Accounting, Financial and Prospective Strategy Analysis
ACCOUNTING ANALYSIS
The purpose of this accounting analysis is to examine the policies that Tassal have chosen that are significant as to how it captures the underlying business reality. Several accounting policies have been identified that are key to Tassal due to the nature of its product and the industry it competes in.
Biological Assets
As Tassal undertakes an agricultural activity, it is allowed to adopt AASB 141 Agriculture, which permits it to value its biological assets at the end of each reporting period at its fair value less its cost to sell, allowing it to record these increments into its revenue. Due to the nature of the salmon and the delay for the company to recognise the benefits of the fish when it is sold, this standard allows Tassal to rec ognise the value of the salmon in its ‘live’ state and at a fair value. The standard also allows a choice if no market determined prices are available. This option is to value the biological asset at the present value of expected cash flows.
Borrowing Costs
Changes to the treatment of borrowing costs from the reporting period of 2009 outlined in AASB 123 Borrowing Costs has eliminated the option of expensing Tassal’s borrowing costs in relation to its biological assets and now requires it to capitalise these costs into the asset themselves. These changes in its recognition have resulted in a decrease in its finance costs by $982,000 for the year of 2009, with movements of these costs into the value of its biological asset and its cost of sales. In treating this for prior periods, Tassal’s earlier reports to not provide a breakdown as to borrowing costs that could be capitalised.
FINANCIAL ANALYSIS
Ratio Analysis
In order to provide a concise forecasting and valuation analysis, considerable examination of Tassal’s historic performance has been undertaken. This has involved the analysis of both operating and financial performance against its previous years.
References
Australian Bureau of Agricultural and Resource Economics 2009, Australian Fisheries Statistics 2008, ABARE, Canberra
Industry Commission 1996, Australian Atlantic Salmon: Effects of Importation Competition, Industry Commission, Canberra
Perez, C. 2010 Salmon Harvests decreased 59% as of May. (Fish Farming Xpert), viewed 25 October 2010, <http://www.fishfarmingxpert.com/index.php?page_id=76&article_id=88692>
Tassal Group Limited, 2009, Tassal Annual Report 2009
Tassal Group Limited, 2010, Tassal Annual Report 2010
Tassal Group Limited, 2010, Tassal Financial Report Presentation 2010
会计，财务和前瞻性战略分析
会计分析
该会计分析的目的是检查政策Tassal的是显着的，它是如何捕捉到相关业务的现实选择。几个会计政策已被证实是键TASSAL由于其产品的性质和行业的竞争。
生物资产
由于农业活动Tassal的承诺，允许采用AASB 141农业，这允许它重视其生物资产在每个报告期结束时，其公平值减销售成本，允许它来记录这些增量收入。由于鲑鱼和延迟，为公司出售的鱼，当它被承认的利益的性质，该标准允许之Tassal到REC都认识到在其'活'的状态，并在公允价值的鲑鱼的价值。该标准还允许选择，如果没有市场决定价格。此选项是用来珍惜的生物资产的预期现金流量的现值。
借贷成本
治疗概述AASB 123借贷成本借贷成本从2009年报告期费用化之Tassal有关其生物资产的借贷成本已经消除了选项，现在需要把握这些成本纳入自己的资产。在其识别这些变化导致其融资成本减少到2009年，这些成本变动982000美元其生物资产的价值和其销售成本。在治疗前期，Tassal之早先的报告没有提供一个故障，可以资本化的借款成本。
财务分析
比率分析
为了提供一个简洁的预测和估值分析，Tassal之历史表现已进行非常仔细的检查。这涉及到对往年的营运及财务表现的分析。
参考文献
澳大利亚农业和资源经济2009年，2008年澳大利亚渔业统计，ABARE，堪培拉局
1996年工业委员会，进口竞争，产业委员会，堪培拉澳大利亚大西洋鲑鱼的影响
佩雷斯，C. 2010年鲑鱼收成减少59％，截至5月。 （养鱼XPERT），查看2010年10月25 <http://www.fishfarmingxpert.com/index.php?page_id=76&article_id=88692>
Tassal的集团有限公司，2009年，Tassal的2009年年度报告
Tassal的集团有限公司，2010年，Tassal的2010年年度报告
Tassal的集团有限公司，2010年，Tassal之财务报告典礼2010
