Analysis of Deferred Tax Accounting

The assignment requires students to analyze the concept of deferred tax accounting, its technical aspects, and its implications in credit-oriented systems, particularly in the Italian context. Case studies from Beach Energy Limited, Horizon Oil Limited, and Universal Coal PLC are provided for in-depth analysis. The assignment aims to evaluate students' understanding of deferred tax accounting and its relevance in financial reporting.

CORPORATE ACCOUNTING

EXECUTIVE SUMMARY
Corporate accounting is referred as branch of accounting which deals with accounting on
basis of organization and for framing final accounts along with cash flow statements. The
present report will discuss about Horizon oil limited, Universal Coal Plc and Beach Energy
Limited company which comprises in energy sector. This report will reflect various information
on basis of other comprehensive income statements such as reason for not including these items
in income statement. Lastly, this report will state accounting for corporate income tax which
comprises effective tax rate, deferred tax asset and liability and difference among cash tax and
book tax rate. Thus, it had been evaluated that other comprehensive income should not be stated
in profit and loss statement as it could be used for elaborating manager's performance.

TABLE OF CONTENTS
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
EQUITY AND LIABILITIES.........................................................................................................1
1. Stating every item of equity and changes over past three years with reason.....................1
2. Stating each item of liability and alterations over past three years with reason.................3
3. Comparative analysis of debt equity position of chosen three firms..................................5
CASH FLOW STATEMENT .........................................................................................................5
4. Stating every item of cash flow statement with appropriate understanding.......................5
5. Providing comparative analysis of three broad categories of cash flow over past three years
................................................................................................................................................6
6. Comparative analysis of companies with particular insights.............................................8
OTHER COMPREHENSIVE INCOME STATEMENT ...............................................................8
7. Items stated in other comprehensive income for every company......................................8
8. Reason for items not considered in profit and loss statement ...........................................9
9. Comparative analysis of OCI items of these organization.................................................9
10. OCI must be included for evaluating managers’ performance of company or not........11
ACCOUNTING FOR CORPORATE INCOME TAX..................................................................11
11. Tax expenses reflects in financial statements ................................................................11
12. Calculating effective tax rate..........................................................................................11
13. Commenting on deferred tax asset and liability ............................................................12
14. Reflect any change in deferred tax asset and liability....................................................12
15. Calculating cash tax amount with book tax amount, deferred tax asset and liability....13
16. Calculating cash tax rate of each company....................................................................13
17. Difference among cash tax and book tax rate................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16
APPENDIX....................................................................................................................................17
Beach energy Limited 2017-2018........................................................................................17
Beach energy 2016-2017......................................................................................................21

Horizon Oil Limited 2017-2018...........................................................................................23
Horizon Oil Limited 2016-2017...........................................................................................25
Universal cola PLC 2017-2018............................................................................................29
Universal cola PLC 2016-2017............................................................................................31

INTRODUCTION
Corporate accounting is considered as branch of accounting which directly deals with
accounting with context of organization and to prepare final accounts along with cash flow
statements. In the similar aspect, it will analyse and interpret financial outcome of organization
and accounting with reference to some particular events like absorption, amalgamation and
preparation of consolidated financial statements. The present report will discuss about Horizon
oil limited, Universal Coal Plc and Beach Energy Limited company with various important
sections. At the initial stage, it will reflect every item of equity along with changes over past
three years with their reasons and comparative analysis of their debt equity position. In the
similar aspect, it will be stating every item of cash flow statement with three broad categories
and comparative analysis of these three companies. This report will reflect various information
on basis of other comprehensive income statements such as reason for not including these items
in income statement. Lastly, this report will state accounting for corporate income tax which
comprises effective tax rate, deferred tax ass
EQUITY AND LIABILITIES
1. Stating every item of equity and changes over past three years with reason
2016 2017
%
change
in 2017 2017 2018
%
change
in 2018
Universal coal Plc
Share capital 43374 44466 2.52% 44466 44466 0.00%
Reserves 2498 755 -69.78% 755 625 -17.22%
Retained earnings/
Accumulated losses -42183 15403
-
136.51% 15403 6863 -55.44%
Share premium 52941 0
-
100.00% 0 0 0.00%
Total equity 56630 60624 7.05% 60624 51954 -14.30%
The above change in equity has provided with shared capital, reserves, retained earnings,
and share premium. The share capital is the amount which is issued to the public. Moreover, the
reserves are the profit of the firm which are retained for the future use. Retained earning are
1

