Please help me answer these questions: see attachment

Questions are relating to Woolworths annual report 2015

Question 1: Presentation of Financial Statements (suggested words count: 400 - 500) 30 Marks Under paragraph 99 of AASB 101 Presentation of Financial Statements, companies are required to present an analysis of expenses within profit and loss using a classification based on either (a) the nature of expense method (paragraph 102), or (b) the function of expense method (paragraph 103). (i) Review the Statement of Profit and Loss and Other Comprehensive Income of the ASX Company allocated to your group and determine which method it adopts in the statement and where you found this information; 8 marks (ii) Give some reasons for the adoption of this particular method of classification of expenses; and 10 marks (iii) In your view, which classification method should a company adopt and why? 12 marks Question 2: Accounting for Income Tax (suggested words count: 300 - 400) 25 Marks Using the information relating to income tax in the financial statements of your Company, answer the following: (i) What is the income tax expense included in the profit or loss for the year? 2 marks (ii) Determine whether there is any income tax included in other comprehensive income; 2 marks (iii) State the current and deferred tax components of income tax expense; 4 marks (iv) Determine whether a deferred tax asset or deferred tax liability or both is disclosed in the statement of financial position and comment on the magnitude of these balances; 4 marks (v) Provide the reference to the applicable note to the accounts and state the amount of the balance of deferred tax asset or deferred tax liability recorded there; 5 marks (vi) Explain why income tax expense is usually not equal to accounting profit multiplied by the company tax rate. 8 marks 1 Question 3: Business combinations and consolidation (suggested words count: 400 - 500) 30 Marks (i) Refer to the following business combination and discuss the factors that need to be taken into account when determining the acquirer in the combination. 10 marks P Ltd 100% X Ltd 100% 100% Y Ltd Z Ltd A new entity P Ltd was formed and acquired all of the shares in X Ltd, Y Ltd, Z Ltd by issuing shares in P Ltd (ii) Refer to the allocated ASX company's annual report: (a) What is the amount of total comprehensive income for the year ended 30 June 2015? 2 marks (b) Explain how your Company complies with paragraph 81B of AASB 101 Presentation of Financial Statements? 5 marks (c) Explain whether your Company has complied with the requirements of paragraphs 54 (q) and 54 (r) of AASB 101, and paragraph 22 of AASB 10 Consolidated Financial Statements? 5 marks (d) Explain how the 'Principles of consolidation' accounting policy complies with the requirements of AASB 10. 8 marks 2 Question 4: Associates and joint venture (suggested words count: 200 - 300) 15 Marks On its website, www.cementaustralia.com.au, Cement Australia has a section entitled 'Associates companies'. Here it states that \"to enable Cement Australia to offer a complete range of supplementary and associated products, we have a large number of specialised subsidiaries and associated companies that complement our core cement business\". One of the examples given is that of Flyash Australia Pty Ltd. On the webpage, it states that \"a leading supplier of high quality fly ash products, Flyash Australia Pty Ltd is a joint venture company, equally owned by Boral Ltd and Cement Australia Pty Ltd. Flyash Australia's core business involves the collection, processing, storage and distribution of quality fly ash products. With operations in NSW, SA and WA, the company distributes its products throughout Australia\". Required: The website uses the terms 'associated companies', yet uses examples of 'joint ventures'. Explain the differences between associated companies and joint ventures. 3