Business BackgroundThe Australian pizza industry is among the most competitive in the world, dominated by market leader Domino's Pizza Enterprises Limited (Ibisworld 2013). Today, the publicly traded company is Australia's largest low-cost pizza chain, operating four hundred and ten food retail outlets and employing more than 21,000 employees across Australia. (Ibisworld 2013). The company currently offers pizza pickup and delivery options to its customers, offering customers traditional ordering methods such as phone calls and in-store visits, as well as digital ordering service through mobile apps in online and a desktop website. These are mainly two The main activities that differentiate Domino's Pizza from other close competitors in the fast food industry, namely continuous digital innovation and constant product differentiation. More specifically, it is the multimedia digital innovation of bringing to market the first online pizza ordering system along with multiple social media platforms and the company's focus on product differentiation by offering healthy menu options coupled with higher quality ingredients that keep the company ahead of its close competitors. .By introducing such innovations over the past two years, Domino's has been able to establish a solid foundation for the company's growth and development. In particular, 2013 saw Domino's Pizza experience a significant shift in its business operations, with the pizza business becoming "an online digital business that sells pizza where it is best in class in terms of sales, marketing and execution" (DPE 2013, p. 06).2.0 ComplianceWhen preparing financial reports, it is important that organizations are ...... middle of paper ...... flow of cash flow. The objective of each statement is explained in detail below. Consolidated statement of net income and other comprehensive income:- The objective of this statement is to present the total income of the group as a single entity without dividing the profit attributable to non-controlling shareholders and owners of the parent company. The income, expenses and taxes of all companies included in the group are consolidated into a single entity regardless of the parent's shareholding in the subsidiaries in order to provide the results of the group as a whole. Likewise, the entity concept is applied to consolidate all components of other comprehensive income that cannot be included in the income section. Consolidated comprehensive income is particularly useful for understanding changes in the fair value of company assets..