HI5020 Corporate Accounting HI5020 Corporate Accounting Hospitality and Tourism Management Assessment activity 1 LSBM200 – AS2 H…

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HI5020 Corporate Accounting Individual Assignment T1 2021
Assessment Details and Submission Guidelines
Trimester
T1 2021
Unit Code
HI5020
Unit Title
Corporate Accounting
Assessment Type
Individual Assignment
Assessment Title
Accounting for Corporate Income Tax-Theory and Applications
Purpose of the
assessment (with ULO
Mapping)
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 analyse the tax related disclosures made by an ASX listed company in
its financial statements and the associated notes to the financial statements. (ULO 1, 3, 4, 5).
Weight
35 % of the total assessments (35 marks)
Total Marks
35 % in written report
Word limit
3000 words ±500 words
Due Date
Assignment submission: Final Submission of individual Assignment: Wednesday, Week 10,
11:59 pm
Late submission incurs penalties of five (5) % of the assessment value per calendar day unless
an extension and/or special consideration has been granted by the lecturer prior to the
assessment deadline.
Submission Guidelines
and Referencing
• 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. 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: References.
3. It should include the details of all the in-text citations, arranged alphabetically A-Z by
author surname. In addition, it MUST include a hyperlink to the full text of the cited
reference source.
For example;
P Hawking, B McCarthy, A Stein (2004), Second Wave ERP Education, Journal of
Information Systems Education, Fall, http://jise.org/Volume15/n3/JISEv15n3p327.pdf
4. 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 (Hawking et al, 2004, p3(4)).”
Page 2 of 9
HI5020 Corporate Accounting Individual Assignment T1 2021
Non Adherence to Referencing Guidelines
Where students do not follow the above guidelines:
1. Students who submit assignments which do not comply with the guidelines will be
asked to resubmit their assignments.
2. Late penalties will apply, as per the Student Handbook each day, after the student/s
have been notified of the resubmission requirements.
3. Students who comply with guidelines and the citations are “fake” will be reported for
academic misconduct.
Assignment Specifications
Purpose:
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 analyse 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
suitable example.
Question 2: Will the existence of unused tax losses always lead to the recognition of a deferred tax
assets? Explain your answer with 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?
Question 4: Under what condition deferred tax assets can 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:
(i)
Identify the income tax expense (income) shown in the income statement. On what
basis this amount has been calculated?
Page 3 of 9
HI5020 Corporate Accounting Individual Assignment T1 2021
(ii)
(iii)
Deferred tax assets/liabilities shown in the balance sheet
A detailed explanation of what has been disclosed for Income tax in the Note associated
with the financial statement.
Under what basis/assumptions deferred tax assets deferred tax liabilities have been
recognised?
What portion of the deferred tax assets or deferred tax liabilities have originated in the
current year, and what portion relate to prior years?
Summarise the accounting policies and approaches used by the company in its
accounting for Income Tax.
(iv)
(v)
(vi)
(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
…..
Marking criteria
Marking criteria
Marks
Abstract
1
List of content & overall presentation of the assignment
1
Introduction
1
1. Why do deferred tax assets or deferred tax liabilities arise? Explain your
answer with suitable example.
3
1. Will the existence of unused tax losses always lead to the recognition of a
deferred tax assets? Explain your answer with suitable example.
3
2. 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 of Accounting?
4
3. Under what condition deferred tax assets can be offset against deferred tax
liabilities?
3
4. 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?
2
(ii) Deferred tax assets/liabilities shown in the balance sheet
2
(iii) A detailed explanation of what has been disclosed for Income tax in the
Note associated with the financial statement.
5
Page 4 of 9
HI5020 Corporate Accounting Individual Assignment T1 2021
(iv) Under what basis/assumptions deferred tax assets and deferred tax
liabilities have been recognised?
3
(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?
2
(vi) Summarise the accounting policies and approaches used by the company
in its accounting for Income Tax.
