You need to do the following tasks:
(i) From your firm’s financial statement, list each item of reported in the CASH FLOWS STATEMENT and write your understanding of each item. Discuss any changes in each item of CASH FLOWS STATEMENT for your firm over the past year articulating the reasons for the change.
(ii) Provide a comparative analysis of your company’s three broad categories of cash flows (operating activities, investing activities, financing activities) and make a comparative evaluation for three years.
(iii) What items have been reported in the other comprehensive income statement
(iv) Explain your understanding of each item reported in the other comprehensive income statement
(v) Why these items have not been reported in Income Statement/Profit and Loss Statement(vi)What is your firm’s tax expense in its latest financial statements?
(vii) Is this figure the same as the company tax rate times your firm’s accounting income? Explain why this is, or is not, the case for your firm.
(viii) Comment on deferred tax assets/liabilities that is reported in the balance sheet articulating the possible reasons why they have been recorded.(ix)Is there any current tax assets or income tax payable recorded by your company? Why is the income tax payable not the same as income tax expense?
(x) Is the income tax expense shown in the income statement same as the income tax paid shown in the cash flow statement? If not why is the difference?
(xi)What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax in your firm’s financial statements? What new insights, if any, have you gained about how companies account for income tax as a result of examining your firm’s tax expense in its accounts?
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