Answer to Question #230641 in English for Amanda Gambushe

Question

Identify a government department and a company of your choice, visit their website and look at their annual reports for 2017. Compare and contrast the annual reports.

Answer 1

We will compare and contrast the 2017 annual reports for National Treasury and Unilever Company.

Certain sections of the Unilever Annual Reports and Accounts for the year 2017 have been audited. The financial statements which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union and as issued by the International Accounting Standards Board and Financial Reporting

Standard 101 ‘Reduced Disclosure Framework’ (FRS 101) and United Kingdom accounting standards and Part 9 of Book 2 of the Dutch Civil Code, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole.

The financial statements of the National Treasury submitted for auditing were not prepared in accordance with the prescribed financial reporting framework as required by section 40(1)(b) of the PFMA. Material misstatements of current assets, liabilities and disclosure items identified by the auditors in the submitted financial statement were corrected, resulting in the financial statements receiving an unqualified opinion.

Unilever company earned a profit of 6,486 million Euros while the National Treasury made a profit of 5,128,892 Million Rand.