Accounting, Learning and Online Communication (ACCT11059)
Assignment 1
Steps 3-6
Company:
Next Ed Group Limited
Link to the company’s website:
Link to my personal website:
Step 3: Company: Next Ed Group Limited
Next Ed Annual Report KCQ’s
Link to their latest annual report: FY23-PRELIMINARY-FINAL-REPORT_-NXD.pdf (nexted.com.au)
Initial Thoughts
I was given the company Next Ed Group Limited for assignment 1. Coming from a small island nation my mind too was thinking small, I thought that I would get a regular sales organization, something commonly known in the business industry. But much to my surprise I was given a company that is in the education management industry. This is an industry itself that is new to my own day-to-day knowledge. Upon navigating to the company’s link, the first reaction that came to mind while reading the websites information was “Is this organization similar to a university?” “What are the differences or similarities?” It was then on that I was truly intrigued to find out more about this company.
Company Background
Next Ed Group Limited is one of Australia’s largest private education organizations. It is part of the education management industry, their vision being to ‘unleash the potential through inspiring learning and experiences and their values framework around encouraging all staff to be bold, respectful, inclusive, and always showing excellence. Their overall goal is for their graduates to be equipped with skills necessary for their personal career ambitions. The group provides educational services to more than 25,000 students each year, delivering courses across English languages, Vocational and Higher Education sectors to both domestic and internation students. The Group has 9 campuses across Australia and 16 recruitment offices around the world, establishing their ‘Diverse Footprint’ nationally.
The Annual Report
Key concepts and questions
Anticipating what knowledge and information awaits me in the report was beyond words. With little expertise in understanding documents like this it kind of blow me off. Thinking “Am I really to read all 100 something pages of this document and write about it?”. But as I kept scrolling and saw how easily structured the document was, I felt a bit calm. Passing through the first bit of information which I laid out on my ‘company background’ section I was met with the letter from the Chair and CEO of Next Ed Group Limited.
The letter started off with what the company’s recent achievements were, that is a new ‘record growth in revenue, profits, operating cash flows and student numbers’ That to me would be something most organizations would do, start of boosting so people would be interested either to learn more or even to invest. The other thing that caught my attention on the letter was the part where it states how the company “welcomes the Australian Government’s action to encourage genuine international students and constrain non-genuine students and operators”. In my opinion this is a questionable statement as it then further stated “international education is an important export earner for Australia” Is this not this contradicting the vision and goals of the company?
The last bit I would like to put out was the part about non-ifrs information, this part I could in no way comprehend and understand. It is part of the financial statements which I thought would be the easiest part for me to somehow understand with little experience in accounting I had in my past studies but no.
Areas of firm’s financial statements
The consolidated statement of profit and loss was easy to follow thanks to prior knowledge. Then the consolidated statement of financial position or what I know of as balance sheet was also easy to understand. Moving on to the consolidated statement of changes in equity, this was the part that was hard for me to follow, making it even harder for me to transfer the data to the company’s spreadsheet on step 4 of this assignment. It was tough just because it was new to me but after a few tutorial classes and explanations I figured it out. The company’s overall financial statement in my opinion is one of the easiest ones for anyone to understand. However, the only thing that made me prolong the hours of me transferring my data to my spreadsheet was that in 2021’s report its consolidated statement of changes in equity had many different account names/particulars compared to the 2022 and 2023 that had a complete match. There were also many new terms and terminology that I have never come across in the financial section before, terms like NON-IFRS, EBITDA and NPAT(A). I honestly needed to look up the meanings and what the words represented in financials. If only I had the ability to understand these documents truly would be something that could help me further understand the company’s report. As for now I could only try to grasp the data being shown on the financials and try to put sense through the help of google and my notes.
Areas of the business that seem more important and critical.
One thing that stood out in the report was how the company approved its name to change from icolleage to NextEd Group Limited, this was to reflect its forward-looking approach and high growth mindset. The firm operates within 4 segments, these are the international vocational segment, domestic vocational segment, technology, and design segment and lastly the go study segment. All of which are important to bring in revenue for the firm. However, the international vocational segment as if FY23 operates a whopping revenue of $74.7 million Technology and design segment coming in second with $15.5 million. NextEd Group Limited, as shown in the report continues to expand to locations like Melbourne, Brisbane, Sydney, Adelaid, Gold Coast and Perth.
