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ACCT19061 Advanced Financial Accounting

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Questions

1. a) Briefly outline your company's main business activities. This should include discussion of the market sector/s (for example, financial services, energy, consumer products and services, health care, telecommunications, information technology, utilities) in which your company operates andthe main products and/or services from which your company derives its income.   
 
b) Has your company made investments in the equity (shares) of other companies that do not result in your company having significant influence, joint control or control over the investee? To determine this, you should examine the asset section (both current assets and non-current assets) for something like ‘other investments’, ‘other current assets’, ‘other non-current assets’, ‘current financial assets’, non-current financial assets’. Then go to the note indicated next to the item which will provide details about any investments. If so, you should clearly indicate the number of the note in your answer.
 
c) Explain whether an investment in the equity of another company (that does not result in the investor having significant influence, joint control or control over the investee) satisfies the definition of a financial instrument.
 
d) What is a derivative financial instrument? Is an investment in the equity of another company (that does not result in the investor having significant influence, joint control or control over the investee) a derivative financial instrument?
 
e) Explain how an investment in the equity of another company (that does not result in the investor having significant influence, joint control or control over the investee) would be measured: (1) on initial recognition; and (2) subsequent to initial recognition?  
 
2. a) What is your company’s income tax expense (or income tax benefit) for the period covered by the Annual Report? If your company reports income tax expense, what is the amount of: (1) the current income tax expense; and (2) deferred income tax expense?
 
b) How would you explain current income tax expense and deferred income tax expense? How is current income tax expense calculated? How is deferred income tax expense calculated?
 
c) What are the amounts of deferred tax assets and deferred tax liabilities reported by your company? Are these amounts shown separately in the Statement of financial position or are they offset? Under what circumstances can deferred tax assets and deferred tax liabilities be offset?
 
d) Does your company provide a reconciliation of (1) income tax on the company’s profit before tax to (2) the income tax expense? What is the amount of income tax on the profit before tax? What is the amount of income tax expense? What are the reasons for these two amounts being different?  

e) Explain why the amount of income tax expense reported by a company may not be the same as the amount of income tax paid to the Australian Taxation Office (ATO).      

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