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Company accounting companies assessment

The overarching objective of GPFR is decision usefulness (SAC2), supported by relevance, reliability and comparability (the Framework). A number of practitioners and academics have argued that the quality of existing or proposed accounting rules should be assessed by whether the rules increase the quality of decision-useful information. For example, Jonas & Blanchet (2000) argue that accounting rules should not be designed in a way that obfuscates or misleads users. The American Accounting Association’s Financial Accounting Standards Committee (1998) argue that proposed accounting rules should only be introduced if they improve the ability of users to make investing decisions. Too often accountants and researchers operate within the parameters set by the standard setters, rather than questioning and challenging them.

Recognition and measurement of elements in GPFR are to be based on the definition of that element and whether it meets the probability and measurement tests. AASB112 has been heavily criticised for recognising Deferred Tax Assets (DTA) and Deferred Tax Liabilities (DTL) that fail to meet the definition of assets and liabilities. Particularly, companies with tax losses and significant DTAs report a financial position that may look better than it is in reality.

Critically evaluate AASB 112 in relation to the above comments. Particular attention should be paid to whether the standard increases the quality of decision useful information and/or whether the recording of DTAs and DTLs obfuscates or misleads users. Also examine and discuss whether there have been any moves by the regulators or the accounting profession to amend this rule and what those suggestions entail.

Your response should include a review of the current literature relating to tax-effect accounting. You should refer to SACs, the Framework, other relevant accounting standard(s), IFRIC and UIGs. You should also provide a recommendation as how entities should account for tax.

In order to determine the extent of the accounting treatments and disclosure of deferred taxes within financial statements, you are required to choose two companies listed on the Australian Stock Exchange (Choose from Top 100 list attached – first in best dressed) and email the unit convenor. Identify for the financial years ended 2008, 2009 and 2010 (i.e. 3 years):
o how the companies recognize deferred taxes
o how they account for the deferred taxes
o how deferred taxes are disclosed
o the amount of the deferred taxes
o using relevant ratios, indicate the impact that including deferred taxes has on the financial statements (ie with/without DTA and DTL). It is your job to identify the relevant ratios.
o Discuss the impact this may have on users’ decision-making processes.

The annual reports may be obtained direct from the company, from the library, or from the Internet (


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