Project Task Requirements:
Your international investment consultancy group has been hired by the Trustees of a rapidly growing, Queensland-based superannution fund – The Queensland Gold Superannation Fund (QGSF) – to identify potential investment opportunities globally with a view to providing secure, long-term investment returns to six hundred thousand Australian workers who are members of QGSF. The preference of the trustees of QGSF is to buy shares within an existing, successful company within the industry and country selected by your consultancy group.
NOTE: The trustees have read the AT Kearney 2014 ‘Ready for Take Off Report’ and they are only interested in an investment in one of the following four industries highlighted in that report:
1) solar power and/or electricity generation and/or wind farms OR
2) mining; OR
3) truck manufacturing; OR
4) pharmaceuticals.
In order to assist the trustees in determining whether foreign direct investment should take place in any of the companies your group has selected as being potential FDI candidates and in the industry selected, you must prepare a summary, group-based presentation (in PPT or PREZI for example) for consideration by the Trustees at their next meeting. Given that the Trustees have limited time to review your group’s presentation.
The three different regions of interest identified by the Trustees which may assist with the diversification of risk for the QGSF members are:
(a) Anglo American (e.g. UK, Australia, Canada, former Commonwealth member countries such as India, Malaysia, Singapore etc. and the Nordic countries of Denmark, Netherlands and Sweden) – the United States cannot be used;
(b) the Germanic/Latin countries (Developed and Developing Countries) (e.g. France, Germany, Italy, Poland, Czech Republic, Switzerland, Brazil, Chile, Argentina and Mexico); and
(c) the Asian countries (e.g. China and Japan).
Part A: Individual Group Member’s Performance Task – Individual Marks Awarded to Each Student on Work Submitted to Their Group: Summary Answers to be Submitted to Your Group at an Agreed Upon Date by the Group:
1) First, identify the country and the industry you have been allocated by your group. Second, identify the company from this country and industry that you have individually selected for consideration for FDI and the reasons for the selection of this company;
[10 Marks]
2) Provide a summary Table of the development factors, cultural dimensions and accounting values of the country you have been allocated and explain the nature of the relationship between these factors, dimensions and values. Outline what impact you think these factors, dimensions and values will have on the foreign direct investment risk of the investment in the particular country/industry/company selection you have made;
3) (a) Discuss in your own words the nature/characteristics of your country’s IFRS adoption process and explain the impact that you believe the development factors, cultural dimensions and accounting values of your country has had on the quality of the IFRS convergence process. In your answer identify the ‘version’ of IFRS applied by your selected company as set out in the Annual Report of the company under the Notes to the Financial Statements – Significant Accounting Policies heading.
(b) Discuss what impact you think the high/medium/low corruption levels within the country your have selected will have on the overall quality/usefulness of the information in the annual report provided by the company selected from that country.
Part B: Group Task – Completion of Presentation to the QGSF Trustees:
(4) Provide a comparative analysis of the companies selected by each individual group member utilising the international, financial statement analysis which includes: (a) an overall business strategy analysis; (b) the analysis of each company’s financial reporting practices; and (c) a financial analysis using a sample of three key ratios only and highlighting any limitations of this ratio analysis process.
(5) In your presentation to the Trustees, identify three overall key hindrances/limitations to international financial statement analysis that your group encountered in trying to complete the recommended four-step, international, financial statement analysis and comment on whether your group believes that these limitations can be successfully overcome and how this could be achieved; and
Part B: Group Task – Completion of Final Presentation to QGSF Trustees
(6) Using all of the information obtained then by the individual group members in relation to their country/industry/company analysis, make a recommendation within your presentation to the Trustees as to whether the fund should invest in any of the companies analysed, providing reasons for your group’s final recommendations. Within the discussion on these recommendations highlight whether your group believes that the Hofstede and Gray models have any current usefulness to global MNCs given your country-based findings. In your answer discuss what overall impact you think the high/medium/low corruption levels within each country analysed is having on the overall quality/usefulness of the external financial reporting information available in the global capital markets generally.
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