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ACCT7106 Semester 2, 2025
Individual Assignment Instructions/Information

ADMINISTRATION/GENERAL INSTRUCTIONS

Assessment Contact

The course assessment is the responsibility of the course coordinator, Dr Mark Wallis.
Email: m.wallis@business.uq.edu.au
However, please consider posting questions about the assignment or exam on the relevant
discussion board on Learn.UQ rather than emailing the course coordinator so that other
students can benefit from seeing your question and the answer.

Objective

The assignment provides students with an important opportunity to ‘learn by doing’. Specifically, as
we cover analysis in class, you should undertake the analysis for the assignment company. You will
be asked to apply most of the analysis from the first five seminars to the company specified in the
assignment instructions (later in the document).

Do not leave the assignment until the last minute. Start work on it early. Leaving it to the last minute
will be stressful and may result in poor performance.

Page Limits

Page limits have been specified for some written questions. We will enforce maximum page limits by
simply not marking any material that appears beyond the page limit for a particular question. The
page limit provides a guide to the level of depth and detailed expected. However, do not simply write
unimportant information to reach the page limit. Use the space efficiently to add more depth/detail to
your answer.

Cover pages and references lists are not counted towards the page limit.

Marking Guide

A marking guide is provided at the end of the assignment. This contains the number of marks
assigned to each question in the assignment.

Deliverables and Submission

Each question on the assignment indicates whether the work should be completed in your written
report (in Word/PDF format) or in your Excel workbook. You must submit both a written report and
your Excel work. You must answer in the question file specified in each question (written report or
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Excel) to ensure that the marker of the question knows where to find your answer. For example, do
not answer questions in your Excel file that should be answered in your written file.

Written component:
• Submit through the Turnitin link on Learn.UQ. Please submit your answers in Adobe PDF
(preferred) or Word format.

Excel component:
• Submit through the Learn.UQ (Blackboard) submission system link on Learn.UQ
(Blackboard)
• Do not submit an Excel file that contains macros (e.g. ‘.xlsm’ file). These files may contain
viruses and therefore cannot be safely marked and will not be opened.
• Note that Blackboard shows a preview of submitted files in PDF format, even when you
submit an Excel file. Do not be alarmed by this. The Excel file will be downloaded and
marked.

Please be careful to submit the correct files. In previous years, students have accidentally submitted
assignments from other courses or incomplete, draft Excel files. The mistake may not be noticed until
it is too late to avoid late penalties.

Viruses/malware: please ensure as far as possible that you do not submit a file containing malicious
code, including a virus. Any viruses or similar malicious code found in student submissions will be
investigated and further disciplinary action may be taken if deemed appropriate.

Written Report Formatting

Your written answers should be in A4 page size, in Times New Roman font, 11pt font size, at least
single line-spacing, margins at least 2cm on all sides.

Do not insert images of text into your written submission in an attempt to defeat Turnitin. Your
document should be machine-readable, i.e. it should be possible to copy-and-paste every sentence
from your document without running optical character recognition.

Briefly indicate the question you are answering by writing the question letter and number in bold, e.g.
‘B1.’. There is no need to copy-and-paste the whole question into your answers. This wastes valuable
space that you could use for your answer.

Note that the assignment has marks allocated to proper English expression, so please ensure you
proof-read your work.


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Excel Formatting Requirements

Your Excel file must be easily auditable by a marker. This means that a marker can easily trace your
calculations in Excel from raw input numbers/assumptions through to your final calculations. It also
means that your Excel work must comply with certain standards around formatting and layout. My
workings for JBH, which are available on Learn.UQ, illustrate these formatting conventions.
Following an Excel formatting convention is also a standard requirement in the workplace, so it is
worth getting used to doing it.

