Accounting Theory Bio Sustainable Feeds Ltd

Question: Discuss about the Accounting Theory for Bio Sustainable Feeds Ltd. Answer: Introduction BSF (Bio-Sustainable Feeds) Ltd listed on the ASX (Australian Stock Exchange) and it has consistently engaged in the activities associated to sustainable aquaculture since last few decades. The research activities employed by the company were initially not objectionable but sooner, it faced a problem when its research was highly challenged by the environmental experts. Because of such objections, it had to expend a massive amount of AU$360 million. Besides, the company objects to convert 10 kg of low-value fish into 1 kg of high-value fish through utilization of plant-based fish seeds but the exact rate of conversion was in contrast to the rate provided by the company (CBC, 2016). It was observable that the conversion rate was 30 kg of low-value fish into 1 kg of high-value fish. However, the size of such transformed fish species were 60% greater than the matured ones and even their dying rate were lesser. Activities in the interest of the environment The company aims to increase the quality of fish species through its sustainable aquaculture activities but the environmentalists have strictly condemned their practice. They consider such activity as immoral and ineffective because such high-value fish species would only be beneficial for the rich people and the poorer ones could not obtain any benefit from it. Moreover, they also considered such transformation as highly prone to malnutrition and starvation risks (Piedrahita, 2003). Therefore, BSF Ltd was not available with an option and it had to discontinue such activity as per the directions of the environmentalists. Sooner, it started its research activities into bacteria so that it can produce fish weeds, residue of environment-friendly sugarcane etc (Lothe, 2013). Due to the objections put forward by the environmental experts, the company had no choice but to adopt environment-friendly ways to carry on their activities. Therefore, even signing of the report by the company rega rding itself a socially responsible and environment-friendly company is not an ethical activity (Baldwin, 2010). Problems with the prior research As stated above, environmentalists have highly condemned the practice of transformation of low-value fish into high-value fish because they consider that developing such species at the cost of human food crops is not at all ethical. They also considered that such high-value species would not be beneficial for the poorer people and only the rich ones can have it. They also felt that such conversion increases the danger of malnutrition and starvation risks in the species (Messier Emby, 2005). Hence, BSF Ltd had to abide by the experts and conduct such an activity that is entirely environmental-friendly. The company started research on bacteria in order to create fish weeds, residue of sugarcane etc and in relation to this, it spent more than AU$160 million. In order to bring the research into the markets, it also expended a whopping amount of AU$200 million. Commonwealth Scientific and Industrial Research Organisation (CSIRO) also assisted the company by offering a reward of AU$500 mi llion on one condition that it is bound to expend a minimum of AU$ 100 million per year on the alternative feeds of aquaculture. Therefore, when the company received such an amount in the year 2013, it spent around AU$500 million for the purposes of research and it targeted of spending an extra AU$200 million for the development of sustainable aquaculture feeds. Considering the role of an auditor, it is notable that an auditor must properly advocate himself about the nature of business conducted by the company by carrying out brief research and investigations. He must also make ways to understand about the statutory laws and regulations applicable to the company (Heeler, 2009). An auditor must also assess the impact of the companys activities on the environment as a whole. In other words, he must know whether the company fulfils the regulatory requirements or not and whether its activities are not detrimental to the environmental interest (Kaplan, 2011). The auditor of BSF Ltd is al so responsible to carry out the same processes and properly assess whether any activity that is detrimental to the environmental issues are not conducted by the company or not. He must also make sure that the grant received by CSIRO is not consumable for purposes other than the specified purpose. Research vs. development Both development and research operates together but there still exists a line of separation between the two. In relation to research, it refers to an open-ended investigation. It is a comprehensive term that depicts about the intended discovery. It can of various types such as applied, basic research etc and all have their own attributes (RD, 2015). In contrast to this, development offers workable solutions that can minimize the selection risk from several resources. With the assistance of development, an evidence target is efficiently displayable. Huge amounts are worn-out on R D in order to enhance a new product or existing product so that significant incomes are available in the long-term. In other words, a company purposes to develop its position and earn high revenues for a longer period. Therefore, it expends huge expenses on R D so that an old product is refillable with improvements for effective competition and significant gains (RD, 2015). If the economic benefit that accrue from RD and pertain to flow in the coming time period then the costs can be ascertained as an asset. It is not treated as an expense as they meet the regulations of an asset and justify the asset definition. Moreover, this is clearly highlighted by the statement of principles and the IASB Framework that is available for the presentation purpose. It helps in proper presentation of the financial statements. Fair Market value Market rate that is expected = $700 million (present rate). It implies that if the production is carried on and sold at the present time then the company will get $200 million for a period of 10 years. The rate of discount stands at 8%. Hence, after 2 years the production of the patent will be done and sold. The present value of future payments can be treated as the cost of development. A sum of $ 100 million needs to be spending at the end of the first year. Present value = 100* (100*1.08)1 = 108 million In the second year, 100 million