those which are used in business activities rather than providing as the divided to the
shareholders. Share premium is the amount received by the company which exceeds the face
value of the shares.
From the above table it is to be analyzed that in 2017, Universal coal Plc has reduced their
reserves with -69.78% and increased their share premium with 100.00%. In 2018, again
company reduced their reserves and share premium with -17.22 and 0.00%. Because of this there
is a change in equity with 7.05% in 2017 and -14.30% in 2018. Therefore, in order to generate
return on equity company have to use more financial leverages where company finance
themselves with debt and equity capital. Effective dividend policy also helps in gaining return in
equity.
2016 2017
%
change
in 2017 2017 2018
%
change
in 2018
Horizon oil Limited
Contributed equity 174801 174801 0.00% 174801 174801 0.00%
Reserves 12030 14558 21.01% 14558 5740 -60.57%
Accumulated losses (82217) (82633) 0.51% (82633) (85232) 3.15%
Non controlling interest 80 0
-
100.00% 0 0 0.00%
Total equity 104534 106726 2.10% 106726 95309 -10.70%
It can be interpretate from above table that in 2017, Horizon Oil Ltd. Increased their
reserves and non controlling interest with 21.01% and with 100.00%. In 2018, company have
reduced their reserve and non controlling interest with -60.57% and 0.00%. Because of this
change, in 2017 change in equity is 2.10% and in 2018, it is -10.70% Major effect on change in
equity is because of its non controlling interest by which its total equity reduced. With this
statement it can be analyzed that owner's needs to work upon its strategies like effective dividend
policy, increase of profit margin which helps in improving change in equity.
2016 2017 % 2017 2018 %
2

change
in 2017
change
in 2018
Beach energy limited
Contributed equity 1548.7 1558.5 0.63% 1558.5 1859.1 19.29%
Reserves 283.3 232.2 -18.04% 232.2 210.3 -9.43%
Retained earning/
Accumulated losses 757.5 388.7 -48.69% 388.7 -231.4 40.47%
Total equity 1074.5 1402 30.48% 1402 1838 31.10%
Above table explained that in 2017, Beach energy limited has reduced their reserves and
retained earning with -18.04% and -48.69%. In 2018, also company has reduced their reserve
with -9.43% and retained earning with -40.47%. With this, change in equity of company in 2017
is 30.48% and 31.10% in 2018. Retained earning of the business affected because of any increase
or decrease in net income and dividend paid to shareholder of the company.
2. Stating each item of liability and alterations over past three years with reason
2016 2017
% change in
2017 2017 2018
% change
in 2018
Universal coal Plc
Borrowings 0 0 0% 0 0 0.00%
Converting notes 4891 1476 -69.82% 1476 0 -100.00%
Derivative financial
instrument 1658 277 -83.29% 277 0 -100.00%
Deferred tax 0 0 0 0 0 0.00%
Provisions 0 0 0 0 0 0.00%
Current liabilities 6549 1753 -73.23% 1753 0 -100.00%
Borrowings 0 0 0 0 0 0
Current tax payable 0 0 0 0 0 0
Trade and other
payable 166 218 31.33% 218 67 -69.27%
3

Non current
liabilities 166 218 31.33% 218 67 -69.27%
Total liability 6715 1971 -70.65% 1971 67 -96.60%
The above items of liabilities provided with converting notes, derivative financial
instrument, current liabilities, trade and other payable etc. Converting notes is the form of debt
which are converted into equity. Derivative financial instruments are the liabilities includes
bonds, interest rates etc. Current liabilities are the amount which is due to the creditors and it is
the responsibility of the company to pay the amount within twelve months. Non current
liabilities are those which are not payable within one year.
It can be analyzed from above calculation that in 2017, Universal Coal Plc company have
developed major change in its derivative financial instrument and in 2018, overall liabilities of
company has been reduced to nil because of which its change in liability result in -90.60% which
provide an impact on business structure. When equity portion of business decline, liability
portion in balance sheet increases.
2016 2017
% change in
2017 2017 2018
% change
in 2018
Horizon oil Limited
Payable 12501 9950 -20.41% 9950 19479 95.77%
Current tax payable 125 354 183.20% 354 2946 732.20%
Borrowings 76937 22132 -71.23% 22132 75145 239.53%
Other financial
liabilities 530 0 -100.00% 0 10768 100.00%
Provisions 428 0 -100.00% 0 0 0.00%
Current liabilities 90521 32436 -64.17% 32436 108338 234.01%
Payable 22 28 27.27% 28 62 121.43%
Deferred tax
liabilities 15924 17705 11.18% 17705 17876 0.97%
4