Excel modelling conventions:
• There should be clear distinction between cells that are inputs/assumptions, cells which
reference figures in other worksheets, and cells that are calculations.
• All calculation cells should consist entirely of cell references, not numbers. Do not ‘hardcode’
calculation cells. This makes it very difficult for a marker (or future employer) to understand
your calculations/workings
• Figures in the reformulation should, where relevant, link back to figures in the raw financial
statements so that they can be audited. In other words, do not ‘hardcode’ figures in the
reformulation that could be linked back to other inputs
• The reformulated financial statements should be prepared on a separate Excel worksheet from
the raw financial statements and named as specified in each question
• Cell text colour formats must be followed:
o Input/assumption cells: blue font
o Calculations involving figures within the same spreadsheet: black font
o References to cells on other spreadsheets: green font
o Warnings/comments: red font
• Cell number formats should be neat and consistent:
o Do not put dollar symbols in each cell in a column. Instead specify the units at the top
of the column of numbers. Be careful to check what units the company reports in, e.g.
millions, hundreds of thousands, thousands.
o Numbers over 1,000 should have commas to delineate each thousand, e.g. 12,345.6
o Negative figures should be in parentheses, e.g. (12,345.6)
o Up to two decimal places should be shown where they are meaningful, i.e. where they
are not simply zero.
o Cells that are percentages (e.g. RNOA) should be formatted as percentages. Negative
percentages should be in parentheses, e.g. (10.45%)
• Worksheets should be named correctly, i.e. as specified in the question, e.g. ‘BS_R’ for the
reformulated Balance Sheet.
• Your Excel file should not include cell references or links to any other Excel files, i.e. all
numbers and workings should be contained within one Excel file

The easiest way to ensure that you follow these conventions is to adapt my JBH workbook to the
assignment company. The format painter in Excel can be especially helpful for getting cell formats
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right. Note that the assignment has marks allocated to proper Excel formatting, so please ensure you
follow the standards above.

Other Submission Matters

Cover Page
Please include a simple cover page at the beginning of your written submission with your name and
student number. This is not strictly necessary, as Learn.UQ manages assignment submissions and
matches them to students, but it provides a useful backup to identify the author of each submission.

Retention of Submission Receipts
Please keep all submission receipt numbers that might be provided by submission systems such as
Turnitin and Learn.UQ as proof of your submission.

Email Backstop
If you encounter any problems with the submission systems (Turnitin and Learn.UQ), please alert
technical support and the course coordinator of the problem. You may email a copy of your
assignment to the course coordinator if you have trouble submitting through the normal systems if you
are concerned about incurred a late penalty due to technical problems.1

Late Submission of Assessment
Unless you have an approved extension, you will lose 10% of your assessed grade for the assignment
for each 24 hour period (or part thereof) after the designated due date-time that your submission
remains outstanding.2

The assignment must be submitted by 1pm seven calendar days after the due date-time by the absolute
latest or you will receive zero marks (see ECP).

You must submit both a written report and Excel workings for the assignment. Your submission time
will be based on the time when you submitted both pieces of work, e.g. if you submit the written
report on time, but the Excel workings late, then you submission will still be viewed as late.

Please note that the 10% penalty rate and the seven-day maximum window for submission are set by
UQ policy.



1 Note that work received by email will still be subject to plagiarism checking through Turnitin and to late
submission penalties.
2 Times will be based on the submission time recorded by Learn.UQ, Turnitin, the UQ email system, or any
other authorised submission system as the case may be. For the avoidance of doubt, 24 hour periods will be
based on calendar days, i.e. inclusive of weekends and public holidays.
UQ sometimes grants extensions under limited circumstances. These extensions specify a later due date. The
due time of day will remain the same, e.g. if the assignment is due by 1pm on the due date, then it is due by 1pm
on the extended due date.
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Multiple Submission ‘Attempts’
Some submission systems, e.g. Learn.UQ or Turnitin, may allow students to submit multiple
‘attempts’ at an assessment. Only the last submitted attempt will be graded, unless otherwise agreed
between the course coordinator and the student involved.

For the avoidance of doubt, in the event that a student submits the assignment on time and then
submits a different version of their assignment late, we will mark the late submission applying the
normal late penalty.