Key challenge
As of currently the key challenge that the firm faces are its goal to expand and grow its business. However, NextEd Group faces the task of balancing growth, market dynamics, and operational efficiency to overcome these challenges and thrive in the education sector.
What similarities and differences are there between other people’s firms and mine
I was comparing my firm to Prabarsha’s company which was ‘Nanosonics’ in the industry of healthcare. We found similarities in our financials; these were in the structure itself; the name of the financials was also similar. The amount was both in Aus $’000 and lastly that both companies ended their financial year on the 30th of June. The difference that was found was that Nanosonics particulars on its financials were more complex with many new terminologies that we needed to look up to understand, whereas for Next Ed it was like any other financials of companies.
Am I happy with my firm or prefer different?
Both Prabarsha and I would agree on this question here that mine was easier to contemplate, meaning that indeed I am happy with the firm that was given to me. However, I would say any firm at all would still have been a happy choice as this is a new experience, diving into firms’ annual reports and learning about all the financials was something new, different, and interesting.
Other information and links can be found on my blog for more information about my firm.
Top 3 Blogs
Wyn-Anne Idoldol
I love her blog because it’s easy on the eyes, easier to navigate, it’s personal, warm, and inviting. She also posted most of her assignments from steps 1-6, surprisingly with links as well. Her journey as written on her blog, shows something that I admire and cherish – determination and being proud of her progress.
Bivek Rasali
With Bivek’s blog he talks about himself as a multi-disciplinary individual who loves to learn and self-improve. Something that most could relate and therefore follow. His blog is somewhat also easy on the eyes with current updates of his assessment 1. Interesting read could see myself following his journey.
Sarah Ingram
Sarah’s blog caught my eye with how she’s studying both accounting and aviation. A combination that I would not have thought existed. Her’s too is light on the eyes, easy to navigate with many updates on her assessments 1 through to 6.
Step 4: Company Spreadsheet
Find step 4 company’s spreadsheet attached with this document for your reference.
Step 5: Chapter 2 and Chapter 3 sections 3.1 and 3.2 KCQ’s
KCQ 1. You have to learn the rules of the game. And then you have to play better than anyone else (Albert Einstein).
The concept above simply explains what every gambler would know by heart. That is to be better than any opponent you need to master and know the rules by heart. To relate this concept to say my life as a business entrepreneur, business is a game that everyone in this world lives daily. We manage, budget, intercept do deals amongst each other not realizing the economic concept we practice daily. Now people who have ‘mastered’ the game or in this case understanding (rules) of business are the ones that are ahead today. Why is that? We may ask, it’s because they not only learned the rules of the game, which is business, they’ve played it better. Example, when someone goes overseas for leisure say Thailand, obviously local vendors upon realizing that someone is a tourist will up the price of their products but a smart businessman who knows the game well would know that these people in Asian markets likes to negotiate and assure a price. A win-win situation that most don’t know of. Comes to show that rules/practices/myths are all instructional information that someone bright can make use of to conquer the world.
KCQ 2. Thinking is the hardest work there is, which is probably the reason why, so few engage in it (Henry Ford).
Thinking or what can be known as debating to self. In my understanding thinking is a way of analyzing something or what I’d assume a way of debating about something in my head. Silly but in fact kind of true. I am someone who loves to debate and analyze all points of something before buying it, allowing it, or even trusting it. As a wife/parent/business entrepreneur/student thinking is therapeutic for me. Thinking makes me sane that I could analyze things in my head privately. Something that most moms will understand and cherish ‘our own space’. However, it is said to be the hardest work there is. I’d argue against that because thinking is personal and it’s a way that one can have a personal thought on something. Either one can share that thought or one can keep it forever.
KCQ 3. A firm’s financial statement sets out a particular way of viewing the economic and business realities of a firm.
This concept above explains how anyone with financial knowledge would be able to view business realities. Reading through chapters of understanding accounting made me realize the common factor in all of accounting. That figures and numbers shown in accounting documents portray the life of a business and to have that understanding and viewpoint would be an advantage to one’s career and life.
KCQ 4. Quality in a product or service is not what the supplier puts in. It is what the customer gets out. What is of use to them and gives them value. Nothing else constitutes quality (Peter Drucker).
Another concept that shows the true meaning of what quality is to people. Quality as stated is what comes out, what the customers see as value to them individually. This is surprising yet a meaningful way of describing what quality is. With prior knowledge I’ve always known quality from what suppliers or resellers put in as effort to a product or service. But an eye-opening thought now seeing it as value to its use by an individual.
