Collect a published annual report (year-end between 2016-2017 periods) for two Australian parent companies listed in the Australian Stock Exchange (ASX) - RURALCO HOLIDINGS LTD (RHL) and WESFARMERS LTD (WES). Identify their consolidated financial statements reported in the annual reports.

Briefly summarise on goodwill method followed, revaluation of assets, impairment of goodwill, non-controlling interests (NCI) and their sharing of any goodwill if applicable.

Critically evaluate the financial reporting and disclosure followed by each parent company whether consistent with the requirements of the AASB3 and AASB10 for the users of general purpose financial reports. In your essay, identify the strengths and weaknesses of their reporting and disclosure as well as major differences along with your recommendations how to minimise reporting and disclosure gaps between them.

Specific and descriptive criteria to follow:

(1) There must be an introduction and conclusion section and references, if any, and a scanned copy of the consolidated financial statement attached for both group of companies.

(2) There must be a very brief discussion of the selected listed groups of companies (i.e. parents) and their subsidiaries operating activities.

(3) Adequate discussion on consolidated financial statements components taken care of in the process of preparing in accordance with AASB3 and AASB10. A better understanding of concepts as well as group statements is expected.

(4) There must be an analysis of reporting practices as in point (3) above whether AASB3 and AASB10 are properly followed or not. The strengths and weaknesses of reporting should be identified from the users perspective. In evaluating reporting practices, any relevant comment or recommendation should be taken into account.

(5) The reporting practices of both groups of companies as in point (3) above must be compared with a decision which group is in compliance with respective AASBs than the other and why and how more compliance is achievable. In evaluating reporting practices, any relevant comment or recommendation for each group should be taken into account.