Friday, 31 July 2015

My Top Three Bloggers, hats off to you guys!!

Just a small shout-out to what I though where the top-three blogs!
Number 1
Carly’s blog was very in-depth and she explored some of her KCQs in her blog posts, including a critical analysis of why her company was running at a loss and the challenges it faced in the Greek economic climate. The challenges Carly faced were quite similar to my own, I too was baffled by all the brackets in my financial report and it took a lot of help from Google to understand everything, but Carly definitely made an effort in reaching out to her peers for help, advice, thoughts and opinions which is greatly appreciated. Not only did Carly post frequently with her own opinions and updates on her progress she also posted numerous interesting articles on her company Aegean Airlines, I found the article from the Wall Street Journal, Greek Crisis Creates Airline Turbulence particularly interesting.
        Number 2
Elizabeth Altoft, author of An Ordinary Business Student, http://ordinarybusinessstudent.blogspot.co.uk/
Elizabeth’s company Prana Biotechnology was in the same field as my company Genetic Technologies, also we both had companies based in Australia. The research Elizabeth did into her company was very impressive and actually prompted me to do a little digging of my own. Prana Technologies was also running at a loss like Genetic Technologies however Elizabeth discovered that Prana Technologies actually fell under the Australian Government tax incentive scheme relating to eligible research and development activities, introduced on 1 July 2011.  This means that entities with an aggregated turnover for the income year of less than A$20 million will be entitled to a 45% refundable tax offset. I read the link she attached to her blog post about this and found it very interesting, I did think perhaps my company was eligible for a similar scheme but alas that was not the case. However I did discover that Genetic Technologies was divesting which I probably wouldn’t have noticed if it wasn’t for the effort Elizabeth went to to find answers to her key questions.
Number 3
Carmen Berkahn, author of Going a Little Nuts http://goingalittlenuts.blogspot.co.uk/
For some reason I do seem to find airline companies quite interesting which is what possibly drew me to Carmen’s blog as her company is AirAsia. However the main reason I chose Carmen’s blog as my number three was due mainly to the amount of content she posted up for everyone to see. My main criticism with a lot of blogs was the lack of content and only the basic information being posted up. Carmen has posted everything from video’s to article and her own analysis of her company’s annual reports. As a side note I also enjoyed many humorous memes as well, after all blogs are all about keeping the reader entertain while at the same time imparting important information on them. Carmen’s approach not only to this assessment but also accounting in general is very refreshing and instills a sense of hope in her readers.

Good on you guys, look forward to reading more!

Genetic Technologies divesting the Australian Genetics Business

So it turns out that my company Genetic Technologies announced on the 22nd September 2014, that the Company had entered into a binding Agreement with Specialist Diagnostics Services Pty Ltd, a subsidiary of Primary Health Care Limited, for the sale of the assets of the heritage Australian genetics testing business. The Australian Genetics business has been fundamental to the Company’s development as a specialised genetic testing service provider, and more recently, a foundation to enter the molecular diagnostics market via BREVAGen. However, when the opportunity to divest the Australian Genetics business arose, the Board elected to do so, focusing the Company on its core asset BREVAGen, and the imminent release of the next generation of the test, BREVAGenplus.

This is obviously as a result of there poor performance in Australia as shown on the financial reports, so I did some more digging into their new endeavour BREVAGen in the USA and found it quite interesting.


Hope you learnt a little too!

Signing out!


Ooooopps

Ooops, I figured if I have linked Part 3 off Assignment 1 on my previous post I should probably link my annual reports for Genetic Technologies, or else none of my company spreadsheet is really relevant is it? Please excuse amateur blogger here!

2014 Annual Report
http://www.gtgcorporate.com/wp-content/uploads/2014/10/2014-Annual-Report.pdf

2013 Annual Report
http://www.gtgcorporate.com/wp-content/uploads/2013/10/2013-Annual-Report.pdf

2012 Annual Report
http://www.gtgcorporate.com/wp-content/uploads/2011/10/2012-Annual-Report.pdf

2011 Annual Report
http://www.gtgcorporate.com/wp-content/uploads/2011/10/Annual-Report-ended-30-June-20111.pdf

Post again soon!

