So the struggle continued with another aspect of my restated statements not balancing. I had come to the end of the online lecture for about the third time and it was time to do calculate the Comprehensive Net Profit after tax (CI). I had crossed my fingers and hoped for the best but it just didn’t happen. It was about 300K too much. My heart sunk and I just thought how on earth could I have made a mistake so big. I had been doing the little checks throughout each section as suggest by Maria so I was racking my brain on how it was so very wrong.
And as it turns out, I had done the same thing as I had done with Total + Equity not equalling NOA for the year of 2013. I had not included the Cost of Sales as an operating or financial expense. Thankfully, I had marked my financial statements with O and F and could see that I had not marked that so it stood out enough to notice it reasonably quickly.
Martin asks us to comment on whether we found the process of restating our statements, frustrating, confusing or enlightening. And I feel as though I have felt each of these emotions through this process. They were definitely a lot easier than I had imagined but I really credit this to the online Echo 360 Lectures because without those I think my thoughts about this would be a completely different story. I was confused a couple of times throughout the restating process but I think I really was only genuinely confused when I experienced the CI not balancing as well as my Total + Equity not = NOA for 2013. I think one of the biggest feelings I experienced throughout this process was enlightenment. I thought I knew my way around excel pretty well considering it is a tool that I use regularly but now I think I am on my way to becoming a little bit of a wiz. The little tricks and tips that Maria speaks about in the Echo 360 lectures really change the whole experiencing. Specifically one thing I would like to point out is linking of cells, this is just simply amazing! I can’t believe I have gone so long typing things out twice when I could have simply linked them. This is something so little but so big in my eyes! I know we talked about the classification of Operating Vs Financial in Chapter 4 but I hadn’t really applied it to my firm until I began to restate. It really has given me a deeper understanding into the costs associated not only with my Firm but also the costs of companies in general. At work now, i continue to think a little bit more about the costs associated with everything and wonder where our accounts team would be classifying them. Prior to the restating process I never really thought too much into it but have a new way of looking at things now and feel very grateful for what I have taken away so far.
Anyways, that is enough feedback for today because I am so excited to say that I have completed my restated financial statements and have uploaded my draft here . I would really appreciate some feedback if people had the time 🙂