Applying for an Extension
Extensions are reviewed and adjudicated by UQ professional staff. Please see the instructions in
Section 5 of the ACCT3106 ECP.

Plagiarism

‘Plagiarism’ is a broad term referring to the practice of appropriating someone else’s ideas or work
and presenting them as your own without acknowledgment. Plagiarism is literary or intellectual theft.
It can take several forms, including:

• copying the work of another student, whether that student is in the same class, from an earlier
year of the same course, or from another tertiary institution altogether;
• copying any section, no matter how brief, from a book, journal, article or other written source,
without duly acknowledging it as a quotation;
• copying any map, diagram, or table of figures without duly acknowledging the source; or
• paraphrasing or otherwise using the ideas of another author without duly acknowledging the
source.

Whatever the form, plagiarism is unacceptable both academically and professionally. By plagiarising,
you are both stealing the work of another person and cheating by representing it as your own. Any
instances of plagiarism can therefore be expected to draw potentially severe penalties.

Cheating means to defraud or swindle. Students who seek to gain an advantage by unfair means such
as copying another student’s work, or in any other way misleading a lecturer about their knowledge or
ability or the amount of work they have done, are guilty of cheating. Students who condone
plagiarism by allowing their work to be copied will also be subject to disciplinary action.

Note that we have full access to Turnitin, which will identify plagiarism.

AI-Generated Text

Unfortunately, we are not permitted to ban the use of AI/large language models, although we view
them as very detrimental to students’ learning. We can only point out that AI-generated answers are
usually low quality, such as being vague, lacking proper references, and sometimes including
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incorrect information due to AI ‘hallucinations’. These weaknesses in AI-generated text will tend to
result in lower marks.

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ASSIGNMENT

The assignment involves conducting a financial analysis of the Australian listed company Adairs
Limited (ASX ticker: ADH). You can normally refer to the company as simply Adairs or ADH in
your answers, unless this would cause confusion.

ADH’s 2022, 2023, and 2024 annual reports have been uploaded to Learn.UQ. You will need to
consult these to answer these questions.

A. Accounting Questions (Written Report)

A1. Clean Surplus Relation in FY24 (Written report)

For FY24, show that Change in CSE=CI-d (clean surplus relation holds).

Make sure to calculate net transactions with shareholders using the Statement of Changes in Equity.

Show all workings.

Page limit for A1: no more than 0.5 page

A2. Comparability? (Written report)

Adair’s revenue fell from $621,335,000 to $594,356,000 between FY23 and FY24. From purely the
information available in the company’s financial report (page 68-131 of the 2024 Annual Report),
what is a problem with comparing Adair’s FY23 and FY24 revenue figures? Briefly explain.

Provide reference/s to relevant pages of ADH’s annual report to support your arguments.

Page limit for A2: no more than 0.5 page (shouldn’t take more than a paragraph)

B. Reformulation

ADH’s Balance Sheet, Income Statement (including Statement of Comprehensive Income), and Cash
Flow Statement are available in Excel format on Learn.UQ including some adjustments and relevant
notes to the financial statements.

Please use these financials as a base in your answers because we have fixed some things and
standardised the presentation across years for you.

ADH’s 2022, 2023, and 2024 annual reports have been uploaded to Learn.UQ. Please use the annual
reports to help you interpret ADH’s financials and to disaggregate any accounts further if you think it
is necessary.

Please name each Excel worksheet as specified in the question.


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B1. Balance Sheet Reformulation (Excel worksheet name: BS_R)

Reformulate ADH’s Balance Sheet for FY21, FY22, FY23, and FY24 (past four financial years)
following the approach taught in this course.
• Assume operating cash is 0.5% of Revenue
• Report your reformulated Balance Sheet in your Excel file including all relevant line items
and subtotals/totals (e.g. total operating assets, NOA, CSE, etc.)
• Provide workings in your Excel worksheet for the division of operating and financing cash
• Provide cell references to the raw financial statements wherever possible. This is a form of
workings because it allows your work to be audited.
• Briefly justify your reclassification of any accounts where you had to make a judgement or
assumption by writing a short comment in your Excel file besides the relevant line items

You may treat the earn-out liability as financing-related.

