You are to explore the annual report disclosures for one of the NZX 50 companies for 2012. You are required to choose the company. The annual reports are available online. The are the primary focus...

The Australia and New Zealand Banking Group Limited, commonly called ANZ, is among top 4 banks in Australia. Australian operations make up the largest part of ANZ's business, with commercial and retail banking dominating. ANZ is also the largest banking group in New Zealand and Pacific, where the legal entity became known as ANZ National Bank Limited in 2003 and changed to ANZ Bank New Zealand Limited in 2012. From 2003 to 2012 it operated two brands in New Zealand, ANZ and the National bank of New Zealand. It’s among the Top 50 banks in the world. It operates in 32 markets globally. ANZ has a proud heritage of more than 175 years. ANZ world headquarters is located in Melbourne. It first opened as the Bank of Australasia in Sydney in 1835 and in Melbourne from 1838. The group provides a broad range of banking and financial products and services to retail, small business, corporate and institutional clients. As on 30th September 2012, ANZ has 1337 branches across the world.
ANZ is authorized to operate as a bank by the Australian Prudential Regulatory Authority (APRA); the Australian prudential regulator is responsible for maintaining the stability and safety of the Australian financial system. ANZ holds an Australian Financial Services License, issued by the Australian Securities and Investments Commission (ASIC). ANZ Bank New Zealand Limited operates under Conditions of Registration set by the Reserve Bank of New Zealand (RBNZ).
As per the annual report for the financial year 2012, bank declared the statutory profit was $ 5.7 billion, up by 6%. And on the other hand, it has even been able to maintain credit rating of AA category form the best 3 credit rating agencies of world.
Company`s report stated its consolidated profit after income tax attributed to shareholders of company to be $ 5,661 million, an increase of 6% compare to prior year. The Company and Group are for-pro​fit entities. Revenues from ordinary activities were $17.71bn, up 5% from last year. The bank ANZ continued to increase the diversity of its revenue base with 21% of group revenues derived outside of Australia and NZ during 2012. Global markets revenue increased 14% to $1.9bn with customer sales income up 10% to represent 61% of total income. Diluted EPS was 205.6 cents compared to 198.8 cents last year. Net operating cash flow was $6.42bn compared to $18.8bn last year. The final dividend declared was 79 cents, taking the full year dividend to 145 cents compared with 140 cents last year.
A) BASIS OF PREPARATION (Accounting Concept)
The financial statements of the organizations and the group company are referred to as the general purpose statements which are prepared in agreement with the provisions of the Act of Banking 1959, the Australian Accounting Standards and the Australian Regime.
International Financial Reporting Standards (IFRS) are Standards and Interpretations adopted by the International Accounting Standards Board (IASB). IFRS forms the basis of AASs and Interpretations issued by the AASB. The Group’s application of AASs and Interpretations ensures that the financial statements of the Company and Group comply with IFRS.
The financial information in the annual report has been prepared with the help of the historical cost basis except the components of assets and liabilities which are expressed at their fair value. In accordance with AASB 1038 Life Insurance Contracts, life insurance liabilities are measured using the Margin on Services model. In accordance with AASB 119 Employee Benefits, defined bene​fit obligations are measured using the Projected Unit Credit Method. All new Accounting Standards and Interpretations applicable to annual reporting periods beginning on or after 1 October 2011 have been applied to the Group effective from the required date of application. The initial application of these Standards and Interpretations has not had a material impact on the financial position or the financial results of the Group. There has been no other change in accounting policy during the year.
In the Company’s ​ financial statements, investments in associates are carried at cost less accumulated impairment losses.
B) Earnings per share
The Group presented basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the pro​fit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period after eliminating treasury shares. Diluted EPS is determined by adjusting the pro​fit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effect of dilutive ordinary shares.
Suring the year ended 30 September 2012, 39,662,663 ordinary shares were issued at $ 19.09 per share and 34,448,302 ordinary shares at $ 20.44 per share to participating shareholder under the Dividend Reinvestment Plan. For the 2012 final dividend, no discount was applied while calculating the `Acquisition Price` used
    ANZ’S FINANCIAL PERFORMANCE
    
    
    
    
    
    
    
    
    
    
    
    
    2012
    2011
    2010
    2009
    2008
    Statutory pro t ($m)
    5,66
    5,355
    4,50
    2,943
    3,319
    Underlying pro t (Unaudited)
    6,01
    5,652
    5,025
    3,772
    3,426
    Underlying return on equity (ROE) (%)
    15.60%
    16.20%
    15.50%
    13.30%
    15.10%
    Underlying earnings per share (EPS)
    225.3
    218.4
    198.7
    168.3
    175.9
    Share price at 30 September ($)
    24.75
    19.52
    23.68
    24.39
    18.75
    Total dividend (cents per share)
    145
    140
    126
    102
    136
    Total shareholder return (12 month %)
    35.4
    -12.6
    1.9
    40.3
    -33.5
    
    
    
    
    
    

C) Accounting for Non- Controlling Interest
Non-controlling interests represent the share in the net assets of subsidiaries...