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How to Solve Corporate Accounting Problems





Assessment task
Select a public limited company listed on the Australian Securities Exchange (ASX). Go to the website of your company. Then go to the Investor Relations section of the website. This section may be called, âInvestorsâ, âShareholder Informationâ or similar name.
In this section, go to your firmâs annual reports and save to your computer your firmâs latest annual reports consecutively for last three years. For example, these may be dated 30 June 2016 or 31 March 2017. Do not use your firmâs interim financial statements or their concise financial statements. Please read the financial statements (balance sheet, income statement, statement of changes in ownerâs equity, cash flow statement) very carefully. Also please read the relevant footnotes of your firmâs financial statements carefully and include information from these footnotes in your answer.
You need to do the following tasks:
CASH FLOWS STATEMENT
(i) From your firmâs financial statement, list each item of reported in the CASH FLOWS STATEMENT and write your understanding of each item. Discuss any changes in each item of CASH FLOWS STATEMENT for your firm over the past year articulating the reasons for the change. (ii) Provide a comparative analysis of your companyâs three broad categories of cash flows (operating activities, investing activities, financing activities) and make a comparative evaluation for three years.
OTHER COMPREHENSIVE INCOME STATEMENT
(iii) What items have been reported in the other comprehensive income statement (iv) Explain your understanding of each item reported in the other comprehensive income statement (v) Why these items have not been reported in Income Statement/Profit and Loss Statement
ACCOUNTING FOR CROPORATE INCOME TAX
(vi) What is your firmâs tax expense in its latest financial statements?
(vii) Is this figure the same as the company tax rate times your firmâs accounting income? Explain why this is, or is not, the case for your firm.
(viii) Comment on deferred tax assets/liabilities that is reported in the balance sheet articulating the possible reasons why they have been recorded.
(ix) Is there any current tax assets or income tax payable recorded by your company? Why is the income tax payable not the same as income tax expense?
(x) Is the income tax expense shown in the income statement same as the income tax paid shown in the cash flow statement? If not why is the difference?
(xi) What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax in your firmâs financial statements? What new insights, if any, have you gained about how companies account for income tax as a result of examining your firmâs tax expense in its accounts?
Please remember some aspects of your firmâs treatment of its tax âcan be a very complicated area, particularly for some firms.
Assessment marking criteria
(i) Doing the assignment on three years annual report for your company and doing appropriate comparison
(ii) Insightful description of each item of your firmâs cash flows statement â indicating a degree of understanding of what each item is
(iii)Insightful explanation of changes in each item of the cash flows statement
(iv) Insightful explanation of each item of Other Comprehensive Income Statement
(v) Clear description of your firmâs income tax expense
(vi) Insightful explanation of whether, and if so why, your firmsâ income tax expense differs from the corporate tax rate times the accounting income
(vii) Explanation of why the income tax expense shown in the income statement is different from income tax shown in the cash flow statement
(viii) Understanding of deferred tax assets and deferred tax liabilities and why they have changed over the previous year.
(ix) Convincing evidence (if needed, class by presentation) that the student was sufficiently and appropriately involved in preparing the assignment.

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