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The answer to your first question is that if you quote and refer the reader to the appropriate citation from the CFO it should be fine.
Yes you can refer the reader to the financial statements as long as you have other sources in other places of your RAP.
with the share price it is earnings relative to price of share, dividend cover and yield. All of these are best looked at in the actual currency used by the company and the stock exchange it is listed on and THEN comparisons can be made using the RATIOS with the competitor. There really should be no need to have to translate currencies upfront as it does not result in an accurate basis for comparisons or trends
To minimise your chances of failure overall ensure (1) accurate referencing (if in doubt consult our referencing guide) (2) that there are clear links between the business and financial analyses and that the former has not been done as an isolated exercise i.e. the reader wants examples of how the strengths and opportunities have influenced management strategic decisions and HOW these decisions have impacted on the financial results in your financial analysis and (3) present clear graphs fully labelled and don’t repeat numbers and percentages in the text unnecessarily
Thank you or your help and answering my queries…
Regarding your clarification on translation of share price… I am still not very much clear… For P/E ratio and dividend yield ratio… I needed to translate it into USD because my complete analysis is in USD… I want to understand that did I do it right by translating the share price from London Stock Exchange into USD to calculate aforementioned ratios using year end exchange rates from published FS… Further, if I translate the share price then exchange rate fluctuation has impact in fluctuation of share price then should I mention the in my reason that share price fluctuated partly due to exchange rate fluctuation…
Can you please clarify that if I have given one reason of fluctuation from external reference in my research report somewhere then if I needed to give the same reason somewhere else in my research report then is it possible for me to refer the reader to the place in my research report where I have discussed that reason in detail? or should I repeat the whole reason with external reference? Basically, I am facing problem in reducing my word count which has reached to 8400 words and I am trying hard to reduce word count. I realized that I have repeated few reasons with external references unnecessarily which resulted in increase in my word count… If I just mentioned the reference of the place in research report where I have discussed that reason in detail then it will greatly help me in reducing my word count…
Further… I am working on your advice to remove currency fluctuation from my research report and try to use GBP published FS for GSK and USD published FS for AstraZeneca… Hopefully tonight I will be able to amend my complete RAP accordingly…
Trephena… sorry I am asking too much questions but I hope you understand the problem in which I am stuck right now and your advise can help me escape this situation…
Hey everyone,
I have a few questions in regards to referencing, mainly related to the annual reports, it would be great if anyone can clarify a few points;
1) I’ve referenced all annual reports multiple times in this format i.e (ABC Annual Report 2014, pg 7). is this correct? and when referencing an Annual Report more than once from the same year should we add letters after the year? Also what if we reference the same page (FS) more than once?
2) How should we reference the Annual Report under ‘list of references’, do we have to add every page we referenced?
3) What exactly can we reference back to the appendix and how should that be done?
Thanks.
Haroonsheikh – that’s the point – you didn’t need to translate share information at all, it just does not make sense: GSK’s shares have a nominal value expressed in GBP, they are listed on the LSE in GBP, the company declares a dividend in GBP, the company reports in GBP – so correct the section on shares. It is immaterial whether you used the closing rate, average rate or whatever rate to translate them as they shouldn’t be translated at all. It is true however that as the GBP Pound has fallen share prices on the LSE have risen – this is because foreign investors could buy them more cheaply and saw them as a good investment and the economic rule of supply and demand subsequently pushed the price up giving a quick profit.
Every statement of fact or source must be referenced each time. If you have a problem with word count do some serious editing in parts 1 and 2 and cut out all the unnecessary words. Also as I said previously if a graph shows the position you do not have to keep stating in the text what it shows (I actually saw some student feedback from a marker that said “please do not repeat in the text what you have just shown me in the graph as I am capable of understanding graphs and charts”). So many words are often wasted on unnecessary repetition.
omz86 – you need to refer to the Golden Rules and think about Rules 4, 7 and 8 and put the advice altogether distinguishing between text and list:
8. Items in the LIST should appear once and only once. Although you may cite from the same DOCUMENT numerous times in your text, it must have ONLY ONE entry when put in the LIST.
4. Each DOCUMENT referred to must have its own unique designator
7. The information provided in the TEXT should be sufficient to locate the exact document
This means that a page number would only appear in the list if the DOCUMENT is only used once in the whole work -otherwise the page number appears just in the TEXT of the report so that then Rule 8 is complied with.
