatl left the cocoa tree for the people. The Aztec emperor Montezuma is reported to have consumed 50 goblets of chocolate a day. It is called "the food of the gods," literally, as a translation of Theobroma Cacao, the cacao bean. (1). Such a title must imply that chocolate has some naturally occurring superior quality. Why else would we crave it so much more than other foods? For many people, nothing can take the place of chocolate when a craving hits. Chocolate and cocoa have very complex chemical properties and many components. Among the most researched components of chocolate which are thought to have an effect on craving and addiction are fat, theobromine, caffeine, and salsolinol. (2). Fat and sugar are substances naturally craved by the body, and thus although they may play a role in the allure of chocolate, they cannot be responsible for its appeal over other sweets. The caffeine in chocolate is sometimes implicated as part of its addictive properties. However, the amount of caffeine contained in one ounce of chocolate is about 5-35 milligrams, compared to the 140 milligrams found in a cup of brewed coffee. This does not discount the idea that caffeine plays a role in the appeal of chocolate, more likely it compounds the effect of other components. (3). Theobromine, similar to caffeine but present in larger amounts in chocolate, is less potent than caffeine yet still may retain stimulatory effects in large amounts of chocolate. Concentrations of theobromine vary in different chocolate products, and its effect on humans through chocolate has not... ...e.com/chocolate.htm 3) Does cocoa have caffeine in it?, International Cocoa Organization. http://www.icco.org/questions/caffeine.htm 4) Theobromine: Chocolate's Caffeine Cousin . http://chemistry.about.com/library/weekly/?once=true& 5) In vitro pharmacological activity of the tetrahydroisoquinoline salsolinol present in products from Theobroma cacao like cocoa and chocolate.. http://hub.elsevier.com/pii/S0378874100002919 6) Naloxone, an opiate blocker, reduces the consumption of sweet high-fat foods in obese and lean female binge eaters . http://www.ajcn.org/cgi/content/abstract/61/6/1206?maxtoshow=&HITS=10&hits=10&RESULTFORMAT=&author1=drewnowski&searchid=QID_NOT_SET&stored_search=&FIRSTINDEX= 7) Psychological and Physiological Characteristics of Sweet Food "Addiction". http://www3.interscience.wiley.com/cgi-bin/abstract/40004278/ABSTRACT

Effects of Bio fuels on the Environment Essay

Bio fuel is a type of fuel that is made out of both living or lifeless biological material and specifically, the plants as per the definition given by Shepardson, (2009). According to Shepardson, most bio fuels are in the form of esters, alcohols among others and a good example of this type of fuel is bio ethanol and bio diesel. This fuel is mostly used in vehicles and for it to be considered as a bio fuel according to Connor Steve (2008), it must consist of about 80% of renewable materials. The production of this kind of fuel has been said to be impacting negatively on the environment however though this is the case, the benefits of bio fuels cannot be dismissed altogether. As a result of this disagreement, a lot of discussions have been held over this issue something that has polarized the society between those who argue that it does not impact negatively on the environment and those that maintain that it does. This becomes the basis of this essay where the paper will take a stand and support the claims that indeed bio fuels impact negatively on the environment. According to Mongobay. com (2008), there are various types of bio fuels and one of these is E10 which over time has been greatly improved in terms of quality in that initially it contained about 90 percent of petroleum and 10 percent of ethanol but of late it is called E100 because it is almost made up of ethanol alone and about 4 percent of water. The invention of this type of fuel according to Shepardson (2009) is something that has greatly revolutionised the transport industry. These fuels have particularly been cited as one of the best ways to reduce green house gas emissions unlike it is the case with other types of fuel especially fossil fuels. Even though they are praised for this, the negative environmental consequences they have are innumerable. One of these effects according to a scientific study that was conducted in 2008 contradicts the alleged potential of this fuel to reduce greenhouse gases such as carbon dioxide among others; this is as per the Mongobay. com (2008). As per this study, Mongobay. com (2008) argues that growing crops with an aim of producing bio fuel leads to an increase in the amount of carbon dioxide in the atmosphere. This claim according to the Green Website. co. uk is given weight by reports that were published in a science journal known as Journal Science that showed that plants that are specifically grown for the production of this fuel produce more carbon dioxide