Accounting Analysis of Worley Parsons

vi) Goodwill- The beginning balance for Goodwill was determined by finding the difference between Total Assets and Total Liabilities at the beginning . Goodwill accounts for all the intangible assets that were transferred from the old company to the new company, including brand name, as well as a premium paid for the company. Goodwill was not amortized in this model.

Base pay, protection programs, paid time-off programs, and work-related bonuses are all part of which type of compensation program?

The company also provides the following disclosure relating to the useful lives of its depreciable assets

In addition, according to ASC 712-10-25-2, the $50,000 additional contractual termination benefits shall recognize a liability and a loss when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. The cost of contractual termination benefits should be recognized as a liability and a loss at the present value. Therefore, the $50,000 contractual termination benefit is recorded at present value on 20X1, the $2.5 million one-time termination benefits and the $500,000 two weeks’ severance must be recorded at fair value at December 27,

Just like an award, this for the basis of productivity. The award may be non-tangible and be expressed through recognition. “Fringe-benefits” are usually expenditures made be the employer on behalf of the employees.E Examples are profit sharing plans, stock options, paid time not worked, and paid health insurance. Compensation can be related to job recruitment, performance, and satisfaction. This is an important resource tool for management and should be adjusted according to goals of a business.

Financial statements are used to determine the business activities of a firm and the role of accounting analysis is to determine the accuracy and quality of the information provided. This analysis would look into the degree of its accounting figures captures its business reality through the policies used and its resulting noise, potential forecast errors and its impact on Myer’s profit.

1. Current liabilities 2. Usual valuation of long-term liabilities 3. Disclosure notes 4. Long-term liabilities 5. Commercial paper

Employee benefits are a key aspect of an organization’s total compensation package (Martocchio, 2010). An employer’s total compensation package is defined by Martocchio (2010), as “both the monetary and nonmonetary rewards” offered by an organization (p. 7). The most visible aspect of any total compensation package, is core compensation (Martocchio,

According FASB, compensation plans include all arrangements by which employees receive shares of stock or other equity instruments of the employer or the employer incurs liabilities to employees in amounts based on the price of the employer’s stock. Compensation cost should be measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period, under the fair value based method. Compensation costs are recognized for other types of stock-based compensation plans under Opinion 25, including plans with variable, usually performance-based, features. Some stock-based compensation plans require an employer to pay

These employees enjoy accrued benefit such as health insurance, vacation, Competitive wages, dental insurance, holiday and a retirement plan (Helms, 2001).

The current assets are those which are readily convertible into cash and cash equivalents due to their highly liquid nature and also form part of working capital of the company’s operations. However, the long term assets in contrast are not liquid because since they have a useful life of more than a year and hence their full value cannot be easily realized within

* The date on which employment began and when continuous employment began (For example any previous employment which counts towards continuous service)

Goodwill is a long-term asset categorized as an intangible asset. The amount of goodwill is the cost to purchase the business minus the

An expired cost or expense in the words of Berry (1999) "is a cost from which all benefit has been extracted during an accounting period." Examples in this case include but they are not limited to selling and administrative expenses as well as cost of goods sold. An asset on the other hand is an item of value a company can claim ownership to. In the opinion of Berry (1999), the various reserves an entity controls may also be viewed as assets. Assets include but they are not limited to property and equipment, stock as well as cash.

There are two types of intangible assets, those that have been purchased by organizations and secondly