Q1. Commonwealth bank and Westpac banks ASX and critically evaluate the depth of each companys adoption and application of IFRSs in their financial statements for the financial years ended 2021 and 2022. Discuss the implications of the adoption of any new IFRSs and the justification of any change in accounting policies by each company respectively.

Q2. A fellow student comments: The taxes payable method makes sense because income tax expense is based on the income tax return. I dont understand why we bother with deferred tax liabilities and deferred tax assets. Present arguments to convince the student why accounting for income tax should consider both current tax and deferred tax.