B2. Income Statement Reformulation (Excel worksheet name: IS_R)

Prepare a full Income Statement reformulation for ADH for FY22, FY23 and FY24 (past three
financial years) following the approach taught in this course. This must include a division of operating
income into Core OI from Sales, Core Other OI, Unusual OI and Operating OCI (i.e. a full Income
Statement reformulation as taught in class).
• Assume a 30% tax rate (the Australian corporate tax rate)
• Report your reformulated Income Statement in your Excel file including all relevant line
items and subtotals/totals (e.g. Core OI from Sales, Effective tax rate on OI, etc.)
• Provide cell references to the raw financial statements wherever possible. This is a form of
workings because it allows your work to be audited.
• Briefly justify your reclassification of any accounts where you had to make a judgement or
assumption by writing a short comment in your Excel file beside the relevant line item

Note that we have provided a break-down of ‘Other expenses’ in Excel which does not
correspond with Note 4e in the 2024 Annual Report and the equivalent note in previous annual
reports. Please use the figures we have provided.

B3. Cash Flow Statement Reformulation (Excel worksheet name: CF_R)

Reformulate ADH’s Cash Flow Statement for FY22, FY23 and FY24 (past three financial years)
following the approach taught in this course.
• Assume a 30% tax rate (the Australian corporate tax rate)
• Report your reformulated Cash Flow Statement in your Excel file including all relevant line
items, subtotals/totals (e.g. Total Adjusted CFO, FCF=C-I, etc.) and adjustments
• Provide cell references to the raw financial statements wherever possible. This is a form of
workings because it allows your work to be audited.
• Briefly justify your reclassification of any accounts where you had to make a judgement by
writing a short comment in your Excel file


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C. Ratio Analysis

C1. Calculation of Basic Ratios (Excel worksheet name: Ratios)

In your Excel workbook, calculate the following ratios for ADH for FY22, FY23 and FY24 using the
approach taught in this course. Use averages for Balance Sheet figures when calculating ratios.

Minimum ratios required:
• Revenue growth for FY24 (vs. FY23) and FY23 (vs. FY22)
• Return on net operating assets (RNOA)
• Asset turnover (ATO)
• Profit margin (PM)
• Return on common shareholders’ equity (ROCE)
• Financial leverage (FLEV)
• Net borrowing cost (NBC)
• Gross profit margin
• Employee benefits expense margin

C2. Profit Margin interpretation (Written report)

Discuss in detail the qualitative reasons why ADH’s Profit Margin (PM) (calculated as Total OI(after-
tax)/Sales, as in Lecture 5) changed in FY24 compared to FY23. Qualitative reasons might include
(depending on their relevance to ADH’s performance) factors such as operational changes, changes in
macroeconomic conditions, regulatory changes, accounting changes, etc.

You should disaggregate ratios to help identify the drivers of changes and to support your discussion.
Please prepare a table/s to show these figures and report them in your written report. Put your
workings for ratio calculations in the Ratios worksheet in your Excel file – for this question, you don’t
need to repeat these workings in your written report.

Note that breaking-down ratios should be done to help you uncover and illustrate the impact of
underlying qualitative changes, it is not a substitute for researching the underlying qualitative causes
of changes.

Provide sufficient, regular, and correct in-text references to relevant sources to support your points,
such as ADH’s annual reports, investor presentations, news articles, etc. See Referencing and
Research Requirements section of this document for more details.

Make sure to answer in your own words. Do not copy-and-paste information or quote from sources at
great length. Make sure your answer is specific to ADH, not a generic discussion.