3
Conclusion
1
TOTAL Weight
35
Academic Integrity
Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral
to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks
need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity
breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please
consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these
resources can also be found through the Study Sills link on Blackboard.
Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of
marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of
course enrolment.
Table 1: Six categories of Academic Integrity breaches
Plagiarism
Reproducing the work of someone else without attribution.
When a student submits their own work on multiple occasions
this is known as self-plagiarism.
Collusion
Working with one or more other individuals to complete an
assignment, in a way that is not authorised.
Copying
Reproducing and submitting the work of another student, with
or without their knowledge. If a student fails to take reasonable
precautions to prevent their own original work from being
copied, this may also be considered an offence.
Impersonation
Falsely presenting oneself, or engaging someone else to present
as oneself, in an in-person examination.
Contract cheating
Contracting a third party to complete an assessment task,
generally in exchange for money or other manner of
payment.
Data fabrication and
falsification
Manipulating or inventing data with the intent of supporting
false conclusions, including manipulating images.
Source: INQAAHE, 2020
Page 5 of 9
HI5020 Corporate Accounting Individual Assignment T1 2021
Marking Rubric
Excellent
Very Good
Good
Satisfactory
Unsatisfactory
Abstract (1)
Apply judgement
List of content
& overall
presentation of
the assignment
(1)
Apply judgement
Introduction (1)
Apply judgement
1. Why do
deferred tax
assets or
deferred tax
liabilities
arise?
Explain your
answer with
suitable
example. (3)
The reason for
the deferred tax
assets and
liabilities have
been explained
with suitable
example. The
concepts of
temporary
difference,
taxable
temporary
difference,
deductible
temporary
differences have
been linked to
DTA and DTL.
The reason for
the deferred tax
assets and
liabilities have
been explained
with suitable
example. The
concepts of
temporary
difference,
taxable
temporary
difference,
deductible
temporary
differences have
been linked to
DTA and DTL.
Minor
confusions or
errors.
The reason for
the deferred tax
assets and
liabilities have
been explained
with suitable
example. The
concepts of
temporary
difference,
taxable
temporary
difference,
deductible
temporary
differences have
been linked to
DTA and DTL.
Major
confusions or
errors.
The reason for
the deferred tax
assets and
liabilities have
been explained.
Example not
clear. The
concepts of
temporary
difference,
taxable
temporary
difference,
deductible
temporary
differences have
not been linked
to DTA and DTL.
Major
confusions or
errors.
The reason for
the deferred tax
assets and
liabilities have
been explained.
Example not
clear. The
concepts of
temporary
differences,
taxable
temporary
differences,
deductible
temporary
differences have
not been linked
to DTA and DTL.
Major
confusions or
errors.
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)
An excellent
explanation of
under what
condition
unused tax
losses can
create deferred
tax assets.
Example
provided is very
clear.
Has provided a
clear explanation
of under what
condition
unused tax
losses can create
deferred tax
assets. Examples
have been
provided. Minor
confusion/errors
Has provided an
explanation of
under what
condition
unused tax
losses can
create deferred
tax assets.
Examples have
been provided.
Major
confusions/error
s.
Has attempted
to provide an
explanation of
under what
condition
unused tax
losses can
create deferred
tax assets. No
example has
been provided.
Major
confusions/error
s.
Has incorrectly
attempted to
provide an
explanation of
under what
condition
unused tax
losses can
create deferred
tax assets. No
example has
been provided.
major
confusions/error
s.
3. Do the
liabilities
and assets
that are
generated
Has shown an
excellent
understanding
of the balance
sheet method of
Has shown a
very good
understanding of
the balance
sheet method of
Has good/above
basic
understanding
of the balance
sheet method of
Has shown only
basic
understanding
of the balance
sheet method of
Has shown very
poor
understanding
of the balance
sheet method of
Page 6 of 9
HI5020 Corporate Accounting Individual Assignment T1 2021
by using the
‘balance
sheet
method’ of
accounting
for tax
appear to be
consistent
with the
definition
and
recognition
criteria of
assets and
liabilities
promulgate
d within the
Conceptual
Framework
of
Accounting?
