Devastating – Restating!

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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.

Camille

Far East Hotels Company Spreadsheet 2018

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My Company – Far East Hotels…..Who?

After skimming the company spreadsheet and seeing many companies of personal interest, I was somewhat disappointed with my assignment of Far East Hotels. My immediate reaction was concern, was I going to be able to find enough information in English.
Having never heard of this company I began with having a glance over the website link provided by Martin. The website is basic, all I had managed to discover was that Far East Hotels is a listed company based in Hong Kong which operates in the business of Hotel operation, property rental, securities trading and investment holding.
A point of interest though was the corporate governance section of the site. I noticed that all the Executive Directors have the same last name which is either very coincidental or Far East Hotels is a family business. I wanted to know more.
There wasn’t much else of immediate interest on their website so I opted for some googling for extra information. I was very confused by the search results that lay before me. There were multiple different companies with a similar name that also dealt with property and hotels.
I again checked the website link provided to confirm that my company is Far East Hotels, not Far East Holdings International or Far East Consortium. Strangely enough these two companies also had directors with the same last name. Why did the same names keep appearing? What involvement, if any did these companies have with each other?
This is going to be more difficult than I initially thought.

Here goes nothing….

A blog by definition is a regularly updated website or web page, typically one run by an individual or small group, that is written in an informal or conversational style

You have been warned – I  am a first time blogger.

As I sit here typing, editing, typing again, there is doubt creeping in. You see, I am not naturally a sharer of thoughts, beliefs or opinions. Trust me, I have many of all of those things (my husband will back me up) but I tend to keep my cards close to my chest. As cliché as it may sound, this blog may become a little journey of self discovery for me or in the very least fulfil a requirement of our unit ACCT110059. Here’s hoping for both options and more.
I am a first year student enrolled in Bachelor of Property with a major in Financial Planning as a distance student. I live in Townsville, with my husband and two adventurous boys. I work full time in the public sector so you may notice that I will update my blog and respond to comments at weird hours of the day or night.
I am excited to have returned to study especially without the constraints of the traditional classroom and look forward to hearing from yourselves and what you hoping to gain from this unit.

Until next time…

Camille