Spreadsheets, spreadsheets SPREADSHEETS! And a partly done draft..

So I am off on holiday to Germany and Poland for a few days so I have had to get almost everything done before I leave! Thank God for coffee is all I have to say!
I don't know how anyone else feels, but finding rather difficult trolling through all these blogs finding ones that I find interesting and relevant, maybe it is my complete lack of blog knowledge (I don't even know how to follow people!)
Anyway finished Part 3 which I am fairly chuffed about, and I must say after putting my companies financial reports onto a condensed spreadsheet it actually does make them easier to understand, and gives me a better view of Genetic Technologies financial position. I was very overwhelmed at the beginning when I was staring at three, 100 page reports! Hopefully I have done my spreadsheet correctly, if any of you lovely students would like to have a nosey at it here is a link below:

https://docs.google.com/spreadsheets/d/1iOaRmSVlPQU27Fk-lPf_ybcCvZRHbVORfrrOKhBiILU/pubhtml

Also it is not much of a draft but this is what I have got so far for my Assignment

https://docs.google.com/document/d/1Bjt2ZoHTM251WgySdkRONSdRvXwo1yilT57BqgIJF6I/pub


Now back to blog hunting and communicating as much as possible with all you awesome people!!

Not exactly accounting related but I though everyone might enjoy this, I know I had a giggle haha.



Signing out!
Peace and Love
Alex


Friday, 24 July 2015

Company Assigned!!!

So I have been assigned Genetic Technologies Limited as my company for this terms first assessment. This is an Australian based global genetic testing business, specialising in cancer diagnostics, with a focus on women's health.



I have to admit I was not overly thrilled with this and my level of enthusiasm dropped even lower as I began to read the Annual Report for 2014.

This is not what you want to have to write in a Financial Report. "Financial risk – the business now called Genetic Technologies Limited was established in 1989. With the exception of the year ended 30 June 2011, the Company has incurred operating losses in every year of its existence. As at 30 June 2014, the Company had accumulated losses of $92,175,113 and the extent of any future losses and whether or not the Company can generate profits in future years remains uncertain. The Company currently does not generate sufficient revenue to cover its operating expenses. There is also no certainty that the Company will be able to raise additional funds by issuing further shares and/or the raising of debt and, if such funds are available, on what terms the Company would be able to secure them." (Genetic Technologies Limited 2015, p. 36)

I guess it could be interesting at least? Don't suppose anyone else out there has a company slowly drowning in this economy?

Here is a interesting article on possible stock manipulation by my company
https://ipowizard.wordpress.com/2015/02/18/a-pump-and-dump-from-down-under-genetic-technologies-gene/

By the way it is cold and rainy in Belfast, and I have a day off so I think I need to take a break, have a hot chocolate and watch some TV. Any suggestions? I was thinking Orange is the New Black..

Signing out, Peace and Love


Genetic Technologies Limited, 2015, Genetic Technologies 2014 Annual Report, viewed 20th July 2015, file:///Users/Alex/Documents/UNI/ACCT11059/2014-Annual-Report.pdf


Tuesday, 14 July 2015

Hello World!?#$

This is my my very first post... ever...

This little blog is my journey through my Accounting course while studying overseas. Term has started and after my wee mini-break, I have opened up my moodle and started to crack on with the important stuff. I am writing to whomever is reading this from the comfort of my bed in Belfast, Northern Ireland, slightly sunburnt and tired from a weekend of surfing in Donegal. Having lived here in Belfast for a year now it feels as though I haven't really gotten to explore this beautiful country, and little breaks like this are always exciting.

I don't have long left here though, a little under three months to be precise, then it is back to Australia to see all the friends and family whom I miss with all my heart! I am sure these next three months will fly by though; I am working full time at Lush Cosmetics and studying via distance education in hopes of at some point finishing this bloody business degree I have been working at for so long! Feels like I hardly have time to fart, let alone write this blog (although I seem to always find time for a pint of Guinness).

Well I am not going to blab on forever as I am rather peckish and it is cheap Tuesday at Dominos after all. Jumping on a plane to Edinburgh tomorrow so I guess I will check in again here when something fabulous happens.

Peace and love x