WRITING QUETION The temporary loss carry back rules were a welcome announcement by the Government in the Federal Budget handed down on 6 October 2020. These rules are designed to provide temporary cashflow support to companies that were previously in a tax paying position but who now find themselves in a tax loss position due to the COVID-19 pandemic and/or through obtaining faster deductions for depreciation under the new instant asset write-off measures. The business support that can be offered by the loss carry-back rules is to monetise the value of revenue losses generated by companies, rather than deferring this until when a company returns to profitability and a taxpaying position Eligible entities get the offset by choosing to carry back losses to earlier years in which there were income tax liabilities. The offset effectively represents the tax the eligible entity would save if it was able to deduct the loss in the earlier year using the loss year tax rate. As it is a refundable tax offset, it may result in a cash refund, a reduced tax liability or a reduction of a debt you owe us. Answer the following questions Al If a company does not have a debt with the ATO, and the company can receive a refund from a loss carry back tax offset is received, what would be the effects on the accounting equation? C) Have accounting firms' strategies changed due to COVID-19? D) What are the accounting skills most in-demand post-pandemic? B) Accounting firms are generally considered a leader for the Australian economy and have recently played a vital role in helping businesses big and small to navigate the Government's COVID-19 relief packages. What have been accounting firm's areas of focus during the pandemic? E) You are a future accountant who will become a business leader soon. However, your name is not recorded as an asset on the balance sheet of King's Own Institute. Explain why you (student) cannot be recognised as an asset using the recognition criteria in the conceptual framework END OF PAPER