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The statement of comprehensive income for the year ended 31 December 2009 and its comparative is shown below:
2009
2008
$m
Revenue
1,430
1,022
Cost of sales
(1,058)
(705)
Gross profit
372
317
Administrative expenses
(74)
(62)
Distribution costs
(158)
(100)
Finance costs
(60)
(30)
Share of profit of associate
80
-
Profit before tax
160
125
Income tax expense
(40)
(33)
Profit for the year
120
92
Other comprehensive income:
Revaluation gain on property, plant and equipment
45
15
Gains on Available for sale investments
16
6
Tax effects of other comprehensive income
(14)
(5)
Other comprehensive income for the year, net of tax
47
Total Comprehensive income for the year
167
108
Required:
(a) Analyse the economical performance and monetary position of KER for the year to 31 December 2009 and comment on the Chairman's claims on growth (8 marks are available for the calculation of relevant ratios).
(b) Diversity in accounting policies and estimates can influence the comparison of financial statements of two or more entities. Explain three examples of where such differences could affect comparability between entities.
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