KCQ 5. There are things happening to firms every day. Your firm will be changing all the time, it is changing today as you read this Study Guide and as you look at its financial statements.
The statement above is true that most things are happening every day from a firm’s perspective. We as normal people who are not yet in the business industry will not realize or comprehend what’s happening but soon will. Change is an unstoppable force that no man can stop. This is my own understanding means that everyone, like when reading a book, can interpret a meaning or figures in a financial statement as new insight then different for the next person depending on what’s changed since the last time you read these figures. An ever-changing understanding and awakening.
KCQ 6. A firm is forever dancing with others, exchanging value in the market as it seeks to add value to its equity investors.
An interesting concept, using dancing with others to portray the true factors of business exchanging market value to each other. We were discussing business as rules of the game earlier and this one just shows how business is indeed related to gambling in the sense though. That businesses are gambling and moving fast every day to keep up with the trend and their followers. Without the concept or rule of the game most businesses will be left behind or even can bankrupt from not keeping up.
Step 6: Peer Feedback
PEER FEEDBACK SHEET: ASS#1
Feedback From: Lori Stephen
Feedback To: Wyn-Anne Idoldol
| My Comments |
Step 1 KCQs | Step 1 KQC are well structured easy to understand and valuable insights. Grateful that her work is all posted on her blog. |
Step 2 | All shown on your profile. Again, amazing work. |
Introductory words in Description box | |
Photo and description | |
Link to your blog/Set up blog | |
Step 3 | Wow! Just wow! Amazing work, effort throughout your assignment can be seen. I could only add rewarding marks as most of your work as shown on your blog are amazing. Your comments to other people’s blogs are also straight forward and worth the read. |
Background information on company | |
Comments/KCQs | |
Top 3 blogs | |
Step 4 | Also saw your financials online. All has been completed and easy to understand and follow. |
Input company’s financial statements | |
Step 5 | Improvement shown on step 5 KCQ assuming comments from Martin are being used. |
KCQs | |
Step 6 Individual feedback with others | NIL |
Overall ASS#1 | Overall assessment I would assume a great overall mark considering what I’ve read. |
PEER FEEDBACK SHEET: ASS#1
Feedback From: Lori Stephen
Feedback To: Bivek Rasali
| My Comments |
Step 1 KCQs | Nil |
Step 2 | Visited your moodle profile and saw that indeed you have done all that needs to be added. |
Introductory words in Description box | |
Photo and description | |
Link to your blog/Set up blog | |
Step 3 | Thanks for posting your work online. I was able to access your steps 3-6. Good read on your company’s background and your comments on your top three blogs. |
Background information on company | |
Comments/KCQs | |
Top 3 blogs | |
Step 4 | Complete and reliable spreadsheet. I’d assume the best from you here as you were the one helping most of us in class tutorials. |
Input company’s financial statements | |
Step 5 | KCQs are a great read, most can relate to what you are writing as to relate to the concepts. Awesome work! |
KCQs | |
Step 6 Individual feedback with others | Nil |
Overall ASS#1 | Overall whilst reading and going through your assessment I would assume you scoring a great mark. As I could not really see any error and this being a great guide for us who are still rewriting their final work. Thanks. |
PEER FEEDBACK SHEET: ASS#1
Feedback From: Lori Stephen
Feedback To: Sarah Ingram
| My Comments |
Step 1 KCQs | I read some of your KCQ’s all are relatable and interesting to read. |
Step 2 | I followed your link and moodle profile and saw that you did indeed follow the steps recommended and added a photo and descriptions. Oh, and your blog is interesting and easy to navigate a bonus point I’d add.
|
Introductory words in Description box | |
Photo and description | |
Link to your blog/Set up blog | |
Step 3 | Thanks to your blog I was able to access the information you posted about your company. So far so good. Great read! Your layout was not like others but good thing about it was that you followed the steps and instructions that was given to us and added more to it. |
Background information on company | |
Comments/KCQs | |
Top 3 blogs | |
Step 4 | Complete and well accounted for. |
Input company’s financial statements | |
Step 5 | Again, your KCQ’s are interested reads and I look forward to more of your work in the future. Thanks to your blog and I can follow. |
KCQs | |
Step 6 Individual feedback with others | Nil |
Overall ASS#1 | Overall, I’d assume you scoring great like the other two I’ve responded to. Throughout your work was an amazing read and easily structure, easy to follow. |
Comments