Other financial
liabilities 0 2531 0 2531 22995 808.53%
Borrowings 67428 102666 52.26% 102666 36867 -64.09%
Provisions 8243 9611 16.60% 9611 28185 193.26%
Non current
liabilities 91617 132541 44.67% 132541 105985 -20.04%
Total liability 182138 164977 -9.42% 164977 214323 29.91%
It is to be analyzed from above calculation that in 2017, Horizon Oil Ltd has brought
major changes in its other financial liabilities and in provision because of that result change in
liability reduced to -9.42%. In 2018, company has also brought change by increasing other
current liability with 808.53% which result in increase with 29.91% (Annual report of Universal
coal, 2018). With the change in liability, cash flow of the business is majorly affected and
negative liability indicate that company has sound financial capabilities.
2016 2017
% change in
2017 2017 2018
% change
in 2018
Beach energy limited
Payable 90.1 66.5 -26.19% 66.5 293.3 341.05%
Employee
entitlements 6.4 5.2 -18.75% 5.2 0 661.54%
Provisions 12.4 43.4 250.00% 43.4 39.6 130.88%
Current tax liabilities 0.7 10.1 1342.86% 10.1 100.2 892.08%
Derivative financial
instrument 0.6 0.6 0.00% 0.6 47.2 7766.67%
Liabilities for sale 38.9 0.4 -98.97% 0.4 2.6 550.00%
Current liabilities 149.1 126.2 -15.36% 126.2 482.9 282.65%
Employee
entitlements 1.2 1.4 16.67% 1.4 -100.00%
Provisions 253.2 215 -15.09% 215 -100.00%
5

Borrowings 146.6 148 0.95% 148 -100.00%
Derivative financial
instrument 0.9 0.5 -44.44% 0.5 -100.00%
Non current
liabilities 401.9 364.9 -9.21% 364.9 0 -100.00%
Total liability 551 491.1 -10.87% 491.1 482.9 -1.67%
From the above calculation it will be analyzed that in 2017, there is a major change in
current liabilities of Beach energy ltd company that is 1342.86% which result in reduced change
in liability that is -10.87%. In 2018, company have increased its derivative financial instrument
with 7766.67% which result in reduced change in liability that is -1.67%. Overall impact of such
changes impact on business structure of the company.
3. Comparative analysis of debt equity position of chosen three firms
Universal coal Plc
Debt equity
position
Horizon oil
Limited
Debt
equity
position
Beach
energy
limited
Debt
equity
position
Debt 67 0.13% 214323 69.22% 2238.8 54.92%
Equity 51954 99.87% 95309 30.78% 1838 45.08%
Total 52021 100.00% 309632 100.00% 4076.8 100.00%
The above table is reflecting comparative analysis of capital structure of Universal coal
Plc, Horizon oil limited and Beach energy limited. The ideal structure is 40:60 of every
organization but here Universal coal Plc is operating on equity as it has minor debt. In the similar
aspect, Horizon oil and Beach energy Limited has huge debt comparatively to equity as they
should control their liability for effective capital structure (Annual Report of Beach Energy
Limited, 2018).
6

