HI5020-Corporate Accounting T1 Assessment-Holmes Institute Australia


This assignment aims at developing an understanding of students on different concepts of Accounting for Income tax and the application of those concepts in the practical financial setting. In addition to answering theoretical questions on different concepts on accounting for income tax, students will need to analyze the tax-related disclosures made by an ASX listed company in its financial statements and the associated notes to the financial statements.

Assessment task:

Please answer the following questions relating to Accounting for Corporate Income Tax.

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

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

Question 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?

Are You Searching Answer of this Question? Request Australian Writers to Write a plagiarism Free Copy for You.

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

Question 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:

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

b) Deferred tax assets/liabilities shown in the balance sheet

c) A detailed explanation of what has been disclosed for Income tax in the Notes associated with the financial statement.

d) Under what basis/assumptions have deferred tax assets and deferred tax liabilities been recognized?

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

f) Summarise the accounting policies and approaches used by the company in its accounting for Income Tax.

Get Solution of this Assessment. Hire Experts to solve this assignment for you Before Deadline.

Get Custom Help With Experts

Grab excellent help in accounting assignments by the experts of AustraliaAssignmentHelp.com and stay happy always. We have a team of Australian assignment writers that understand students’ needs and work hard. Worry no more and ask us for accounting assignment help services at a low price.

Private and Confidential

Yours all information is private and confidential; it is not shared with any other party. So, no one will know that you have taken help for your Academic paper from us.

This essay is written by:

Tim Winton Verified writer

Finished papers: 930

Proficient in:

English, History, Business and Entrepreneurship, Nursing, Psychology, Management

You can get writing help to write an essay on these topics
100% plagiarism-free

Ask Your Homework Today!

We have over 1000 academic writers ready and waiting to help you achieve academic success

Check Recent Assessment Solution

SITXCOM005 Manage conflict Assessment Answer
Assessment 1 – Questioning Below fundamentals must be demonstrated when completing case studies to achieve a satisfactory result: 1. Identify conflict situations. 2. Resolve conflict. 3. Evaluate conflicts and resolutions.…
Commercial Cookery
BSBSUS501 Develop workplace policy and procedures for sustainability Assessment 2 – Answers
Assessment Task 1 Develop policy Performance objective In this assessment task, you will need to demonstrate the skills required to review and develop policies. You will need to consult with…


Instant Paper Writing Services by Native Australian Writers

Plagiarism Free Solutions
100% Original Work
24*7 Online Assistance
Native PhD Experts
Hire a Writer Now

Get help with Homework Assignments, Papers, and Projects