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ACCTING 3501 Corporate Accounting : Deferred Tax Liabilities Arise

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ACCTING 3501 Corporate Accounting

Questions:

1: Why do deferred tax assets or deferred tax liabilities arise? Explain your answer with suitable example. 

2: Will the existence of unused tax losses always lead to the recognition of a deferred tax assets? Explain your answer with suitable example. 

3: Do the liabilities and assets that are generated by using the ‘balance sheet method’ of accounting for tax appear to be consistent with the definition and recognition criteria of assets and liabilities promulgated within the Conceptual Framework?

4: Under what condition deferred tax assets can be offset against deferred tax liabilities?

5: Critically examine the disclosures made by an Australian Securities Exchange (ASX) listed company in its latest financial statements and associated notes regarding income tax issues. While every company will have unique tax matters and position, your discussion should highlight the following: 

(i) Identify the income tax expense (income) shown in the income statement. On what basis this amount has been calculated?

(ii) Deferred tax assets/liabilities shown in the balance sheet

(iii) A detailed explanation of what has been disclosed for Income tax in the Note associated with the financial statement. 

(iv) Under what basis/assumptions deferred tax assets deferred tax liabilities have been recognised? 

(v) What portion of the deferred tax assets or deferred tax liabilities have originated in the current year, and what portion relate to prior years? 

(vi) Summarise the accounting policies and approaches used by the company in its accounting for Income Tax. (You can select the company at your discretion. The company must be listed in the ASX)

Assignment Structure should be as the following: 

Abstract – One paragraph 

List of Content 

Introduction 

Body of the assignment with detailed answer on each of the required tasks 

Summary/Conclusion 

List of references

Reference Instructions

Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using referencing style. The following guidelines apply: 

1. Reference sources in assignments are limited to sources which provide full text access to the source’s content for lecturers and markers. 

2. The Reference list should be located on a separate page at the end of the essay and titled. 

3. All assignments will require additional in-text reference details which will consist of the surname of the author/authors or name of the authoring body, year of publication, page number of content, paragraph where the content can be found. For example; “The company decided to implement a enterprise wide data warehouse business intelligence strategies.

ACCTING 3501 Corporate Accounting

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