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External Reporting Issues In Accounting

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1.Peruse The 2016 Annual Report of The Company ?
2.Examine The Corporate Governance Report of The Company ?
3.The Company Best Serve The Interests of Users or Preparers of Financial Reports?
4.The Company in its Operating Environment Action ?

Answers :


In August 2002, ASX convened a corporate governance council which comprises of people who bring in a wealth of experience in all issues affecting various industries. The role of the council was to primarily issue recommendations on corporate governance practices that should be adopted by ASX listed companies. This report highlights some of the areas that the financial statements of Grain Corp Ltd revealed and what they mean to all stakeholders.


In relation to the current tax, Rule 13 establishes: that It is the amount that satisfies the company as a result of the tax assessments of the Tax on Profit for a year.Deductions and other tax advantages in the tax rate, excluding withholdings and payments on account, as well as tax loss carry forwards and actually applied thereto, will give rise to a lower amount of current tax (Christensen, Cottrell, & Budd, 2016).
From the above, it is deduced that the current tax coincides with the amount to be met applying the tax regulations; In short, the current tax will coincide with the net tax quota, which is obtained by lowering the entire tax (type of tax x taxable basis) on the amount of deductions and any other tax advantages to which the company is entitled (Gill, Chatton, & Osgood, 2009). It is also clear from the above definition that the net tax loss carry forwards must be taken into account for the taxable losses of prior years and effectively applied in the latter, which reduce the taxable income for the year and, consequently, the total and net contributions(Krambia-Kapardis, 2010).

In  order to have the necessary basis to carry out the process of consolidation of Financial Statements, it is necessary to define and approve uniform accounting policies taking into account the International Financial Reporting Standards (IFRS), Which include the IFRSs themselves; International Accounting Standards (IAS); And the Interpretations to IFRS and IAS, which have been formalized and in force in Australia (Hirschey, John, & Makhija, 2004).

For several years, the doctrine considers that the only accounting treatment of Income Tax that adequately respects the accrual criterion (1) is the deferred tax method. And more recently, the idea that the deferred tax method is the most comprehensive is that of the liability based on the statement of financial position (Krambia-Kapardis, 2010).
As a general rule, the Income Tax charges the net accounting result that was considered accrued over a period. If this assessment were true, we would not be sharing this collaboration. The issue is that, based on a criterion of certainty and legality, the Tax Law departs from some accounting precepts and adopts its own rules of recognition and measurement of the components of the estate and, consequently, of the results (Jickling & Janov, 2006).
Let's review: the tax effects of most of the events recognized in the financial statements are included in the determination of the Income Tax for the same period. However, some economic facts that generate taxable or deductible amounts are reached by tax legislation in different periods. The case of certain economic transactions that will never be subject to the tax (2) and of those fiscal fictions that in no way will have accounting correlates .

Consequently, differences arise between the accounting measurement of the assets and liabilities and the tax basis of such assets and liabilities. Those differences that occur at different times are called "temporary" and represent the cause that gives rise to deferred tax assets and liabilities.

In short, that of deferred tax is a method of accounting for income tax whose conceptual basis is based on the criterion of income accrued, however taxable it may be in an earlier or later period.


a)In recent years, and more clearly in the wake of the current economic crisis, issues of Corporate Governance and are reaching a key importance in all types of entities, both in the business world and in the public administration. In a global environment of uncertainty such as the present one, an adequate treatment of these issues contributes to generate confidence in the market and to act in a more efficient and socially responsible way (Mallin, n.d.). The report on Grain Corp Ltd meets the requirements of ASX Listing Rule 4.10.3. This is because it comprises among the following items on the report. Periodic review and adaptation of these standards to the requirements or recommendations existing at any time; Collaboration in the preparation of the Annual Reports on Corporate Governance and in the Annual Reports on Remuneration; Preparation of remuneration policies for directors; Introduction and adaptation of the principles of corporate governance in unlisted companies(Joseph, 2009).

Grain Corp Ltd has improved in terms of gender inclusivity in the board, According to a 2014 KPMG report, there are only 23% of companies listed in the ASX that have over 22% of the board as women. The company has a long way to go in terms of complying with gender diversity policy.  However, according to the report there is a commitment by the company to increase the number of women both as Executive and Non executive directors.

disclosure of corporate governance policy and practice in  preventing corporate scandals Does the directory know what is happening around it? Do you really know what is happening in your company? The negative response to these questions has caused most of the problems.
For anyone it is a mystery how crude they have been the years 2014, 2015 and part of 2016 in the matter of governance (Mallin, n.d.). They have been a perfect storm, which has triggered a crisis of great confidence as systematically evidence public opinion surveys. Given this critical scenario, we investigated what happened, seeking to identify preventive tools to activate early alarms and avoid corporate governance scandals. Hence, adherence of corporate governance policy prevents corporate scandals because everything is done above board.



The general user of the financial information can be classified significantly in internal users and external users. The IASC .Board believes that the financial statements thus prepared meet the common needs of the majority of users. This is because each type of user in particular makes economic decisions such as: Making decisions to acquire, preserve or sell shares or capital rights.
To consider from a financial perspective the evaluation of the administrative management of being able to assume risks that benefit the economic situation of the entity. Evaluating the company's ability to pay the workload in a natural way and provide additional benefits to its employees. Evaluating the level of security in the protection of the funds provided to the company. Assimilating the tax burden according to the tax policies of each particular country. Establishing the amount of distributable profits and dividends that are considered to be payable.Based on macroeconomic statistical data, which allow the company to be able to establish parameters of performance.To regulate the activities of the company in particular or specific cases.Hence, Grain corp report serves its users well because it enables them to make decisions on all information provided.


The harsh operating environment has negatively affected various stakeholders of Grain Corp Ltd. Some of the stakeholders affected include the shareholders whose stock price has declined and also the dividend pay out(Rosenfield, 2009). Due to the harsh operating environment the creditors are also impacted negatively because of the reduced earnings. In my view, the annual report satisfies all the stakeholders  there has been negative impacts such as low grain volumes in Eastern Australian  region coupled with low exports. This basically explains why the company might be facing a difficult year(Suwardy & Suwardy, 2010).



Christensen, T., Cottrell, D., & Budd, C. (2016). Advanced financial accounting (1st ed.). New York, NY: McGraw-Hill Education.

Gill, J., Chatton, M., & Osgood, W. (2009). Understanding financial statements (1st ed.). [Rochester, NY]: Axzo Press.

Hirschey, M., John, K., & Makhija, A. (2004). Corporate governance (1st ed.). Oxford [etc.]: Elsevier JAI.

Jickling, M. & Janov, P. (2006). Criminal charges in corporate scandals (1st ed.). [Washington, D.C.]: Congressional Research Service, Library of Congress.

Joseph, T. (2009). Corporate accounting (1st ed.). New Delhi: Tata McGraw-Hill.

Krambia-Kapardis, M. (2010). Contemporary issues in accounting (1st ed.). [Bradford, England.]: Emerald.

Mallin, C. Corporate governance (1st ed.).

Rosenfield, P. (2009). Contemporary issues in financial reporting (1st ed.). London: Routledge.

Suwardy, T. & Suwardy, T. (2010). Understanding financial statements (1st ed.). Singapore: Prentice Hall.

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