So I have been very absent lately and I blame it all on Step 3 of Assignment 2. I was feeling really good about my final Assignment 1 Submission and to say I was on a high is an understatement. Well… what goes up, must come down and man have I not only come down but I have crashed and burned! I did not understand Chapter 4 and I could not relate to it in anyway. I have read the chapter over 4 times and it has just highlighted that this is a major weak point for me.
I have been in regular contact with fellow peers (I’m sorry if I don’t mention you all however Kerryn, Tash, Billy, Cheryl and Monal pop into my mind) and they have been absolutely amazing in constantly providing me feedback on where to look and suggestions on how to improve my work. I am forever grateful but still no closer to finishing. So. Many. Frustration. Tears. I am hoping through this blog post that I will be able to break down some of the barriers I am facing. While I hope that it helps you, if you are like me then I may confuse you. The more I read from others the more confused I get.
First cab of the rank is Consolidated Statement of Changes in Equity. I now understand that this statement is layed out differently to the others and the only way I can explain this is that it shows the financial progression through the year as it moves down the sheet. For me this shows that there was a total of 83.1 which over the year of 2014 and into 2015 increased to 211.8. This then again increased through 2015 to 281 in 2016. If only I could make sense of this in my restatement. I was so confused when restating this statement that I asked for help several times in the Facebook group (and always received it, THANK YOU!). Things I learnt from these call outs were:
- Break down the ‘Other comprehensive income/(expense) section on the Equity Statement. This took me some time as I had to dig through my Annual Reports and then I had to use the footnotes to figure out what meant what. A great tip from Bridget Anne
- Ensure that Operating Assets and Financial Assets = Total assets as per your statement – I literally screamed at the top of my lungs when mine balanced. Another great tip from Bridget Anne
- Checking the formula’s and ensuring that your have the correct calculations!! Thank you to those of you to those of you who highlighting my errors, I cried for joy when you ladies pointed out my errors haha
One of the best pieces of advise that I received was from Tash Hodgeson was that assets remain assets and liabilities remain liabilities whether they are current or non current. Now I feel really silly saying this but up until Tash told me this I was mixing the assets and liabilities up. When I look back now I can honestly say W.T.F was I thinking? But during the time that I was trying to separate the operational and financial items this did not occur to me at all. This was a mega “I GET IT” moment for me. After receiving this advice I went back in, deleted what I had done and started again. I worked my way through the assets and liabilities and divided them into Operating and Financial… this was so much easier than jumping around like I had been before and to be honest I just followed the study guide and everything fell into place. I linked everything I possibly could back to me financial worksheet and after a few hours it was done…no tears and no tantrums but I am feeling more confident with my end result. Tips that really helped me process it were
- work on each section at a time eg: work on assets and when everything balances move on to liabilities
- Follow the study guide, it really is just like an instruction manual and I am annoyed at myself for not following each step more carefully at the beginning of this
I am just about to tackle my income statement however have added my spreadsheet on here if anyone needs to look at it or would like to provide feedback.
Britvic PLC Company Spreadsheet Final by Sarah Zillmann 17.04.17 **Updated 24.04.17**
Thanks again and I hope you all had a wonderful Easter!