ACCG926 – Corporate Accounting
Case study – SEEK Limited
The purpose of this case study is to illustrate how the accounting concepts discussed in this unit are applied in a listed company. SEEK Limited is listed in Australian Stock Exchange (Code: SEK) and it is the largest online employment classified company by market capitalisation in the world. The company has operations in three industries: Online employment classified advertising; the provision and execution of training courses; and overseas investments in online employment websites.
The annual report of SEEK Limited shows that the company has ownership interest in many entities. The majority of these entities are wholly owned (100%) by SEEK Limited and therefore are classified as subsidiaries in the consolidated financial statements. The focus of this case study is on a number of partly-owned entities of SEEK Limited and you are required to identify and evaluate the accounting treatments of these entities by SEEK Limited. The six selected party-owned entities of SEEK Limited include:
Brasil Online Holdings (Brasil Online): The entity owns two leading employment websites in Brazil.
Online Career Centre Mexico (OCC): The entity is a leading provider of online employment websites in South East Asia.
JobStreet Corporation (Jobstreet): The entity is a provider of online employment websites in South East Asia.
IDP Education Pty Ltd (IDP): The entity provides services for international students wishing to study in Australian educational institutions and also provides International English Language Testing (IELTS).
Online Education Services Pty Ltd (Swinburne Online): This entity is a collaboration between SEEK and Swinburne University of Technology to deliver online learning to students.
Zhaopin Ltd (Zhaopin): The entity provides both online and print employment classified advertising services in China.
The group structure as at 30 June 2011 was as follows: (Note: the ownership...
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