“Assignment Requirements
there is no words limit its just questions need to be answered. i have chosen 5 pages as an approximate.
i will upload the questions.
The assignment is a compulsory group assignment and is worth 15% of the marks of the subject.
The group should be comprised of three (3) students.
You must keep a copy of your assignment (in hard copy form) until you receive the marked original back. If you assignment is lost and you fail to provide us with a copy of the assignment when requested we will assume the assignment has not been written and the penalties for late assignment will be applied. The assignment must be signed by the lecturer or any tutor before submission.
The assignment must be presented in a professional manner (word processed).
Submissions must be properly referenced (refer to the University Style Guide).
Plagiarism is a serious matter; all students involved will be referred to the Universitys appropriate authority.
Late submission will incur a penalty of one mark per day including the weekend. Late submission must be lodged with Course Coordinator only.
Application for extensions must be lodged with the Course Coordinator before due date in writing for granting an extension (medical problems etc.).
Assignment must be submitted through the LMS.Question 1
According to Tarca (2012 p. 8) In the case of Australia and New Zealand policy makers considered that the future growth of their small domestic capital markets required international investment which would be promoted by use of IFRS. In Australia the decision was broadly supported in the business communities though not necessarily by all individual companies (Brown and Tarca 2001).
Required:
(a) Critically explain the above statement.
(b) Do you think all the reporting entities have benefited from adopting International Financial Reporting Standards (IFRS) in Australia?
Note 1: Word limit for Question 1 is 1000.
Note 2: Professional marks will be awarded for format clarity and expression.
Note 3: The presentation of Question 1 should include Introduction Discussion Conclusion and List of references.
Note 4: You will be able to collect electronic copies of articles by visiting La Trobe University Library website.
Question 2
Greensborough Ltd began operations on 1 July 2014. One year after operations the entity presents its first Statement of Comprehensive Income and Statement of Financial Position on 30 June 2015. However the statements were prepared for internal purposes but income tax calculations were ignored. Accounting profit before income tax for the year 30 June 2015 of Greensborough Ltd amounted to $2244000 including the following revenue and expenses.
$Sales Revenue
9500000
Cost of sales
4450000Salaries/ Wages
920000Rent of premises
64000Administrative expenses
520000Entertainment costs
45000Long service leave
253000Warranty expenses
151000Depreciation expense Plant and Equipment
200000Depreciation expense Computers
240000Depreciation expense Buildings
80000Insurance
138000Other expenses
195000 Greensborough Ltd
Assets and Liabilities disclosed in the Statement of Financial Position for the year ended 30 June 2015
$
$Assets
Cash/ Bank
105000Accounts Receivables (net)
380000Inventory
505800Prepaid insurance
50000Plants & Equipments cost
2000000
Less Accumulated depreciation
200000
1800000Computers- cost
1200000
Less Accumulated depreciation
240000
960000Buildings- cost
800000
Less Accumulated depreciation
80000
720000Land
2200000Total assets
6720800Liabilities
Accounts payables
410200Rent payable
42000Provision for warranty expenses
106000Provision for long service leave
88000Loan payable
1508000Total liabilities
2154200Net assets
4566600
Additional information:
The plants & equipments are depreciated over 10 years for accounting purposes but over 8 years for taxation purposes. The useful life of computers is 4 years for the tax purposes and 5 years for accounting purposes. Therefore there is a temporary difference between accounting and taxation depreciation for plant & equipments and computers.
Greensborough Ltd has some land which cost $1500000 and which has been re-valued to its fair value of $2200000.
All administration salaries and wages and other expenses incurred have been paid as at year-end.
The amount of $165000 long service leave expense has been paid.
Amounts received from sales including those on credit terms are taxed at the time of the sale is made.
Warranty expenses were accrued $151000 and at the year-end actual payments of $45000 had been made (leaving of accrued balance of $106000). Deductions for tax purposes are only available when the amounts are paid and not as they accrued.
Actual payment for rent of premises was $22000.
Insurance was initially prepaid to the amount of $188000. At the year-end the unused component of the prepaid insurance amounted to $50000. Actual amounts paid are allowed as a tax deduction.
Entertainment expenses and depreciation of buildings are not allowed as deductions for income tax.
The tax rate is 30 per cent.
Required:
(i) Compute the taxable income or loss.
(ii) Complete the Taxation Worksheet on the next page in accordance with AASB 112 Income Taxes.
(iii) Prepare the applicable journal entries at 30 June 2015 to account for tax using the balance sheet method.
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