CASH FLOW STATEMENT
4. Stating every item of cash flow statement with appropriate understanding
Cash flow statement comprises three broad categories such as operating, investing
and financing activities (Jackson, 2015). This statement reflects cash position of organization in
actual manner. The first category changes in operating assets and liabilities are adjusted as they
reflect conversion of liabilities or assets to cash flow which is derived through income items
prior to reporting period.
Universal coal: In operating activities it comprises cash utilised from operations and tax
paid. With context of investing activities, it includes acquisition of plant, property, equipment
and other intangible assets. There is also consideration purchase, sale, loans related to parties and
finance income. The activity of investment is not referred as operational transaction and should
be adjusted for cash flow on basis of investments. Lastly in its financing activities drawdown
through investec project finance facility, shareholder loan repayment, dividend paid and all
finance expense.
Universal coal Plc: There is consideration of receipts through customers, payment to
employees and suppliers, income tax paid and interest received and paid for generating cash
through operating activities. On basis of investing activities it comprises payments for oil and
gas assets, plant and equipment and exploration for oil and gas assets. Lastly, with financing
activities it comprises proceeds and repayment of borrowings.
Beach energy Limited: The operating activities was raising due to huge change in
proportion of receipts through customers and payment to its employees and supplies in Beach
energy Limited. The major change is because of huge payments for acquisition of its joint
operations and subsidiaries along with acquired net cash. The investing activities are payments
for property, equipment, plant along with proceeds from government grants as well. It also
considers sale of subsidiary and proceeds through sales of equity investments and non current
assets as well. Simultaneously, financing activities includes costs associated with issuance of
shares, repayment of borrowings, debt facility establishments cost and payment of dividend as
well. The business would issue stock or debt for raising cash and source of fund as debt
retirement and repurchases of stock would be considered as cash reduction.
5. Providing comparative analysis of three broad categories of cash flow over past three years
2016 2017 % 2017 2018 % change
7

change
in 2017 in 2018
Universal coal Plc
Net cash flow
from operating
activities 5375 507 -90.57% -507 155 -130.57%
Net cash flow in
investing
activities 6185 2987 -51.71% 2987 13896 365.22%
Net cash flow in
financing
activities 1357 2328 71.55% 2328 12482 436.17%
Net cash -547 1166
-
313.16% 152 1569 932.24%
2016 2017
%
change
in 2017 2017 2018
% change
in 2018
Horizon oil Limited
Net cash flow
from operating
activities 84553 109722 29.77% 109722 144976 32.13%
Net cash flow in
investing
activities 15046 148298 885.63% 148298 52517 -64.59%
Net cash flow in
financing
activities 55749 18656 -66.54% 18656 99247 431.98%
Net cash 13758 -19920
-
244.79% -19920 -6788 -65.92%
8

2016 2017
%
change
in 2017 2017 2018
% change
in 2018
Beach energy limited
Net cash
provided by
operating
activities 8115 319 -96.07% 319 662.9 107.81%
Net cash used in
investing
activities 54913 152 -99.72% 152 1730.7 1038.62%
Net cash used in
financing
activities 60709 -18.3
-
100.03% -18.3 1030.2 -5729.51%
Net cash 13911 148.7 -98.93% 148.7 -37.6 -125.29%
6. Comparative analysis of companies with particular insights
Universal coal Plc Horizon oil Limited Beach energy limited
Base year %2017 %2018 %2017 %2018 %2017 %2018
Net cash flow
from operating
activities -90.57% -130.57% 29.77% 32.13% -96.07% 107.81%
Net cash flow in
investing
activities -51.71% 365.22% 885.63% -64.59% -99.72% 1038.62%
Net cash flow in
financing
activities 71.55% 436.17% -66.54% 431.98%
-
100.03% -5729.51%
9

In the above scenario, there is comparative analysis of all three companies with context to
its broad categories of cash flow statement. It could be easily evaluated that Horizon oil Limited
has produced huge cash from its operating activities and in 2018, Beach energy limited had
generated the highest cash (Annual Report of Horizontal oil Limited, 2018). Simultaneously,
Beach energy has used the highest cash in investing activities in 2018 and Horizon oil limited in
2017. Furthermore, Beach energy limited was leading in 2017 in financing activities and
Universal coal plc in year 2018.
OTHER COMPREHENSIVE INCOME STATEMENT
7. Items stated in other comprehensive income for every company
Universal Coal Plc: This organization has included exchange differences on translating
foreign operations as other comprehensive income as process of expressing functional currency
financial statements for reporting its currency (Annual Report of Universal coal plc, 2017).
Horizon oil: Horizon oil limited has other comprehensive income as changes in fair
value of cash flow hedge which protects against altering values of liabilities and assets against
adverse alterations in cash flow (Annual Report of Horizontal oil Limited, 2017).
Beach energy limited: In the similar aspect, it has stated comprehensive income as net
change in hedging reserve, alterations in fair value with availability of sale of its financial assets,
net loss or gain on translation of its foreign operations (Annual Report of Beach Energy Limited,
2017).
8. Reason for items not considered in profit and loss statement
Other comprehensive incomes are not reported in profit and loss statement due to
accounting standards they are not contributed in net margin. Instead of amount reflected in
accumulated OCI on basis of balance of shareholder's equity (Duan and et.al., 2018). On the
contrary, unrealized items could be directly claimed as other margin where transactions are
realised as its investments. Henceforth, it should be eliminated from statement of financial
position as realised profit or loss.
9. Comparative analysis of OCI items of these organization
2016 2017
%
change
in 2017 2017 2018
%
change
in 2018
Universal coal Plc
10

