Well what an adventure this has been so far. Up until this point I was a little unsure I knew what I was doing throughout this whole assignment. So I sat down just the other day and decided to do my restated financials and soon I came to realise that I understood a lot of what I had read over the last few weeks.
I found that when I was going through the videos on restating the movements equity it was all very similar to compiling the original financial statement. I came across a few hiccups when it came to separating items between operation and financial incomes. I found the separation of the items quite mind boggling at times, and I hope that I got it all right. I was worried when I got to the end of the restated financials because my CI totals didn’t match. I figured out that I made a few simple mistakes. I accidentally added some of the totals from the original statement into my calculations and my figures did not match up. I had also made a mistake with my tax equation in the spreadsheet but that was a simple fix.
I really enjoyed going through the financials and fixing the errors. It was an incredible experience being able to work out the mistakes I had made and I thoroughly enjoyed the hunt for said mistakes. I noticed as well when I got to the end and fixed those errors that there was a slight discrepancy between the CI totals and I’m sure this is just because of the tax % multiplications. I hope that the minor differences are within acceptable limits and if not I will, in the future, need to figure out a way to correct this.
I look forward to the rest of the term and the challenges that await me.
Isaac's Blog 