Calculate the amount of income tax expense for the year

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Reference no: EM132021833

Prepare financial reports for corporate entities Assignment

ASSESSMENT 1 -

For this assessment, students are to prepare updated financial records for the acquisition of RDL Ltd by TMH Ltd (Information found in Appendix 1). Students are to complete the Balance sheet ending 30 June 2013 for TMH Ltd which doesn't include merger details. Students must then use the information provided to complete the Balance sheet for the new parent company following the merger,

Students are to prepare an updated balance sheet following the acquisition of RDL Ltd. by TMH Ltd. Students must:

Undertake face to face or phone consultation with your instructor, who will role-play the part of management of TMH Ltd. to define any procedures you must follow as well as set timeframes and deadlines.

Complete the worksheet provided in Appendix 1.

Complete the year ending 30 June 2013 Balance sheet for TMH using the information provided.

Systematically review, code and classify data as required and check for accuracy following policies set by your instructor and complying with AASB standards.

Undertake conversion & consolidation procedures to compile the data (Using the merger method) and make comments as to appropriateness and ensure they meet AASB standards

Calculate the amount of income tax for TMH for the year ending 30 June 2013. Take into consideration assessable and non-assessable items. Including performing the following tasks:

Calculate the amount of income tax expense for the year, using the derivative method that complies with Accounting Standard AASB1026/AAS28
State the Profit before income tax
State the Accounting Profit
State the Profit after income tax.

ASSESSMENT 2 -

Students are required to complete financial reports for the reportable entity of Atlanta Company (using the information provided in Appendix 2). The following must be completed:

Students must utilise the data provided to undertake the following:

Prepare comprehensive income statement.
Prepare Statement of Change in Equity
Prepare Statement of Financial Position
Prepare Cash Flow Statement.
Students are required to provide notes for the important information as per AASB standards.
Appropriate diagrams and graphs must be included as well as supporting data as necessary
Students must ensure they comply with organisational policy and AASB standards for their report presentation (this information should be sought from your instructor who again will role-play the part of Atlanta management

ASSESSMENT 3 -

This is a 2-part assessment with the first part involving research work and the second part involving written assignment.

Part 1: (1,500 words)

For this part, students are required to work in small groups of 2-4 to undertake the following research assignment. Students must research into business legal requirements as well as financial and taxation requirements in regards to business reporting requirements and business mergers / acquisitions. This report should include:

Discuss the differences in calculation of income tax based on the PAYG system and the Income Tax Assessment Act
Discuss what constitute taxable transactions, and what legislation governs this
Provide information regarding the impact the AASB has on reporting requirements to businesses
Discuss the legal implications that affect businesses - research into different State and Federal legislation and comment on each

Part 2 (800 words)

For this assignment, students are required to discuss why it is necessary to have the legislation and accounting standards discussed in Part 1. Students should concentrate on the following:

Who is being protected by the legislative / standards?
What do these laws / standards promote?
What do these laws / standards prevent?
How do these laws / standards promote ethical accounting?

Both parts should be submitted together as a 2,300 word assignment.

Attachment:- Assignment File.rar

Reference no: EM132021833

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Reviews

len2021833

6/18/2018 8:07:08 AM

There are three assessments inside so please look through it. Please use the appendix that is at the end of the assessment for assessment no.2. For assessment 1 and 2 its practical so you have to do it with the appendix that are at the end of assessment and for assessment 3 its 2300 words. Thanks.

6/18/2018 8:07:02 AM

Assessment Type: This is a summative assessment, which requires each student to have adequate practice prior to undertaking this assessment This assessment Must also be undertaken in a real or simulated office environment. Unit Summary: This unit describes the performance outcomes, skills and knowledge required to prepare financial reports for a reporting entity and encompasses compiling and analysing data and meeting statutory reporting requirements.

6/18/2018 8:06:57 AM

This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body. The unit has application to any job roles that have responsibility for producing financial reports for corporate entities. Important notice to students: Students must submit assessments by due dates. If you don’t submit assessments even by one month, or do not pay fines, HIBT may report to DIBP as against non-completion of assessments and non-payment of fees and fines, and it may affect your student visa.

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