An extension of Rule 4 is “If during the course of your work you refer to the same document more than once then you should always use the same designator as used previously (so do not change it to a different appendage from the one given originally)” – in this sense the same page is the same document and different pages within the same annual report,are the same document so ALL would have the same designator just some page numbers would vary in the TEXT
Referencing to the Appendices is more correctly called ‘cross-referencing’ where you refer the reader to your WORKINGS. The workings themselves should show the source e.g. Annual report or in the case of primary data author’s own work.
Thank you for your clarification… I understand your point in case of GSK in relation to translation of share price… But in case of AstraZeneca I need to translate the share price in USD because EPS in cents and dividend in USD therefore to calculate P/E and dividend yield ratio I need to translate share price into USD using year end exchange rate… Is my understanding correct?
Further… my part 1 and part 2 almost reach 2000 words so do I need to further reduce it? I heard that there is a minimum word count limit for part 1 and part 2 which is 2000 words so if I am going to reduce words from part 1 and part 2 then I might breach the minimum word count limit of part 1 and part 2… I am going to remove the repetition from my ratio analysis but I believe it will reduce maximum 300 to 400 words therefore it seems that I may need to remove some facts and information from my analysis… which I don’t want…
Can you please clarify if for example EPS is increasing due to increase in Profit After Tax and the reason of increase in profit after tax has already been discussed in Net Profit Margin then can I refer the reason for increase in Profit After Tax to Net Profit Margin in EPS analysis? Or I have to state the same reason again in EPS as well with external reference?
Thank you for your help so far Trephena…
All share price information should be kept in the currency the company reports in whether it is GBP, USD or PKR. It should be used to calculate ratios and these ratios can then be compared with each other regardless of what currency lies behind them. It is not set in stone what rate you would use for share price but year end rate would be used for investments. Earnings however being a P &L item would be average rate I think so already there would be a problem of mismatched rates (another good reason to justify not using translations in the first place)
There is no MINIMUM number of words just a recommended MAXIMUM. As most of the value in the report comes from the analysis and evaluation, this should be given priority when it comes to word count.
You can restate the reason but try as well to bring out and relate it to the fact that a specific strategy by management has led to the improvement if possible .
Really appreciated your quick response… With your help I have already eradicate the translation effect from my research report… The only thing which I now needed to translate is share price from London Stock Exchange to calculate P/E ratio and Dividend Yield ratio in case of AstraZeneca… Because London Stock Exchange reported share price in GBP but AstraZeneca reported their FS in USD therefore to calculate aforementioned ratios I have to translate share price in case of AstraZeneca… Now I just want to know whether i should use Y/E exchange rate to translate share price or average exchange rate to translate share price… I have used Y/E rate because share price shows the value of company’s share on that particular day therefore i used Y/E exchange rate… Please clarify whether my assumption is right…
Further… should I mention this instance of share price translation as limitation in Part 2?
Ok… I got your point… I will try to reduce words from Part 1 and Part 2 and then if needed I will reduce words from part 3 by removing general reasoning for fluctuation of ratios and lastly I will reduce words by removing some least important facts and reasoning…
Trephena… I have got the email of ACCA today… I can submit OBU in next session as well.. What would you suggest me now… I have changed my research report according to your advice along with ratios… Now I am facing two issues… One is word count and other is discussion of 2014… By tonight I will be able to reduce my word count… But can you please put some light how 2014 can be discussed without comparing it with 2013?
Thank you…
Good! You seem to be making good progress. I cannot really advise whether you submit now or in P36 or now as I haven’t seen your work.
Whenever you choose to submit ensure you have read my article on Evaluation. You wil then know that management strategies are important and should be linked to financial analysis as much as possible. For this reason I normally suggest you start Part 3 with the application of the models.
Focus on the SWOT factors, try to see where strengths and opportunities have been seized, how these and the PESTLE factors have guided management decisions and this way your analysis will be stronger.
Yes go with YE rate and mention in limitations how you have tried to avoid too much currency translation so that your comparisons are as valid as possible but sometimes translation was necessary. Good luck!
@ Trephena
Thank you for the words of encouragement.
