The 12-13 hours listed in the Assignment outline should have been the first clue.
Restating of my company financials proved to well and truly be a process that was at times exhausting and as the title of this post may suggest…..devastating. I hit a point where I wondered what I am doing.
Of course this moment happened late at night when I was again trying to catch up on uni work and not think about what I needed to get done at work tomorrow, all the while simultaneously making a mental shopping/to do list and staring at the ironing overflowing from the basket. Just one of those moments.
Anyway I persisted and I think I got there in the end. There were many conversations with Maria or more accurately her videos and a lot of back and forth between the original financials and the restating financials.
The income statement was causing me a huge headache and I just couldn’t understand where I had went wrong. I had to give myself a timeout and come back to it. There it was plain as day. The linking of the restated financial sheet with the data entered into the original financial sheet is really convenient and an absolute timesaver. That is unless, there was information incorrect in your original financials. After rectifying this little problem, it was onwards and upwards.
I still am not completely confident that I have completed the task of restating correctly. My company Far East Hotels, only has one item of other comprehensive income. I have included this item as operating and included a heading showing 0 financial items. I am not sure that this is correct, but I wanted to show that I was aware that the other income is to be separated.
Far East Hotels has also ran at a loss for the last four years and therefore has not paid any tax. Leading me to ponder if I have interpreted this information correctly in the restated statements.
Any suggestions would be greatly appreciated, I hope I am on the right track.