Page limit for C2: no more than 1.5 pages


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C3. First-Level DuPont Analysis (Written report)

Compare ADH’s FY24 ROCE and RNOA using the first-level DuPont break-down discussed in class.
What explains the difference between ROCE and RNOA for ADH in FY24? Did ADH’s shareholders
benefit from its use of financial leverage in FY24? Explain why/why not?

Provide relevant in-text references to relevant sources to support your arguments as necessary.

Make sure to answer in your own words. Do not copy-and-paste information or quote from sources at
great length. Make sure your answer is specific to ADH, not a generic discussion.

Page limit for C3: no more than 1 page




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Grading Schedule:

Question Maximum
Marks
High Effort Answer Characteristics Low Effort Answer Characteristics
A1 3 Correct figures have been used and
calculations are correct. Sufficient
workings provided
Incorrect figures used and/or
calculation incorrect and/or
insufficient workings provided.
A2 2 Correct and sufficiently detailed
answer with correct and sufficient
references
Incorrect answer and/or insufficient
detail, and/or lacking
correct/sufficient refernces
B1 5 Cash & cash equivalents has been
correctly divided between operating
and financing cash. All assets have
been appropriately divided into OAs
and FAs. All liabilities have been
appropriately dividend into OLs and
FOs. CSE has been adjusted if
necessary. All relevant subtotal/totals
have been calculated correctly and
included. Information from relevant
financial statement footnotes has been
appropriately utilised. Appropriate
justifications have been included
where assumptions have been made.
Major errors or evidence of lack
of effort in the reformulation, such
as obvious misclassifications of
assets/liabilities, no or very poor-
quality separation of cash & cash
equivalents into operating and
financing cash. Sub-total/totals
missing or not calculated correctly.
Relevant footnotes
have not been utilised
appropriately. Justifications are
absent or inadequate where they
are needed.
B2 6 Revenues and expenses have been
appropriately divided into the correct
categories. Income tax expense has
been appropriately allocation. Other
comprehensive income has been
appropriately divided between
Operating OCI and Financing OCI.
Subtotals and totals are provided and
correct. Information from relevant
financial statement footnotes has been
appropriately utilised. Appropriate
justifications have been included
where you have made assumptions.
Major errors or evidence of lack of
effort in the reformulation, such as
obvious misclassifications of
revenues/expenses, incorrect tax
allocation, or obvious
misclassification of OCI. Sub-
total/totals missing or not calculated
correctly. Relevant footnotes have
not been utilised appropriately.
Justifications are absent or
inadequate where they
are needed.
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B3 6 Sources of Free Cash Flow (C-I) =
Uses of Free Cash Flow (F+d). C has
been correctly adjusted for net
interest paid/received (after tax). It has
been correctly adjusted for transactions
in FAs/FOs. Transactions in FAs/FOs
have been correctly allocated to F.
Transactions with equity have been
correctly allocated to d. Investment in
operating cash and investment in
financial cash have been correctly
incorporated. Non-cash transactions
have been appropriately included. All
relevant subtotal/totals have been
calculated correctly and included.
Appropriate justifications have been
included where you have made
assumptions.
Major errors or evidence of lack of
effort in the reformulation. For
example, sources and Uses of FCF
do not balance. Sub-totals/totals
missing or not calculated correctly.
Line items not classified correctly.
C1 3 Correct figures have been used in
calculations and calculations are
correct in all years
Incorrect figures used and/or
calculation incorrect in most years
C2 5 Sufficiently detailed and logically
coherent discussion with evidence
of significant, relevant research,
including appropriate references
Insufficiently detailed or logically
incoherent discussion, and/or little
or no evidence of research
C3 4 Correct figures and calculations used.
Sufficiently detailed and logically
coherent discussion with evidence
of relevant research as necessary,
including appropriate references
Incorrect figures and/or calculations
used.
Insufficiently detailed or logically
incoherent discussion, and/or little
or no evidence of research
Excel
formatting
3 ‘Excel Formatting Requirements’
(described earlier in this document)
have been followed. For example,
virtually all cells in the Excel
workbook are correctly coloured, i.e.
between blue/red/blue/green. The
correct number formats have been used
in virtually all cells. Tabs are correctly
named. Excel formatting is generally
professional and clear.
‘Excel Formatting Requirements’
have not been followed. For
example, most cells are incorrectly
coloured and do not have the correct
number formats; and/or tabs not
clearly named; and/or formatting is
sloppy.
English
expression
3 The written answers have been proof-
read and are largely free from obvious
typos or sentences that are
unclear/badly expressed
The written answers have many
deficiencies in expression, grammar
and/or spelling, and/or are difficult to
understand.
Zero marks will be awarded where
there is no substantive attempt at the
written questions.
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Referencing 2 References are complete, clear and
understandable and meet the
requirements set out in this document
No proper referencing and/or
incoherent referencing and/or non-
compliant.
Zero marks will be awarded where
there is no substantive attempt at
questions that require research.
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Note:
• The table shows the characteristics of a high effort/high-grade answer and a low effort/low-
grade answer for each question. Answers that fall in between these extremes will receive
grades in between full marks and no marks for that question.
• Note that you will be given feedback on what you did wrong for any answers where you do
not receive full marks, not just a numerical grade
• English expression, grammar and spelling is worth only 3 marks, but poor English expression,
grammar and spelling may also affect my ability to understand answers to other written
answers.
• The 2 marks for ‘Referencing’ refer to the overall standard of referencing. Evidence of
research is also part of the marking criteria for some questions.