I did SWOT and Porter’s Five Forces before ratio analysis… I will definitely read your article on Evaluation… Can you please give me the link…
Further… I am still trying to reduce my word count… I am almost 700 words above my maximum word count and it is quite difficult task to do… Well I will do it anyhow… But I want to know I have usually discussed 2015 and 2016 in ratio analysis… I made the comparison of 2015 with 2014 and 2016 with 2015 but I did not discuss 2014 because i have nothing to compare with 2014… Can you please clarify how can I incorporate the discussion of 2014… Or is it suffice to discuss 2014 while making comparison with 2015?
Plus I have already passed my SLS except for presentation… So do I need to submit revised SLS? My last submission was dated back in 2011 so do I need to revise SLS or just I need to submit the same SLS again alongwith revised presentation?
In my passed SLS… I mentioned that I used translated FS of GSK for ratio analysis… But now I have changed my approach… Do I need to revise only this element of SLS before submission? I have got the email of OBU in which it is clearly mentioned that I just need to revise the elements of SLS in which I have failed so I believe I need to submit my passed SLS with no revision… Can you please clarify what should I do in this case?
Thank you for your help so far…
https://opentuition.com/obu/tackle-evaluation-analysis-rap-part-1/
(there are several parts so make sure you read at least Parts 1 as 2)
It is better to discuss continuous trends e.g. look at 2014 to 2016 as a whole not as separate years (that may also help save on the words) as management decisions go over years and sometimes take several years to be effective
No just do the slides
Excel has an option to arrange in alphabetical order, so I copy and pasted my reference list to excel, arranged it and then copy and pasted back to word
@ Trephena… Really appreciated your help in crisis situation… I have submitted my RAP to OBU after making changes as per your advises to the maximum extent… I hope and pray that this time I will get through this and get OBU degree…
Though I have one submission session available but I think I worked very hard this time and it is very difficult to take off from work… so I decided to submit…
Thank you Trephena… you are really helpful…
Hello,
I am wondering if, when I cite an appendix the second time, I need to reference it again?
For instance, I am using an internal budgetary control process document as an appendix for topic 8 and mention this multiple times in the report. Do I need to refer to the relevant appendix each time or only the first?
Similar with the financial statements, which I refer to on more than one occasion and some ratios in other appendices?
Any assistance would be much appreciated here as I am trying to reduce my word count where ever possible now!
Thank you in advance
Hello,
If I refer to the same appendix more than once in my RAP, do I need to reference it everytime?
I am using an internal document on budget controls in my company for topic 1 and refer to it throughout my RAP. Do i need to put (appendix X) each time I refer to the document or is it sufficient to reference it the first time only and assume that the examiner will then be aware of where to locate it when it is referred to the next time?
I would also like to know the same regarding other references for information I have cited. For instance, I refer to some articles more than once in my RAP and am unsure if I need to reference them each time or if once per item is enough?
Any help would be much appreciated, especially given that I am only a few words from max count so the need to continually reference them would put me over the limit and require trimming elsewhere. Thank you
The advice given by markers to students is “Every fact, opinion or the use of the work of others (including the annual reports and your graphs and charts) must be referenced to show the source.”
In relation to Topic 1 you may get away with just clearly stating once e.g. “Throughout I shall be referring to XYZ’s Budget Manual, graphs relating to which are in the Appendices”. When using a company internal document give it its correct name and ensure that it is in your reference list. Make it clear in your spreadsheet where the data has come from.
However no, where you are varying the sources in the text you will need to state this virtually every time as the marker will not know which one you are citing from otherwise. One entry in the reference list is enough – as I explain in the Open Tuition Ultimate Guide to Referencing your RAP on our homepage http://www.opentuition.com/obu
My advice re the word count is to strip sections 1 and 2 down to the bare minimum – students drone on about primary data when they are not using any and repeat in the text exactly what can already be seen from a graph (provided it is clearly labelled) and all of these things simply waste words (and possibly will annoy the marker too as the implication is that they are incapable of understanding a graph).
Hi @trephena,
Thank you for the replies lately ! I appreciate your reply and help. So glad to see you back again.
Trephena, please may I ask if we need to add the Financial statements in the appendix ? and how to do so ? The InfomationPack says : You must include appropriate extracts from the organisation’s financial statements as an appendix. what do extract refer to ? Screenshots of the f/statement?
Please if someone can help on explaining this.
