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Question - The following table shows performance measures for Mantaka Ltd for the period ending 31 December 2018. It is located in New Zealand and is a subsidiary of an Australian multinational company.
Performance measure
Budgeted $AUD
Actual $AUD
Variance $AUD
Revenue
25,000
20,000
(5,000)
Expenses
12,500
10,000
2,500
Net Profit
(2,500)
The manager of Mantaka Ltd recently received his performance review in which the head office in Australia classified the performance as "not meeting expectations".
Further information:
1. The Australian multinational company sets the budget in Australian dollars. The budgeted amounts were converted to New Zealand dollars and conveyed to Mantaka Led by the Australian head office. The amounts were converted using a budgeted exchange rate for 2018 of 1 AUD = 2 NZD.
2. The actual operating results at the end of the twelve month financial period were conveyed back to the Australian head office where they converted the New Zealand dollar amounts to Australian dollars using the end of year exchange rate for 2018 which was 1 AUD = 3 NZD.
In assessing the New Zealand subsidiary manager's performance any deviations from the budgeted rate and the actual rate are ignored.
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