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Monsanto: Corporate Annual Review of Financial Statements

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Monsanto: Corporate Annual Review of Financial Statements
In the corporate annual report, a statement reporting the independent auditor’s opinion was included. This opinion shows that the auditor has reviewed the internal controls over financial reporting and it also audits the consolidated financial position of Monsanto. The auditors express the fact that they are independent from Monsanto which means that the report is not coming from someone within the Monsanto Company. This is also important because it means that the report will not be biased and hopefully would also not be fraudulent. The report is important in those respects because it shows the shareholders that they are not investing in a company that will eventually fold because they are reporting inaccurate income. The report tells the shareholders that “effective internal control over financial reporting… is fairly stated, in all material respects, based on the criteria established in Internal Control—Integrated Framework” (Foster 56). The report also states that the “consolidated financial statements [are] presented fairly, in all material respects” (Foster 57). This is a good thing for the shareholders because it shows them that the opinions expressed are an unqualified opinion. This means that the statements are in compliance with GAAP. Before understanding the charts presented in the corporate annual report, the shareholder needs to have an understanding of what the basics are and what is presented on these charts. Shareholders also need to understand how these numbers are computed and they might also want to see how the company has done over the past few years. There are many different components and factors that go into just one chart. The most basic of components and one of the most valuable to a company is an asset. An asset is an economic resource that is expected to be of benefit in the future. Assets are split up into two different ways that they can be claimed on. The first is a liability. A liability is an economic obligation or


Cited: Begemann, B. "Seeds and Traits." (2007): 19 Oct. 2007 www.monsanto.com Foster, S. L.Monsanto Company 10-K Form. 2006. Hirst, E, and McAnally, M. Cases in Financial Reporting. Vol. 5. Prentice-Hall, 2006. Horngren, C., and Harrison, W. Accounting. 7 ed. New Jersey: Pearson Education, Inc, 2007. Paris, K. "Programs and Financing." Asgrow and DEKALB 19 Oct. 2007 www.asgrowanddekalb.com
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