Refer to the consolidated financial statements and notes in the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the following questions: 1. Have the current liabilities of JB Hi-Fi Limited increased or decreased over the year? By how much? What classes of liabilities are recorded under the classification ?Current Liabilities? 2. What are themajor liabilities of JB Hi-Fi Limited at the end of the financial year? 3. What items are includedunder the heading ?Provisions in the ?Current Liabilities section of the statement of financial position (balance sheet)? Explain the nature of these items. Do these satisfy the definition of provisions as contained in IAS37/AASB137? By how much have liabilities for employee benefits increased over the year? 4. How much cash has been raised by interest-bearing loans in the most recent financial year? How much of such loans has been repaid? How do these amounts compare with the previous year? 5. Determine whether any of the non-current liabilities are secured. 6. How much of the non-current borrowings are due to be repaid within 2 years? Between 2 years and 5 years? Beyond 5 years? 7. Are there any non-current provisions? If so, what, in very general terms, do these represent? Task Visit the websites of the IASB (www.ifrs.org) and the AASB (www.aasb.com.au). 1. Find out the major issues currently on the agenda for consideration in future accounting standards, and present a report to the class on the basic requirements of thosestandards. 2. Determine and report to the class in the latest issues being discussed by the IASB and the AASB in their joint project of revising the conceptual framework.
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