Question
Critically examine the disclosures made by an Australian Securities Exchange (ASX) listed company in its latest financial statements and associated notes regarding income tax issues.
Critically examine the disclosures made by an Australian Securities Exchange (ASX) listed company in its latest financial statements and associated notes regarding income tax issues. While every company will have unique tax matters and position, your discussion should highlight the following:
(i) Identify the income tax expense (income) shown in the income statement. On what basis this amount has been calculated?
(ii) Deferred tax assets/liabilities shown in the balance sheet
(iii) A detailed explanation of what has been disclosed for Income tax in the Note associated with the financial statement.
(iv) Under what basis/assumptions deferred tax assets deferred tax liabilities have been recognized?
(v) What portion of the deferred tax assets or deferred tax liabilities have originated in the current year, and what portion relate to prior years?
(vi) Summarize the accounting policies and approaches used by the company in its accounting for Income Tax.
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