Based on AUSTRALIAN PACIFIC COAL LIMITED company annual report answer the question given below:

1)Identify the deferred tax assets/liabilities that is reported in the balance sheet articulating the possible reasons why they have been recorded.

2) 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? 3) 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?

4)Briefly explain the concepts of temporary difference and permanent difference. Identify any permanent differences that your company may have.

5)What do you find interesting, confusing, surprising or difficult to understand about the treatment of tax in your firms financial statements? What new insights, if any, have you gained about how companies account for income tax as a result of examining your firms tax expense in its accounts?