Question

Refer to the consolidated financial statements and notes in the 2017 financial report of Wesfarmers on its website, http://www.wesfarmers.com.au/docs/default-source/reports/j000901-ar17_interactive_final.pdf?sfvrsn=4 and answer the following questions:

Have the current liabilities of Wesfarmers increased or decreased over the year? By how much? What classes of liabilities are recorded under the classification “Current Liabilities”?

What are the major liabilities of Wesfarmers at the end of the financial year?

What items are included under the heading ‘Provisions’ in the ‘Current Liabilities’ section of the statement of financial position (balance sheet)? Explain the nature of these items. Do these satisfy the definition of provisions as contained in IAS37/AASB137? By how much have liabilities for employee benefits increased over the year?

How much cash has been raised by interest-bearing loans in the most recent financial year? How much of such loans has been repaid? How do these amounts compare with the previous year?

Determine whether any of the non-current liabilities are secured.

Are there any non-current provisions? If so, what, in very general terms, do these represent?

Answer 1