Looking at financial data

(1) When looking at data from the balance sheet, is it necessary to average out beginning and end of the period we are looking at? E.g. if looking at return on equity for FY2021, for the denominator should we average out equity at the end of FY2020 and FY2021?
 
Looking at the numbers, I think if the equity is on a smooth linear trend or flat in nature, it does not make a significant difference. Maybe I’m being pedantic. But I would appreciate hearing what IQ team thinks about this! Thanks!
 
(2) I notice Morningstar gives a section on “Irregular Income/Expenses”. I compared the numbers for KO and it matches up quite well with the data provided in annual report, such as “asset impairments”, “deprec/amort”, etc. I feel this is useful to have a quick overview, and I am relying on it more for the well-known companies. I suggest for less well known companies, perhaps have a quick look at a few FY worth of such data to see if its accurate. My two cents, hope it’s helpful!