than what these plants can naturally absorb. According to these scientists Mongobay (2008), it would take decades to reverse the trend or to balance what they termed as ‘carbon debt’. Or in other words the amount of oxygen released to the atmosphere in the course of growing these crops and is yet to be absorbed. The US and the European Union have particularly been on the forefront in propagating the idea for the production of biomass as the surest way of controlling global warming (Shepardson, 2009). According to Shepardson this has forced researchers from all over the world who aims at protecting the environment to conduct researches in their bid to understand better how this would impact on the environment. One of the researches that were conducted as per the report compiled by Connor, (2008) shown that clearing Amazon’s forested land to grow soybeans would create a carbon debt that would take 319 years to be restored not mentioning the magnitude in which forests and bushes would be destroyed to grow these crops Production of biomass is labour intensive and requires a big land according to Sawahei (2009), what this means is that a lot of bushes and forests are cleared to produce raw materials for bio fuel thereby leaving the ground with no cover thereby increasing the possibility of soil erosion taking place. To Sawahei, the world requires large tracts of land for it to feed its population now amounting over six billions. By growing biomass as an alternative source of fuel would require more land that what is needed for growing crops as per the Action for Global Health (2008) and eventually there will be no natural vegetations as all land will either have been cultivated for crop production or biomass production or both. According to the Action for Global Health (2008), this greatly destroys the environment considering that vegetation cover protects soil erosion and again it is a habitat to millions of animal species (Sawahei, 2009). Apart from this, the risk of polluting water sources with phosphates and nitrates from fertilizers that are applied to boost crop production are very high (Biofuel, 2003). Water is also polluted by chemicals that are used in the production of biomass such as pesticides sprayed to get rid of pests that attack and destroy these plants. These chemicals not only pollute water but they also kill micro organisms present in the soil that in one way or the other keep the eco system working (Action for Global Health. 2008). Rogercopenh (2008) contends that by the United States embarking on campaigns to push for the use of bio fuels might mislead many third world countries into substituting land meant for growing food crops for biomass production because of the money this business would bring. According to Rogercopenh (2008) this might in turn lead to the encroachment of forests and other natural habitats which are home to millions of wild animals. It should also not be forgotten that when this green matter is harvested, there are chances that some will rot thereby producing a very bad smell and apart from rotting, some of these plants produce bad odour naturally and thus they are an environmental hazard in that they pollute the air. As per the evidence given by Franke and Reinherdt (1998), Bio fuel also kills biodiversity in terms of the variety of plants growing in a field. For biomass to be produced in large quantity, enough to keep the world going, then its production must be professionally done. What this means according to Franke and Reinherdt (1998) is that a whole field is filled with only one type of plants leading to what is known as monoculture and by doing this, other types of plants are not given a chance to grow something that indirectly leads to their extinction (Franke and Reinherdt, 1998). In doing this according to Randooke (2009), animal are also not spared in that deforestation must take place, grasslands must be cleared and wetlands are destroyed. The truth is that these areas are habitat to many species of animals and thus what this means is that these species will be killed while others are displaced. Trees naturally preserve water catchments areas and thus when land is prepared for the cultivation these reserves are destroyed (Randooke, 2009). According to the Action for Global Health, (2008) the whole bio fuel production process requires a lot of energy and basically the type of energy that is used is fossil fuel. The argument raised by the Action for Global Health (2008) is that the amount of carbon that is emitted by burning bio fuels is absorbed by crops that are grown purposely for bio fuels production but the problem is that the amount of carbon that is emitted during their production considering that carbon emitted during planting, spraying, treating and harvesting season where machines that uses fossil fuels is not cleared from the air. This claim is supported by Sawahei, (2009) who argues that even after these crops are harvested, more