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HI5020 Corporate Accounting: Accounting for Income Tax Assessment Answer

Assessment Details and Submission Guidelines
Trimester
T1 2020
Unit Code
HI5020
Unit Title
Corporate Accounting
Assessment Type
Individual Assignment
Assessment Title
Accounting for Income Tax
Purpose of the assessment (with ULO Mapping)
This assignment aims at developing a clear understanding of students on corporate accounting for income tax issues. Students will develop an understanding on different concepts used in accounting for income tax. They will also develop an understanding on how different concepts of accounting for income tax are used by companies in the practical setting.
(ULO 1, 2, 4, 5, 6).
Weight
40 % of the total assessments (Written assignment 30 % + Presentation 10 percent)
Total Marks
Written assignment 30 marks + Presentation 10 marks
Word limit
3000 words ±500 words
Submission Guidelines
  • All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page.
  • The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.
  • Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style.

Assignment Specifications

Purpose:

This assignment aims at developing a clear understanding of students on corporate accounting for income tax issues. Students will develop an understanding on different concepts used in accounting for income taxes. They will also develop an understanding on how different concepts of accounting for income tax are used by companies in the practical setting.

Assessment task:

Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial statements (balance sheet, income statement, cash flow statement) and notes attached to financial statements on income tax issues very carefully. Please remember some aspects of your firm’s treatment of its tax – can be a very complicated area, particularly for some firms. Based on your understanding of the topic “accounting for income tax” and based on your reading of the collected annual reports, do the following tasks.

  • Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable temporary difference, deductible temporary difference, deferred tax assets and deferred tax liability.
  1. Briefly explain the recognition criteria of deferred tax assets and deferred tax liability. iiiWhat is your firm’s tax expense in its latest financial statements?
  2. Is this figure the same as the company tax rate times your firm’s accounting income? Explain why this is, or is not, the case for your firm highlighting the reasons for differences.
  • Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the possible reasons why they have been recorded.
  1. 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?
  2. 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?
  3. Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent differences that your company may have.
  4. What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax in your firm’s financial statements? What new insights, if any, have you gained about how companies account for income tax as a result of examining your firm’s tax expense in its accounts?

Assignment Structure should be as the following:

Instruction for video presentation:

Based on your written assignment you will have to make a summary video presentation ranging for 10 minutes. Your presentation should explain the assignment tasks and your key findings. You will have to upload the presentation in You Tube and submit the You Tube link in the black board so that the marker can watch and mark your presentation. Your assignment will be marked based on the following criteria:


PresentationStyle(3
marks)
Content (4 marks)
Clarity of the presentation
((3 marks)
Excellent
3-2.5
4-3
3-2.5
Very good
2.5-1.75
3-2.5
2.5-1.75
Good
1.75-1.5
2.5-2.00
1.75-1.5
Satisfactory
1.5-1.00
2.00-1.00
1.5-1.00
Unsatisfactory
1.00-0
1.00-0
1.00-0


Answer

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