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Table of Content Page Cover sheet…………………………………………………………………………………….1 I. Executive summary………………………………………………………………………….5 II. Introduction…………………………………………………………………………………6 III. Main Body…………………………………………………………………………………7 1. The need of different users (Stakeholders) and the implications for users of financial statements…………………………………………………………7 1.1. Internal Stakeholders…………………………………………………………….........7 1.2. External Stakeholders………………………………………………………………….8 2. The legal and regulatory influences on financial statements preparation…………..........11 3. Accounting and reporting standards (FRS, IASB, SSAP, GAAP and ASB)…………….12 4. Accounting ratios…………………………………………………………………………16 5. The consolidated balance sheet of the Mater & Filia companies…………………………21 5.1. Full consolidation with minority interest……………………………………………...21 5.2. Equity method…………………………………………………………………………23 5.3. Proportionate consolidation……………………………………………………………25 6. The consolidated income statement for P and S companies………………………………27 IV. Conclusion………………………………………………………………………………….29 V. References……………………………………………………………………………………30 VI. Appendix…………………………………………………………………………………….32

I. Executive summary
Vinamilk have the leading distribution network in Vietnam, giving Vinamilk broad access to consumers. Vinamilk generate a substantial majority of our revenues from sales of Vinamilk’ products in Vietnam comprising both dairy and non-dairy products and export to countries such as Australia, Cambodia, Iraq, the Philippines and the United States (Vinamilk, accessed 2010) I am working in a financial consultancy firm as a client service manager providing advice and assistance to clients on financial accounting and general business issues. For this task, I have been asked by Director of Finance in my company to prepare an analytical review of the financial position and reporting of well-known company located in Vietnam, Vinamilk listed on the Ho Chi Minh Stock Exchange. Based on the most recent published financial statements of Vinamilk December 31, 2009 and other information available, either in the public domain or from within the company, I will complete this task following below contents: * The different users (Stakeholders) of financial statements and their needs * The legal and regulatory influences on financial statements preparation * The implications for users of financial statements

* How different policies are dealt with by accounting and reporting standards * Calculate accounting ratios to assess the performance and position of Vinamilk * A report incorporating and interpreting accounting ratios

II. Introduction
Vinamilk is the leading producer of dairy products in Vietnam based on sales volume and revenue. Vinamilk’ products range from core dairy products such as liquid and powdered milk, to value-added dairy products such as condensed milk, drinking and spoon yoghurt, ice cream, and cheese. Vinamilk offer one of the largest dairy portfolios in Vietnam, across a wide selection of products, flavors, and packaging sizes. According to Euromonitor, Vinamilk has been the number one dairy player in Vietnam for the three years ending 31 December 2007 (Vinamilk, accessed 2010). Since commencing operation in 1976 Vinamilk have built the largest distribution network in Vietnam and have leveraged our network to introduce new products to the market, such as juices, soya milk, bottled drinking water and coffee (Vinamilk, accessed 2010). Vinamilk market the majority of our products under our “Vinamilk” brand, which has been designated as both a Famous Brand and one of the Top 100 Strongest Brands by the Vietnamese Ministry of Industry and Trade in 2006. Vinamilk have also been voted the top brand in the “Top Ten High-quality Vietnamese Goods” for each year between 1995 and 2007...
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