Cochlear Company Profile: Innovation Of Hearing Aid Instrument

Cochlear Company Profile Name Institution Cochlear Company Profile Executive Summary Cochlear Company is situated in Saudi Arabia where it deals in the innovation of hearing aid instrument. The company has assisted various individuals with hearing problems by providing different hearing gadgets. Besides, the company has been providing treatments and medical equipment to individual with the problems (Kelly, & Ashwin, 2013). However, it is a constitutional requirement for every company to provide a detailed financial report at the end of each fiscal year. The financial statements include all the activities that the company has been involved in, trading accounts, ledger accounts, and the balance sheet. The company has been having various financial issues that include the effects of the community from which the company is carrying out its activities, the employees, and the required legal standards that are set by the Accounting Standards Board. Nevertheless, the company is expected by the Board to work according to certain limits of operations or frameworks. Introduction Cochlear has been successful over the last years, which has been witnessed in the way it has working towards the realization of the company’s goals. The annual reports that are usually compiled by the company are a clear depiction of the level of effort that is always applied by the company. The company has shown commitment and time devotion for all the activities that are carried out in the firm. The information that is compiled by the company’s stakeholders is ready for proofreading by any relevant person, and can be approved or disapproved by the members of the company. The practice helps in ensuring transparency among the company’s stakeholders, thus, increasing trust that is vital in the realization of a company’s goals. Based on the company financial reports, the company has shown a positive trend that has been evident in the profit margin that has been constantly increasing over the past years. The quantity of hearing aids that are implanted by the company has appreciated to 32554 in the fiscal year 2017, compared to the values that were recorded in the previous years. On the other hand, the value of sales has also appreciated to $1240 million in 2017, in comparison to $1158 million in 2016. As a result, Cochlear Company has registered a net profit of $224 million in 2017, which is an increment of the value from $146 million in 2015 to $189 million in 2016. Annual Reports According to the requirement by the General Accepted Accounting Standards, any company is required to provide a detailed financial statement with a clear explanation of all the financial activities in the firm (Roth, 2017). With regards to the requirements, Cochlear Company has been preparing its annual reports that depict all the financial breakdown of the company. From the recent financial reports, the company has a sales revenue of $ 1158131000 in the year 2016 and $1239733 in the year 2017. According to the reports, the company has been making more profits that have been found to be seven percent increment. The increment is quit a significant number that shows a positive improvement towards the realization of the company’s goals. Apparently, the company has realized a prol...