carbon is emitted to the atmosphere in that coal or other forms of fossil fuels such as gas are used to heat the raw materials that are used in the production of bio fuels. Though bio fuels are heavily criticised in that they cause serious negative environmental ramifications according to Connor (2008), there are other various researches that have been done which prove otherwise. Researches show that production of other forms of fuel such as fossil fuel leads to the release of more carbon dioxide to the atmosphere than it is the case with bio fuels (Science for environmental policy, 2008). One research that strongly supports this claim is the one that was done in the United Kingdom. According to the same source, what they call first generation process Life Cycle Analysis, carbon dioxide emissions are reduced by over sixty percent unlike other forms. As per Biofuels (2003), the second generation process carbon dioxide emissions can be reduced by over 80 percent. Generally according to this report, carbon dioxide emissions can be saved by an average of about 50 to 60 percent. Another advantage of using this kind of fuel according to the Greencar website (2009) is that bio fuel does not contain sulphur which is one of the main components that causes acid rains. Also considering that it is made by bio degradable materials, its chances of destroying the soil are low unlike other fuels such as fossil fuels which contaminate water sources and destroy soil when they leak into them (Science for environmental policy, 2008). In consideration of the massive evidence that is provided here above, one is justified to say that biofuels are an environmental hazard. There are a lot of researches that have been done by different researchers and most of them point to the fact that the production of bio fuels produces many effects that in one way or the other destroys the eco system for example, fertilizers that are applied on crops meant to produce biomass releases phosphates and nitrates thereby destroying soil and water. Another way through which biofuels destroys the environment is that despite the fact that a lot of forests and bushes have already been cleared for crop production, more land is snow needed for biomass production something that leads to soil erosion due clearance of bushes and the destruction of habitats that are home to many species. This indirectly leads to the extinction of these species whether plant or animals. Bibliography: Action for Global Health. 2008. New study demonstrates bio fuels negative impact on poverty, hunger and environment. Available at http://docs. google. com/gview? a=v&q=cache:elry2KJk0UgJ:ec. europa. eu/environ ment/integration/research/newsalert/pdf/1si4. pdf+biofuels+,+negative+impacts+,e nvironment&hl=en&gl=ke Biofuel, 2003. Bio diesel Impacts on the environment. http://www. biofuelus. com/biofuel/biodiesel/biodiesel-impact-on-the- environment. php Connor Steve, 2008. Biofuels make climate change worse, Scientific Study concludes. Available at http://www. independent. co. uk/environment/climate-change/biofuels- make-climate-change-worse-scientific-study-concludes-779811. html

Conceptualizing Addiction Paper - 1038 Words

Conceptualizing Addiction Paper Kristina Lamey May 25, 2015 BSHS/455 David Elkins Conceptualizing Addiction Paper The history of addiction goes back centuries, and unfortunately, there is still a long way to go for people to realize the effects of chemical substances do more harm than good. The difference between drug use and abuse relies heavily on a person’s dependence on the substance. The line between the differences is often very fine. Depending on other factors involved, such as morals, values, environment, and genetic predisposition, the line will most likely be crossed without regard to the consequences until treatment and recovery are the only options left. This is essay compares two theoretical explanations†¦show more content†¦However, usually, a multi-treatment approach is necessary. Psychological models focus on the emotion and the mind, while biological models, as discussed next, find that addictive behaviors depend on the structure and chemistry in the body’s genetic makeup. The Biological Model â€Å"The statistical associations between genetic factors and alcohol abuse are very strong† (McNeece DiNitto, 2012). However, there is still much debate over the validity of genetics as a definite cause for addiction. Perhaps, the reason for this is because the number of children of alcoholics that go on to become alcoholics is still small. Additionally, genetic predisposition cannot explain the number of cases of alcoholics that did not come from alcoholic parents or families. In fact, addiction can be so prominent, that it remains even after the drug use has ended (McNeece DiNitto, 2012). Therefore, the biological theory should not be ruled as it is based on what takes place in the body. 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