needs to be spent at the second year. Therefore, PV = 100* (100*1.08)2 = 116.641million Hence the total cost appears to be 500 million plus the amount of 108 million and 116.64 million = 724.64 million The following assumptions need to be kept in mind: After the end of the year, the development cost will be incurred. The grant received by the company shall not be net off for the patent against the cost, however, an individual account will be maintained and amortized the same over the life span of the asset (Merchant, 2012). RD Journal Transactions It is vital that the capitalization must be done for the RD expenses till the time, the functioning of the company do not happen. Moreover, the journal entries for such transaction should be done in a manner that the amount of expense is capitalized until the company commences its operations (Merchant, 2012). Therefore, the sum of AUS $160 million that was provided for the research should be associated to the cost of patent of the company and if the expenditure of development gets fulfilled then the entire amount of AUS$ 200 million should be charged to the cost of patent. In addition it must be noted that if the amount is spent before the process of development then the company is not able to charge the entire amount to the patent cost and only a portion is charged. On the other hand, CSIRO provided a grant to the BSF and treated as a capital expenditure that is charged to the patent cost. The grant is considered as an income that is of a deferred nature. The income will be ascertained on a periodic basis and linked to profit and loss account and will happen in the form of depreciation that is charged. Beginning of the year 2013 Anticipation of the grant received Grant received from CSIRO A/c Dr 500 To, RD A/C 500 (Being expense done and the same is capitalized) Receipt Bank or cash A/C Dr 500 To, grant received CSIRO 500 (Being amount of grant received) Scenario at the end of 2015 (end) Payment for the RD RD A/C Dr 500 To, Bank A/C 500 (Being payment made for research and development) Capitalization Patent A/C Dr 500 To, RD A/C 500 (Being RD capitalized) The entire 2015 is considered because the expenses back up is not present for every year. Considering the case of 2016 Research and other expenses are done at the end of 2015 and capitalized to the cost of patent therefore, considering this scenario the amortization should be initiated from 2016. Patent cost amortization Amortization for 5 years = 500 million/ 5 = $100 million (5 years ) Amortization Patent amortization A/c Dr 100 To, patent A/c 100 (Being patent amortized) Patent exclusion From the entire report, it can be stated that the research done by BSF after spending millions of Australian dollars is not patented yet. It is a well known fact that patent can be done when the RD is over. However, the same is not observed when it comes to BSF because in the prospectus it was claimed that the company is having an exclusive rights over the bacteria based feeds and tantamount to misstatement. Companies should not indulge in such an activity to attain a market share as it leads to duping of the innocent investors. The assertion made by BSF is unethical in nature and further incorporation in the prospectus is more problematic as it leads to activities that do not go in the good books of the investors (Lapsley, 2012). However, it is the duty of an auditor to look into the matter and detect the issue at a very beginning so that the prospectus is free from any misleading information (Parker et. al, 2011). A prospectus is treated as a window for the company where the invest ors can look into the prospect. If an assertion is false, it will complicate the things and influence the decision of the investors in a negative manner (Manoharan, 2011). Therefore, as per the law and the ethical practice, the claims made by BSF are false and should be detected by the auditors at an early stage which did not happen. Conclusion From the above report, it can be addressed that the audit program of the BSF were based on weak grounds. It failed to detect the error in the prospectus. Moreover, BSF is wrong in the matter of assertion that it has an exclusive control over bacteria based feed. The assertion should be done when it is completely done and patented but the prospectus contained misstatement that must be avoided. The auditor must provide safety to the investors by detecting such errors (Parker et. al, 2011). The auditor must abstain from signing the statement and prospectus wherein the wrong information is displayed. However, signing such a prospectus in the wake of misstatements tantamount to unethical practice. References Baldwin, S 2010, Doing a content audit or inventory, Pearson Press. CBC 2016, Shift to plant based fish feed could hurt health environment, CBC news technology and science, viewed 19 September 2016, https://www.cbc.ca/news/technology/aquaculture-feed-1.3262922 Heeler, D 2009, Audit Principles, Risk Assessment Effective Reporting, Pearson Press Kaplan, R.S. 2011, Accounting scholarship that advances professional knowledge and practice, The Accounting Review, vol. 86, no. 2, pp. 367383. Lapsley, I. 2012, Commentary: Financial Accountability Management, Qualitative Research in Accounting Management, vol. 9, no. 3, pp. 291-292. Lothe, R 2013, Fish feed research may help reduce world hunger, viewed 19 September 2016, https://sciencenordic.com/fish-feed-research-may-help-reduce-world-hunger Manoharan, T.N., 2011, Financial Statement Fraud and Corporate Governance, The George Washington University. Merchant, K. A. 2012, Making Management Accounting Research More Useful, Pacific Accounting Review, vol. 24, no. 3, pp. 1-34. Messier, W Emby, C 2005, Auditing Assurance Services: A systematic approach, McGraw-Hill. Parker, L, Guthrie, J Linacre, S 2011, The relationship between academic accounting research and professional practice, Accounting, Auditing Accountability Journal, vol. 24, no. 1, pp. 5-14. Piedrahita, R.H 2003, Reducing the potential environmental impacts of tank aquaculture effluents through intensification and recirculation, Aquaculture vol. 226, pp. 35-44 RD 2015, Research Development, viewed 19 September 2016, https://www.accaglobal.com/gb/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/rd.html.

Autumn Eternal • Panopticon free essay sample

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Stasiland by Anna Funder Historical Context Essay Example

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