(4)
accounting for
tax in relation to
assets and
liability
recognition as
well as the
assets and
liabilities
defined in the
Conceptual
Framework of
accounting.
accounting for
tax in relation to
assets and
liability
recognition as
well as the
assets and
liabilities defined
in the
Conceptual
Framework of
accounting.
Minor error
remains.
accounting for
tax in relation to
assets and
liability
recognition as
well as the
assets and
liabilities
defined in the
Conceptual
Framework of
accounting.
Major error
remains.
accounting for
tax in relation to
assets and
liability
recognition as
well as the
assets and
liabilities
defined in the
Conceptual
Framework of
accounting.
Major error
remains.
accounting for
tax in relation to
assets and
liability
recognition as
well as the
assets and
liabilities
defined in the
Conceptual
Framework of
accounting.
Major error
remains.
4. Under what
condition
deferred tax
assets can
be offset
against
deferred tax
liabilities?
(3)
An excellent
explanation of
the condition
for off-setting
the deferred tax
assets with
deferred tax
liability has
been provided
with specific
reference to
section of AASB.
A very good
explanation of
the condition for
off-setting the
deferred tax
assets with
deferred tax
liability has been
provided
without specific
reference to
section of AASB.
A good
explanation of
the condition for
off-setting the
deferred tax
assets with
deferred tax
liability has been
provided. Minor
confusions
remain.
A very basic
explanation of
the condition for
off-setting the
deferred tax
assets with
deferred tax
liability has been
provided. Major
confusions
remain.
A very poor
explanation of
the condition for
off-setting the
deferred tax
assets with
deferred tax
liability has been
provided. Major
confusions
remain.
5. Critically
examine the
disclosures
made by an
Australian
Securities
Exchange
(ASX) listed
company in
its latest
financial
statements
and
associated
notes
regarding
Page 7 of 9
HI5020 Corporate Accounting Individual Assignment T1 2021
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? (2)
Has correctly
identified the
income tax
expense or
income tax
credit for net
loss. Has
provided an
excellent
explanation on
the basis for
calculation of
the income tax
expense/credit.
Has correctly
identified the
income tax
expense or
income tax
credit for net
loss. Has
provided a good
explanation on
the basis for
calculation of
the income tax
expense/credit.
Has correctly
identified the
income tax
expense or
income tax
credit for net
loss. Has
provided a basic
explanation on
the basis for
calculation of
the income tax
expense/credit.
Has correctly
identified the
income tax
expense or
income tax
credit for net
loss. Has not
provided an
explanation on
the basis for
calculation of
the income tax
expense/credit.
Has not
correctly
identified the
income tax
expense or
income tax
credit for net
loss. Has not
provided an
explanation on
the basis for
calculation of
the income tax
expense/credit.
(ii) Identify the
deferred tax
assets/liabilities
shown in the
balance sheet.
Identify their
sources based
on the notes
disclosure (2)
Has identified
the deferred
tax
assets/liabilitie
s shown in the
balance sheet.
Has identified
their sources
based on the
notes
disclosure.
Has identified
the deferred
tax
assets/liabilitie
s shown in the
balance sheet.
Has identified
their sources
based on the
notes
disclosure.
Minor errors
remain.
Has identified
the deferred
tax
assets/liabilitie
s shown in the
balance sheet.
Has identified
their sources
based on the
notes
disclosure.
Major errors
remain.
Has identified
the deferred
tax
assets/liabilitie
s shown in the
balance sheet.
Has not been
able to identify
their sources
based on the
notes
disclosure.
Has not been
identified the
deferred tax
assets/liabilitie
s shown in the
balance sheet.
Has not been
able to identify
their sources
based on the
notes
disclosure.
(iii) A detailed
explanation of
what has been
disclosed for
Income tax in
the Note
associated with
the financial
statement. (5)
An excellent
explanation of
different items
and issues
disclosed for
Income tax in
the Note
associated with
the Financial
Statements has
been provided.
