PART A: case study (Novartis) The internet is a good place to get information th
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PART A: case study (Novartis) The internet is a good place to get information that is useful to you in your study of accounting. For example, you can find information about current events, professional accounting organizations, and specific companies that may support your study. Novartis is a global healthcare company based in Basel, Switzerland, with roots dating back more than 150 years. Novartis provide healthcare solutions that address the evolving needs of patients and societies worldwide. Their portfolio focuses on pharmaceuticals, eye care products and generic medicines. Novartis products are available in more than 180 countries worldwide. Our products reached more than 1 billion people globally in 2014. About 133 000 people of 150 nationalities work at Novartis around the world. Access the novartis home web page at: . www.novartis.com From Walmart’s home page and then “The Company”, click on “FINANCIAL INFORMATION”, followed by “Reports and results”, then select the year 2016 to display and download the “Annual report and accounts” 2016 on Form PDF. Note: the financial statements of Walmart are available at: https://www.novartis.com/sites/www.novartis.com/files/novartis-annual-report-2016-en.pdf Instructions Use the annual report and accounts of 2016 to answer the following questions: 1. What is novartis Company mission and vision? [Marks 10] 2. What is novartis strategy? And how do they achieve it? [Marks 12] 3. What is the responsibility of management toward the financial reporting? [Marks 9] 4. Define business combination and mention reasons why do companies merge? [Marks 12] 5. What are the steps that the company has to do in time of merger transaction? And What are the obstacle that may lead to merger failure? [Marks 18] 6. What are the Exceptions to not to consolidate the financial statement and what are the benefits of consolidating the financial statements?[Marks 11]
Explanation / Answer
1. What is Novartis Company mission and vision?
Mission Statement:
Our mission is to discover new ways to improve and extend people's lives.
Vision Statement:
Our vision is to be a trusted leader in changing the practice of medicine
2. What is Novartis strategy? And how do they achieve it
Novartis focusses on developing lifesaving drugs and also to make the daily life of the customers comfortable. They invest hugely in research and development activities to come with optimized solutions and new drug discovery to solve the most pressing needs in the pharma sector.
3. What is the responsibility of management toward the financial reporting?
The management has the responsibility to correctly report following financial information for the benefit of all the stakeholders and shareholders.
4. Define business combination and mention reasons why do companies merge?
Companies merge to leverage the economies of scale and synergies that exist between them. Some of the important reasons are listed as follows:
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