Assignment:
Subject: Corporate Accounting
Company name "Aeon Metals Ltd," (ASX Company), Go to the Investors, Shareholders Information's sections on its website. Visit the annual report for June 2015, June 2016 and June 2017.Use interim financial statement (Balance sheet, income statement, statement of changes in owner's equity, cash flow statement) Consider the footnotes given in these statements.
1. From Cash Flow Statement
1) List each item reported in the cash flows statement and write the understanding from each item. Then, discuss any changes in yr. 2015,2016 and 2017 for each item, if yes what was it?
2) Comparative analysis of 3 broad categories (Operating activities, investing activities, financing activities) and make a comparative evaluation for 3 years 2015,2016 and 2017.
2. Other Comprehensive Income Statement
1) What item reported in the Comprehensive Income Statement for 3 years 2015,2016 and 2017. Explain them? And why these items have not been reported into Income statement / Profit and loss statement?
3. Accounting for Corporate Income Tax
1. What's is the Aeon metals tax expenses? Is the figure same as the company tax rate times of the aeon metals ‘s accounting income? Why or is not in the aeon metals?
2. Deferred tax assets/ liability in balance sheet articulating, the possible reasons why they have been recorded?
3. Any current tax assets or income tax payable recorded by aeon metals? why income tax payable is not same as income tax expenses in the aeon metals?
4. Income tax expenses shown is the same as the income tax paid shown in the cash flow statement? if not why the difference?
5. What was interesting, confusing surprising or difficult to understand about the treatment of tax in aeon metals financial statement? what new insight, if any, have you gained about how companies account for income tax because of examine the aeon metals tax expenses in its accounts?