Similarities + Differences between Annual Reports

Similarities & Differences between my firm and the firms of other people, and how they present their financial statements:

 

Looking through multiple annual financial statements for various different companies I have noticed various similarities and differences, mostly similarities. To my surprise I noticed that most companies, no matter what area/field they have a very similar layout, in particular reference to the pages that exemplify financial data. In my company’s annual report, in the finance section they included notes to the consolidated financial statements. I noticed this in various reports where company’s noted and explained statements or terms used throughout the report, enabling the reader to thoroughly understand what they were talking about.  Looking at other students annual reports chosen at random, I really enjoyed and appreciated the report for the company Dyesol, by the student Chinthaka Liyanage.  The set out, although very similar to the annual reports of my company were easier to understand. There were thorough explanations in the report that explained why the company was implementing certain policies and procedures and how this would benefit them - this is something my report lacked a little. I also looked at construction companies to see how different they were to GCS, one in particular a company called Saunders, by the student Evelyn De Lange. I loved this company’s financial statement. Although similar to mine it was a lot shorter and conveyed a very similar story, which I thought was great – because let’s face it which report would you choose to read if both had same thorough content, the only difference being that one company took 112 pages to convey a message and the other company took 46 pages.  Through looking at different annual reports, my understanding is that companies must have some sort of template, one template that everyone follows when presenting financial data. I believe this because most company’s financial statements are displayed similarly. The only differences in the whole report being that each company has a different agenda with different challenges, achievements, strategies and involvements, therefore has something different, individual that they wish to address.  

 

Am I happy with the firm I have been given, or would I have preferred to be given a different company? What concerns do I have at this stage, if any?

 

I am quite happy with my delegated company. I was a little disappointed at the start thinking that a construction company such as GCS would bore me. Although just a construction company, GCS has many great attitudes and values that create such a positive culture. I really loved how prepared they are to work hard in overcoming challenges and even towards making their staff and company a really happy place to be a part of. I truly believe that this is why they are so successful!! If I was given the choice to pick a company I would have selected something from the agricultural industry as it is something that I am passionate about, however I do like being pushed outside of what I know because it is an opportunity to further learn and develop.

 

My concerns at this point are entering the financial data into the spread sheet!!! :O

Interpreting the data and selecting the right information worries me as I have never worked with annual reports for such a big company before. This is something that is a little daunting and I think it will certainly challenge me!