Profit 16450 4000
-
75.68% 4000 35972
799.30
%
Other comprehensive income
Exchange differences on translating
foreign operations -18383 11157
-
160.69
% 11157 -3580
-
132.09
%
Total comprehensive income for
attributable to its members -1933 15157
-
884.12
% 15157 51910
242.48
%
2016 2017
%
change
in 2017 2017 2018
%
change
in 2018
Horizon oil Limited
Net income/ loss -144525 -336
-
99.77% -336 -2599
673.51
%
OCI
Changes in fair value of cash flow hedge -8237 1612
-
119.57
% 1612 -9627
-
697.21
%
Total OCI -152762 1276
-
100.84
% 1276 -12226
-
1058.15
%
2016 2017
%
change
in 2017 2017 2018
%
change
in 2018
Beach energy limited
11

Net income -588.8 387.5
-
165.81
% 387.5 198.8
-
48.70%
OCI
Net change in hedging reserve 0 0 0 0 -14.4
100.00
%
Net change in fair value of available for
sale of financial assets -9.3 13.8
-
248.39
% 13.8 -17.2
-
224.64
%
Net gain or loss on translation of foreign
operations 21 -0.3
-
101.43
% -0.3 1.6
-
633.33
%
Tax impact with its components 0.6 -2.3 -2.3 6.6
-
386.96
%
Total OCI -576.5 398.7
-
169.16
% 398.7 175.4
-
56.01%
The above table is representing each item of OCI which will impact profit attributable to
shareholders such as financial position will be raising for purpose of investment and alteration in
profit of organization is deemed outside of its core operations and over volatile has been allowed
with flow of shareholder's equity. If this will be included in profit and loss statement then this
will impact profit attributable to shareholder's equity in positive aspect.
10. OCI must be included for evaluating managers’ performance of company or not
It is very expansive aspect of net profit as any change to its profit is directly deemed for
its core operations along with flow of stakeholders’ equity. It helps in giving appropriate
understanding of its daily operations with huge consideration. It is very crucial metric for
purpose of evaluating earnings of business and managers as well. Thus, it helps for improving
reliability and transparency of financial reporting (Veltri and Ferraro, 2018). Simultaneously, it
provides insights on basis of essential items and must be used for purpose of evaluating
manager's performance.
12

ACCOUNTING FOR CORPORATE INCOME TAX
11. Tax expenses reflects in financial statements
2018
Universal coal
Plc
Horizon oil
Limited
Beach energy
limited
Income tax expense 49451 37456 186.09
12. Calculating effective tax rate
2018
Universal coal
Plc
Horizon oil
Limited
Beach energy
limited
Income tax expense 49451 37456 186.09
earnings before tax
176610.7142857
14 135629 620.3
Effective tax rate 28.00% 27.62% 30.00%
Formula
Income tax
Expense/
Earnings before
tax
It could be easily viewed that Beach energy limited has very effective tax rate as 30%
followed by Universal coal plc and then horizon oil Limited.
13. Commenting on deferred tax asset and liability
Deferred tax liability is the type of tax which is assessed as due for current financial year
but that been paid. It gets occurred because with the difference in timing between tax that is
accrued and been paid. It is recorded in balance sheet when difference in income has been
recognized (Edwards, 2017).
Deferred tax asset is known for an accounting term which shows amount of tax which
has overpaid by the firm or have paid too much tax. It is considered as assets because these taxes
are generally return to business which is in form of tax relief (Mullinova and Simonyants, 2016).
13

