We need to select a report off the ASX website of a company and its can't be a bank. Please use AGL Energy
In virtually all commercial settings we might expect that the notice of liability carries the connotation only of an amount legally owing. But in conventional accounting it is not the case. As with the notion of asset there are items appearing in the financials as left-overs from the processing of the transactions data - in a sense capitalised liabilities, and there are the injection of pure fictions such as deferred tax liabilities (the counterparts of the ‘deferred tax asset'), and the imputation of ‘provisions' for obligations that might accrue. The first arises by virtue of the accrual system being based upon revenues being allocated on the basis of time rather than receipt, the second by virtue of the tax effect system of accounting, and the third from bringing to account expected obligations before they arise (Clarke and Dean, 2007, p 79).
Clark, F., & Dean, G. (2007). Indecent Disclosure: Gilding the Corporate Lily.
Instructions:
Download a 2015 annual report for a listed company from the Australian Securities Exchange (ASX) website. Groups are not allowed to do the same company and should discuss their selection with their tutor prior to commencing their research assignment (Banks are not
allowed as they have particular reporting requirements).
Refer to the marking guide (attached) for additional information and requirements.
Required:
1. With reference to the above statement describe what you understand by the accounting concepts mentioned and provide examples from your selected annual report.
2. Discuss the problems of tax effect accounting addressed in the above statement in the context of the present AASB / IASB standards and the conceptual framework using your selected annual report to provide examples.
3. Comment on the issues of tax effect accounting in the above statement as they relate to the provision of decision useful information. Use your selected annual report to provide examples.
The following matters should be given particular attention:
1. Your assignment must be submitted no later than the Friday ending week 10. Assessment tasks submitted after the due date, without prior approval/arrangement, will be penalised at 10% of the available marks per day. Requests for extension of time must be made with the lecturer concerned and based on Special Consideration guidelines.
2. In your assignment use a 12-pt Times New Roman font, use 2 cm margins on all four sides of your page.
3. Evidence of extensive research beyond the prescribed text is required. Ensure these are referenced appropriately. Refer to the statement regarding plagiarism.
4. This assignment must be handed in for successful completion of the course and will count 25 marks towards the final mark.
5. Marks have been allocated to each specific section of your assignment.
6. The assignment is to be conducted in groups of two. Students do not have the option to extend or reduce the size of the group.
7. All assignments are to be uploaded to Moodle. Should you need assistance, please use the available resources and support through the drop-down menus in Moodle or speak to your lecturer/tutor.