Both companies have similarities on accounting policies and adaptation. 1 Increase in estimated doubtful debts. 2 Lack of non-recurring gains as I mentioned in my earlier blog. 3 The financial statements have been prepared in accordance with NZ GAAP. Accounting policies applied in these financial statements comply with NZ IFRS and NZ IFRIC interpretations.

The companies I have chosen are Fletcher Building and Steel and Tube. I chose these two as they are part of the Construction Industry, which is an industry I am interested in and familiar with having worked in the industry for many years.

Prior to my teams workshop presentation. We were asked to meet the group during the break time. A week prior to the semester re-opening we met and decided what can be done, who is doing what and why they chose that part.

I also brought shares in these companies with a long term goal in mind these shares at present have fallen below the price I originally paid.

Extent of their accounting flexibility. As of 31 June 2011, there is nothing as such mentioned in both companies report or in the audit report. There also no obvious or suspicious element in .