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Referencing and Research Requirements

Some questions on this assignment require students to conduct relevant research about the company.
For written answers, evidence of appropriate research and understanding of your company is included
in the marks allocated to each question (where relevant). Appropriate references help to provide
evidence that you have conducted research to support your answers. There are also a small number of
marks allocated to using proper referencing formats/conventions.

Relevant Research

I expect you to conduct some research into your company to answer certain questions.

I do not want you to reference academic research (e.g. journal articles or textbooks), unless they are
highly relevant to the point you are making. This is a practical course, not an academic research
course. The emphasis of your research should be on practical materials, such as, annual reports,
company presentations, company websites, industry reports, newspaper articles, analyst reports, etc.

Sources of information should be credible. For example, materials produced by the company itself, by
a major industry research provider (e.g. IBISWorld), by a major financial institution, by a financial
data platform (e.g. Morningstar or S&P Capital IQ), or by a mainstream newspaper are credible
sources of information. Examples of low credibility sources include (but are not limited to):
Wikipedia; obscure websites not associated with a credible source; articles from obscure news
organisations; and essays available on cheating websites such as ‘Coursehero’, ‘Fern Fort University’
or ‘Essay48’. To be clear, references to low credibility sources will not be taken as evidence of
research and will generally result in low grades. In addition, much of the information available from
low-credibility sources is also low-quality and so relying on this information will usually result in low
grades due to incorrect answers.

Referencing

Proper referencing is crucial for two reasons:
• To comply with plagiarism rules
• To provide evidence that you have conducted research in answering the questions

You must follow one of the following two approaches to referencing for the assignment:
• Brief in-text references AND a reference list. The in-text reference should be brief but clear,
while the reference list should provide sufficient detail for me to locate the source of
information. Use one consolidated reference list for the whole assignment, rather than a
reference list for each answer. The reference list must be placed at the end of your submission
• Footnote references with similar detail to a reference list. You may use standard footnote
referencing conventions like ‘ibid’ if you like

Please do not use endnotes, as these are very difficult to read.

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In-text references and footnotes should be included in every sentence where you make a claim that
requires supporting evidence. Do not simply put one reference at the end of an entire paragraph or
page.

Please include the page number/s when referencing a lengthy document (more than three
pages), such as an annual report, investor presentation or industry analysis document
(including IBISWorld reports). If you are referring to a note to the financial statements, you can
alternatively mention the note number instead of a page number.

