Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial statements (balance sheet, income statement, cash flow statement) and notes attached to financial statements on income tax issues very carefully. Please remember some aspects of your firms treatment of its tax can be a very complicated area, particularly for some firms. Based on your understanding of the topic accounting for income tax and based on your reading of the collected annual reports, do the following tasks.

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?