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Assessment Details and Submission Guidelines Trimester T1 2020 Unit Code HI5020 Unit Title Corporate Accounting Assessment Type Individual Assignment Assessment Title Accounting for Income Tax Purpose of the assessment (with ULO Mapping) This assignment aims at developing a clear understanding of students on corporate accounting for income tax issues. Students will develop an understanding on different concepts used in accounting for income tax. They will also develop an understanding on how different concepts of accounting for income tax are used by companies in the practical setting. (ULO 1, 2, 4, 5, 6). Weight 40 % of the total assessments (Written assignment 30 % + Presentation 10 percent) Total Marks Written assignment 30 marks + Presentation 10 marks Word limit 3000 words ±50

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Introduction

Corporate accounting helps in account handling and financial accounting of organisations according to accounting reports and financial statements. Accounting for income tax deals with cash flow management, financial report acknowledgements and balance sheet evaluation. In addition, corporate accounting manages taxation of income statements, assets and liabilities associated with the organisation. In this case, ANZ Banking group is selected for income tax accounting, which is one of the ASX listed company. The study elaborates various concepts such as accounting profit, taxable profit, deferred tax assets and liabilities. Recognition criteria of deferred tax liabilities and assets of the organisation are identified. Expense taxes, tax treatment and changes in cash flow and income statement provide insight into corporate accounting. 

i) Discussion of Key Concepts

Accounting Profit

Accounting profit can be termed as companies’ total earnings, which are calculated as per Generally Accepted Accounting Principles (GAAP). Accounting profit of organisations follows certain frameworks, rules, policies and standards in terms of corporate accounting (Rostami 2017). In addition, profit attained within a specific time span can determine accounting profit. Organisations perform accounting profit as per principles for the preparation of financial statements. The profit includes taxes, operating costs, expenses, explicit costs,

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