References are essential for direct quotes, for example:

Dulux describes its strategy as follows: “Our strategy is to put our consumers and
our customers at the centre of everything we do” (2018 Annual Report3, p.14).

References should also be used when you make a claim about a company, its industry or environment
that requires some evidence to support it, for example:

Dulux has a 33.6% market share (IBISWorld C1916, p.3)

Most of Dulux’s revenue is generated in Australia (2018 Annual Report, p.109)

The following is an example of what to avoid:

In the future, more and more people will choose to travel by air, or prefer
aircraft as the main long-distance transportation.

This is a claim without any evidence to support it. Who says that ‘more and more people will choose
to travel by air’? A statement like this needs to be supported by a reference or by a surrounding
sentence which provides evidence.

Certain claims are so self-evident or obvious that they don’t need a supporting reference. However,
note that these should generally form only a small part of your answer. For example:

Qantas faces virtually no threat of substitutes on most of its international flights, as most of
Australia’s major population centres are geographically distance from most overseas
destinations, so that travelling by other means (e.g. by ship) would take a prohibitively long
time.

It is obvious the Australia is geographically isolated from most overseas destinations, so no reference
would be needed for this claim. But be careful about relying on a statement being obvious. It is
generally better to provide a reference to support any claim.

3 You can refer only to annual report of the company under analysis by simply writing ‘Annual Report’. For
other companies, you should state the name of the company when referring to its annual report, e.g. ‘2018 Akzo
Nobel Annual Report’.
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There is also no need to put a reference if you are citing the lecture slides or the textbook, unless you
are directly quoting.

The following is a guide to how you might reference some typical sources (Dulux is the focal
company in this table):

Source Example In-Text
Reference (Brief)
Example Reference List Entry
(Detailed)
Company annual reports for the
company you are analysing
(2018 Annual Report, p.X) Dulux 2018 Annual Report.
Company annual report for
another company
(2018 Orica Annual Report,
p.X)
Orica 2018 Annual Report.
Company results presentation
(the presentation that
accompanies the release of the
annual financials) for the
company you are analysing
(2018 Results Presentation,
p.X)
Dulux 2018 Results Presentation, 14
November 2018
A different company investor
presentation for the company
you are analysing
(Presentation 31/05/2018,
p.X)
Dulux Investor Presentation, 31
May 2018
A company announcement for
your company, other than the
annual report or investor
presentation
(ASX announcement, 3
January 2018)1
Dulux ASX Announcement, 3
January 2018, “Sale of China and
Hong Kong Coatings Business”
IPO prospectus for the
company you are analysing
(IPO Prospectus, p.X) Dulux IPO Prospectus, 9 July 2010
IBISWorld reports IBISWorld + report
number, e.g.:
(IBISWorld C1916, p.X)
IBISWorld Industry Report C1916,
“Paint and Coatings Manufacturing
in Australia”.
News reports Newspaper + date,
e.g.
(Australian Financial
Review, 15 November
2018)1

You may abbreviate
Australian Financial
Review to AFR if you like
Australian Financial Review, 15
November 2018, “Dulux paints rosy
outlook, even if property cools”.

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Website (Dulux investor website)2

Dulux investor relations website,
http://www.duluxgroup.com.au.
Accounting standard (AASB 108, ¶7)
Or
(AASB 108, s7)
AASB 108: Accounting Policies,
Changes in Accounting Estimates
and Errors
1. This is a short document, so no page number would be needed.
2. Please include a footnote for websites with the exact URL (web address) of each page.

Notes:
• For sources not listed in the table, use your common sense, but make sure you provide enough
information for me to clearly and unambiguously identify the source.
• If you provide footnotes instead of in-text references + a reference list, then please provide as
much detail as the ‘Example Reference List Entry’ column of the table, plus include a page or
section or paragraph number, similar to the ‘Example In-Text Reference’ column where
relevant. For example: Dulux 2018 Annual Report, p.10.


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