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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 ±500 words |
Due Date | Assignment submission: Final Submission of individual Assignment: 11:59 pm Friday, Week 10
Late submission incurs penalties of five (5) % of the assessment value per calendar day unless an extension and/or special consideration has been granted by the lecturer prior to the assessment deadline. |
Submission Guidelines | · All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page.
· The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers. · Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style. |
Purpose:
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 taxes. They will also develop an understanding on how different concepts of accounting for income tax are used by companies in the practical setting.
Collect the latest annual report of an ASX listed company for the last 2 financial years. Please read the financial statements (balance sheet, income statement, cash flow statement) and notes attached to financial statements on income tax issues very carefully. Please remember some aspects of your firm’s treatment of its tax – can be a very complicated area, particularly for some firms. Based on your understanding of the topic “accounting for income tax” and based on your reading of the collected annual reports, do the following tasks.
Instruction for video presentation:
Based on your written assignment you will have to make a summary video presentation ranging for 10 minutes. Your presentation should explain the assignment tasks and your key findings. You will have to upload the presentation in You Tube and submit the You Tube link in the black board so that the marker can watch and mark your presentation. Your assignment will be marked based on the following criteria:
Presentation Style (3
marks) |
Content (4 marks) | Clarity of the presentation
((3 marks) |
|
Excellent | 3-2.5 | 4-3 | 3-2.5 |
Very good | 2.5-1.75 | 3-2.5 | 2.5-1.75 |
Good | 1.75-1.5 | 2.5-2.00 | 1.75-1.5 |
Satisfactory | 1.5-1.00 | 2.00-1.00 | 1.5-1.00 |
Unsatisfactory | 1.00-0 | 1.00-0 | 1.00-0 |
The report will attempt to examine the various tax values reported in the consolidated financial statements of the QBE Insurance Group. The report will begin with some basic understanding of the terms that would be used going forward in the analysis. It will then attempt to make sense of the existence of deferred tax asset and liability in the balance sheet as well as attempt to explain why there is a difference in the amount of tax liability and the tax expense recorded in the income statement. The report will further dwell on temporary and permanent differences before delving into the oddities specific to the tax structure of this particular company. The report will then finally end with a conclusion regarding the findings of the report.
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