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ACC3210 Analysis Of Corporate Reporting

tag 0 Download 7 Pages / 1,712 Words tag 21-09-2021

Questions:

1.

Company boards, executives, and management are investing more and more time and resources on issues of sustainability - such as carbon (greenhouse gas emissions), energy efficient technology, water use, cleantech, and biodiversity, to name just a few. An important part of the global push towards sustainability practices involves a need to account for, and report on, sustainability - sometimes referred to as environmental, social, and governance (ESG) reporting 

“Company boards, executives, and management are investing more and more time and resources on issues of sustainability - such as carbon (greenhouse gas emissions), energy efficient technology, water use, cleantech, and biodiversity, to name just a few. An important part of the global push towards sustainability practices involves a need to account for, and report on, sustainability - sometimes referred to as environmental, social, and governance (ESG) reporting (IAS Plus, 2017).

Required:

Critically discuss the above statement by outlining why do companies should provide sustainability report in the company annual report? How is the International Integrated Reporting Council (IIRC) playing an important role in developing sustainability reporting guidelines/framework for corporations throughout the world?

2. 

Laurence Ltd commences its operations on 1 July 2015. One year after the commencement of its operations (30 June 2016) the entity presents its first Statement of Comprehensive Income and Statement of Financial Position on 30 June 2016. The statements are prepared before considering taxation. The following information is available.

Laurence Ltd:

Statement of Comprehensive Income for the year ended 30 June 2016

 

           $

                $

Sales revenue

12,750,000

 

Cost of Goods Sold

6,580,000

 

Gross Profit

 

6,170,000

Expenses:

 

 

Salaries and wages

1,586,000

 

Selling expense

65,000

 

Administrative expenses

1,150,000

 

Provision for doubtful debts

287,000

 

Warranty expenses

380,000

 

Long service leave

612,000

 

Depreciation expense – Property, Plant & Equipment

840,000

 

Insurance

290,000

 

 

 

5,210,000

Accounting profit for the year

 

960,000

 

Assets and Liabilities as disclosed in the Statement of Financial Position for the year ended 30 June 2016

 

     $

                   $

Assets

 

192,000

Cash

 

1,385,000

Inventory

 

983,000

Accounts receivables (net)

 

80,000

Prepaid insurance

4,200,000

 

Property, Plant & Equipment– cost

   840,000

 

Less- Accumulated depreciation

 

3,360,000

 

 

4,400,000

Land

 

10,400,000

Total assets

 

 

Liabilities

 

 

Accounts payables

 

985,500

Provision for warranty expenses

 

170,000

Provision for long service leave

 

382,000

Debentures payable

 

2,365,000

Total liabilities

 

3,902,500

Net assets

 

6,497,500

Required:

  • Compute the taxable income or loss.
  • Complete the Taxation Worksheet on the next page in accordance with AASB 112 Income Taxes.
  • Prepare the applicable journal entries at 30 June 2016 to account for tax using the balance sheet method.
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[Accessed 26 November 2022].

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My Assignment Help. Analysis Of Corporate Reporting [Internet]. My Assignment Help. 2021 [cited 26 November 2022]. Available from: https://myassignmenthelp.com/free-samples/acc3210-analysis-of-corporate-reporting/sustainability-report.html.


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