Segment Reporting Practices In Australia - Myassignmenthelp.Com

Question: Discuss About The Segment Reporting Practices In Australia? Answer: Introducation Woolworth Ltd is a public company which was established on 22nd of September 1924 and is ranked number two of 2000 companies in Australia (Kang Gray 2013, p. 238). Its headquarters are located at Bella Vista, New South Wales. It is reported to generate the highest percentage of revenue for the country through its super markets and grocery stores. The company has various stores and petrol stations which enable it to get maximum profits. It falls under retailing industries. Retail industries have unique characteristics which make them different from other industries. They have a constant evaluation of their businesses; they can learn from mistakes and create a business out of it. They have a valuable goal and vision. These industries address a real unmet need; they are able to satisfy customers needs. Scaling is also a unique characteristic that helps retailers grow. They are able to identify companies with the same goal and vision and buy it for the purpose of expansion (Goodman Remaud 2015, p. 120). These characteristics are all shown by Woolworths limited. From its goals and vision to meet the unmet goals to expansion indicate that it is a retailing industry. Research that was done recently shows that Woolworth is slowly losing its market share to Cole. Australian spent almost a billion dollars less from Woolworth which is believed to be spent at Cole and Aldi's organisations. This has led to a big loss to Woolworth. In 2016, Woolworth was in a financial crisis, for the whole year it experienced a loss of $ 1.28 billion (Kang Gray 2013, p. 240). This was a huge amount of money attributed to failed home improvement ventures and some of groceries and petrol stations slashing. This caused many of the stores to be closed up leading to most jobs being lost. List of References Goodman, S. and Remaud, H., 2015. Store choice: How understanding consumer choice of whereto shop may assist the small retailer. Journal of Retailing and Consumer Services, 23, pp.118-124. Kang, H. and Gray, S.J., 2013. Management reporting practices in Australia: Has IFRS 8 made a difference?.Australian Accounting Review, 23(3), pp.232-243.