Restating Financial Statements

How did I find the restating of financial statements? Well, to be perfectly honest, I really struggled, and I found it extremely challenging. Although, when I got into a rhythm of what I was doing, I started to enjoy it. I know it has taken me longer than other people, but I am a slow learner, and I need to fully understand anything I am working on, and I will not hand any part of an assignment in until I do so. I have to say I loved linking all of my cells within the documents. I felt a sense of achievement when I got my formula’s to equal, and even though I didn’t know I was doing it, I let out a sigh of relief. It’s safe to say I was holding my breath with anticipation nearly the whole time of restating the financial statements. There were a lot of challenging and frustrating times for me, especially when my formulas didn’t match or equal. I know I redid my restated income statement at least five times before I got it to work. But there were also moments of excitement and relief when I did get all of my formulas to equal!

The first thing I did after reading the study guide and watching Maria’s videos, was to classify my items on my statements into ‘O’ and ‘F’. This was more of a check for me so I knew what was operating or financial activities within my firm. There were a few hiccups along the way in which I classified the wrong items as operational, and vice versa. This is where I went onto moodle and the facebook group, and sure enough, someone had to same concern as I did. I also went onto to Studiosity twice during the time it took me to do these steps, as I did struggle classifying all of my activities as operational or financial. After I had finished my restated statement of changes in equity, I reached out for some peer feedback to see if I was on the right track. Which is where I received feedback from Britny.

I did look at my sum of cell 78 and corrected my error. This is where I started to believe that online communication would really help me in this assignment. Moving onto the balance sheet, I actually found this one the hardest. This restated statement also took me the longest time, but after I did that final column and it equalled, massive sigh of relief! You want to know where I had gone wrong in this statement, which had taken me two weeks to find?! I had missed out a whole row… You can imagine how I felt after finding out my error. I couldn’t believe that I had done that! Alright, just need to put that behind me and move onto the final statement, the income statement.

To be honest, I was a little worried starting to restate my income statement as Maria had said during her video that, students often found this statement the hardest to do. Oh good! If I found the other two statements hard, what am I going to think about this one?! Better get cracking! I rewatched Maria’s video about ten times during restating this statement. I went through and I put ‘O’ and ‘F’ beside each item that I believed was operating and financial, I was going step by step with Maria’s video playing beside my statements. When I get to the end and I’m checking whether my OI + NFE = my original statement’s, it doesn’t… I could have easily cried at this point. But I kept hopeful as Maria had found her error seemingly quickly, so surely I could find mine? Nope, I could not. This took me a couple of days, and I reached out for peer feedback but I didn’t hear back from anyone for two days. I reached out to stuidiosity as well but they weren’t 100% sure either, and by this point I had redone this statement four times already. So I e-mailed Maria and asked for her feedback. She replied a day later and gave me some constructive feedback which helped me to find my error. I had put in a total into my operating expenses, silly me. You can definitely bet I won’t be making that mistake again! I took the heading out and once again, a massive sigh of relief, it equalled!!!!

Overall, I found the restating of the financial statements very challenging and frustrating at times. But I also felt a huge sense of accomplishment when I got all of my rows to equal and I understood what I was doing. I think it’s safe to say that I actually had fun during this state of the assignment.