Thank you @trephena and OT team
You may use pdf versions of the financial statements (normally just the Income statements and Balance Sheets are sufficient). You would normally also use parts of the financial statements when calculating your ratios and producing your graphs in Excel. As you are required to submit a spreadsheet then this must also be uploaded. (All appendices and the reference list must be loaded as separate files as there should be nothing in the report file after the end of the recommendations/ conclusion section)
Hi Trephena,
I need to refer Nasdaq as website used for my research.
Company organization: Nasdaq
Year n.d. (as there is not year on the website)
Title: ??? Should I put the name of the company that I searched for?
Available at: website link
Accessed date: whenever I accessedMy doubt is which title to use
ThanksGabbi
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Dear Traphena
I have gone through the entire thread in this forum but I still have some question as I am finding some areas difficult to understand.Your help will be greatly appreciated.1 If I want to add a source to the reference list that has no title can I create one myself based on what the document is about eg
XYZ (2018) Merger announcement. Available at: xxx Accessed: xxx OR
XYZ (2018) Available at: xxx Accessed: xxx2 Do I need to reference a point when I have already mentioned the author in the sentence? eg
Referencing is defined by the oxford dictionary as….. (oxforddictionary.com, n.d) OR
Referencing is defined by the oxford dictionary as…..
And also is coping definition and putting in quotations and properly referencing okay. I have done this only once in the entire report.3 You mentioned from earlier post that sites such as investopedia or wikepedia are frowned on by markers but can I get away with citing such a site just once throughout the rap or should I find another source?
4 Do I need to reference a point again if I have referenced the same point earlier in the rap Eg if my sentence goes like.. As stated earlier, the decrease in sales was due to the effects of the recall of some products.
6 I have a problem with referencing two sources. Source 1 is a business website e.g.forbes.com however the article was written by a team of contributors e.g. Bommy Team. Source 2 is a newspaper website eg reuters.com and the article was written by: Reuters staff, How do I do in text citation and include this in the reference list.
7 Lastly can you please explain to me what is appendices. Are they different from the excel spread sheet? Do the appendices need to be included in the RAP itself?
in relation to graphs, I have calculated the ratios in excel spread sheet with figures I got from the annual reports. I have different computations on different tabs for eg the profitability ratios in tab 1 liquidity ratio tab 2 etc. I plan to do graphs and insert in RAP. How do I reference both spreadsheet and graphs and how does appendices tie in with all this? Also when analyzing ratios if I mention say for example … the 10% increase in revenue. Should I reference the 10% to my spread sheet were I arrived at 10%?Thank you very much for all the help
I think you need to read ‘The Open Tuition Ultimate Guide to Referencing your RAP’ (particularly the Golden Rules) available on our homepage http://www.opentuition.com/obu as you will find many of the answers there.
Briefly:
1 alternative (a) in this particular circumstance but it will rprobably require an appendage (see Golden Rules)
2. In this particular circumstance as the OED is so well known and has different editions a reference would be over the top so alternative (b)
3. Yes
4. No you must ‘re-reference
6. As long as the reference is unique in the grand scheme of things it does not matter either way
7. Appendices are anything not in the report and you number them. Within the spreadsheet give the tabs a name You reference your graphs to the the relevant appendix and the spreadsheet should show where the data has come from. With the 10% increase and figures etc it is the reason for the changes you should be referencing not the figures themselves (see the article on evaluation about what analysis means)- Topics: 0
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Dear traphena
Thanks for your comments but please the part about referencing the excel and graph is not too clear.
1-How do I reference the excel spread sheet to the financial statements were I got the figures ? Do I use the same citation as I have used in the rap with page no included and do I do that for each tab? Please can you give an example?
2- If say for eg I name my excel spreadsheet appendix 1 how do I reference the graph in the rap.can you give an example please?
I am just worried and want to get the referencing bit right as I noted from the marker speaks forum that a lot of the feedback from markers on referencing is about tables and financial statements etcThanks again for your help
Dear Traphena,
Could you please help me to clarify below doubts?
1) I have to reference a Report found on European Commission. I found below instruction for referencing it.
Last name, First Initial. OR Corporate Author (Year published). Title. [online] City published: Publisher, Pages used. Available at: URL [Accessed Day Mo. Year].
In my case I have 6 author, Can I cite like ABC at al., (YEAR)?
2) I have to cite a Nasdaq website, could you please advice?
Company organization: Nasdaq
Year n.d. (as there is not year on the website)
Title: ??? Should I put the name of the company that I searched for?
Available at: website link
Accessed date: whenever I accessedThanks and Regards
Gabbi
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