Subject Code : BFA301
 Thyme Publishing Ltd  Case Study
Assessment Task:

Introduction  Thyme Publishing Ltd is a publicly listed company located in Melbourne. The company, founded in 2001,  has undertaken a growth and expansion phase in recent years, particularly with its online business and diversification into graphic design. It is now recognised as a major Australian bookseller, publisher, and digital graphic designer in Australia and New Zealand.

   Thyme Publishing Ltd has three entities that it controls:

 ? Island Publications Ltd (Hobart, Tasmania) (60% of the share capital owned).

 ? Creative Design Pty Ltd (Paradise, Tasmania) (100% of the share capital owned).

 ? Cloud Press Ltd (Christchurch, NZ) (100% of the share capital owned).  

 You have been appointed as group accountant for Thyme Publishing Ltd. As such you are required to prepare consolidated financial statements for the Parent and its Subsidiaries for the year ended 30 June  2019. In addition, the board have requested that you provide a brief report on the consolidation policies of an ASX 200 company to assist in their deliberations for Thyme Publishing’s 2020 vision & strategic planning for the future. Further details are provided at the end of this document.

 ? Questions about the content of this assignment MUST be posted on MyLO.

   General Information about Thyme Publishing Ltd o The presentation currency for the group is AUD.

 o Thyme Publishing Ltd treats Cloud Press (NZ) Ltd as a foreign entity according to AASB121 and uses the current rate method to translate financial information.

 o The functional currency for Cloud Press Ltd is NZD. You will first need to translate the New Zealand operations into the presentation currency of the group before applying consolidation principles.  

o The management of Thyme Publishing Ltd values any non?controlling interest at the proportionate share of Island Publications identifiable net assets, using the partial goodwill method (AASB3).

 o Thyme Publishing Ltd recognises a receivable for dividends when they are declared by a subsidiary.

 o All entities within the group use the perpetual inventory method.

 o The group uses the direct method to present cash flows from operating activities.

 o Round to the nearest dollar for ALL journal entries and calculations (NOT ‘000s or $m).

 o Expenses need to be classified by function in the consolidated financial statements.

 o For all financial statements, you may use either $ OR $’000 (NOT $m) but all must be the same.

 o The Australian income tax rate is 30%. New Zealand’s company tax rate is 28%

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  • Posted on : November 07th, 2018

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