A very good
explanation of
different items
and issues
disclosed for
Income tax in
the Note
associated with
the Financial
Statements has
been provided.
A good
explanation of
different items
and issues
disclosed for
Income tax in
the Note
associated with
the Financial
Statements has
been provided.
A very basic
explanation of
different items
and issues
disclosed for
Income tax in
the Note
associated with
the Financial
Statements has
been provided.
A very poor
explanation of
different items
and issues
disclosed for
Income tax in
the Note
associated with
the Financial
Statements has
been provided.
Page 8 of 9
HI5020 Corporate Accounting Individual Assignment T1 2021
Minor
confusions or
inconsistency
Major
confusions or
inconsistency
Major
confusions or
inconsistency
(iv)Under what
basis/assumptio
ns deferred tax
assets and
deferred tax
liabilities have
been
recognised? (3)
Has shown an
excellent
understanding
of the basis and
assumptions
used by the
company in
recognising the
deferred tax
assets and
deferred tax
liabilities.
Has shown a
very good level
of understanding
of the basis and
assumptions
used by the
company in
recognising the
deferred tax
assets and
deferred tax
liabilities.
Has shown a
good level of
understanding
of the basis and
assumptions
used by the
company in
recognising the
deferred tax
assets and
deferred tax
liabilities. Minor
confusions
Has shown a
basic level of
understanding
of the basis and
assumptions
used by the
company in
recognising the
deferred tax
assets and
deferred tax
liabilities. Major
confusions and
errors
Has shown a
very poor level
of
understanding
of the basis and
assumptions
used by the
company in
recognising the
deferred tax
assets and
deferred tax
liabilities. Major
confusions and
errors
(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?
(2)
Has clearly
identified the
deferred tax
assets and
deferred tax
liabilities arising
in the current
year, and in the
previous years.
Has shown
excellent
understanding
on how the
balances of DTA
and DTL have
changed during
the year.
Has clearly
identified the
deferred tax
assets and
deferred tax
liabilities arising
in the current
year, and in the
previous years.
Has shown good
level of
understanding
on how the
balances of DTA
and DTL have
changed during
the year.
Has clearly
identified the
deferred tax
assets and
deferred tax
liabilities arising
in the current
year, and in the
previous years.
Has shown basic
level of
understanding
on how the
balances of DTA
and DTL have
changed during
the year.
Has been able to
identify deferred
tax assets and
deferred tax
liabilities arising
in the current
year, and in the
previous years.
Does not
demonstrate
any
understanding
on how the
balances of DTA
and DTL have
changed during
the year.
Has not been
able to identify
deferred tax
assets and
deferred tax
liabilities arising
in the current
year, and in the
previous years.
Does not
demonstrate
any
understanding
on how the
balances of DTA
and DTL have
changed during
the year.
(vi)Summarise
the accounting
policies and
approaches
used by the
company in its
accounting for
Income Tax. (4)
Has provided an
excellent
summary of
accounting
policies and
approaches
disclosed by the
company in the
Notes, for its
accounting for
Income Tax
Has provided a
very good
summary of
accounting
policies and
approaches
disclosed by the
company in the
Notes, for its
accounting for
Income Tax.
Has provided a
good summary
of accounting
policies and
approaches
disclosed by the
company in the
Notes, for its
accounting for
Income Tax.
Minor
confusions or
errors
Has provided a
very basic
summary of
accounting
policies and
approaches
disclosed by the
company in the
Notes, for its
accounting for
Income Tax.
Major
confusions or
errors
Has provided a
very poor or
irrelevant
summary of
accounting
policies and
approaches
disclosed by the
company in the
Notes, for its
accounting for
Income Tax.
Major
confusions or
errors
Conclusions (1)
Apply judgement
Total 35
Page 9 of 9
HI5020 Corporate Accounting Individual Assignment T1 2021

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