14. Reflect any change in deferred tax asset and liability
2016 2017
%
change
in 2017 2017 2018
%
change
in 2018
Universal coal Plc
Deferred tax asset 7322 10299 40.66% 20423 10441 -48.88%
Deferred tax Liability 16589 20423 23.11% 10299 21687 110.57%
2016 2017
%
change
in 2017 2017 2018
%
change
in 2018
Horizon oil Limited
Deferred tax asset 6453 4122 -36.12% 4122 10659 158.59%
Deferred tax Liability 15934 17705 11.11% 17705 17876 0.97%
2016 2017
%
change
in 2017 2017 2018
%
change
in 2018
Beach energy limited
Deferred tax asset 0 79.3 79.3%% 79.3 68.8 -13.24%
Deferred tax Liability 26.9 0
-
100.00% 0 45.8 45.8%%
Deferred
tax asset
Deferred
tax liability
2017 2018 2017 2018
Universal coal Plc Increase Decrease Increase Increase
14

Beach energy limited Increase Decrease Decrease Increase
Horizon oil Limited Decrease Increase Increase Increase
15. Calculating cash tax amount with book tax amount, deferred tax asset and liability
Universal coal
Plc
2017 2018
Total tax provision 6129 7495
Change in deferred tax asset -2977 9982
Change in deferred tax liability -3834 -11388
Unleverd cash tax -682 6089
Beach energy
limited
2017 2018
Total tax provision 79.8 84.7
Change in deferred tax asset -79.3 10.5
Change in deferred tax liability 26.9 -45.8
Unleverd cash tax amount 27.4 49.4
Horizon oil
Limited
2017 2018
Total tax provision 3978 150
Change in deferred tax asset 2331 0
Change in deferred tax liability -1771 -45.8
Unleverd cash tax 4538 104.2
15

16. Calculating cash tax rate of each company
Universal coal
Plc
2017 2018
Total tax provision 6129 7495
Change in deferred tax asset -2977 9982
Change in deferred tax liability -3834 -11388
Unleverd cash tax -682 6089
EBITA 12690 52755
Cash tax rate -5.37% 11.54%
Beach energy
limited
2017 2018
Total tax provision 79.8 84.7
Change in deferred tax asset -79.3 10.5
Change in deferred tax liability 26.9 -45.8
Unleverd cash tax 27.4 49.4
EBITA 321.7 320.1
Cash tax rate 8.52% 15.43%
Horizon oil
Limited
2017 2018
Total tax provision 3978 150
Change in deferred tax asset 2331 0
Change in deferred tax liability -1771 -45.8
Unleverd cash tax 4538 104.2
EBITA 4154 1580
16

Cash tax rate 109.24% 6.59%
In nutshell:
Cash tax rate 2017 2018
Universal coal Plc -5.37% 11.54%
Beach energy limited 8.52% 15.43%
Horizon oil Limited 109.24% 6.59%
It could be clearly viewed that Horizon Oil Limited and in 2018 and beach energy limited
has cash tax rate in year 2017.
17. Difference among cash tax and book tax rate
Cash tax rate Book tax rate
Cash tax is considered as tax which is paid to
government authorities and which is directly
based on amount of income which is reported
every year in form of tax (Yasseen, Jansen and
Small, 2016).
IT is the type of tax which is reflected in books
of organization. Books of accounts of
companies are traced every year in purpose of
calculating tax expenses.
In this tax rate is calculated and determine
under a significant tax laws which means that
revenue are increased by government.
Temporary difference between these two is of
income and expenses which stated as tax return
in different duration (Edwards, Schwab and
Shevlin, 2015).
CONCLUSION
On basis of above report, it could be concluded that it plays very important role for
purpose of interpreting appropriate financial information. In the similar aspect, it had shown that
industry of energy is having multiple fluctuations as they are not following appropriate capital
structure which should be maintained for attaining success. Thus, it had been evaluated that other
comprehensive income should not be stated in profit and loss statement as it could be used for
elaborating manager's performance.
17

REFERENCES
Books and Journals
Duan, T. and et.al., 2018. The burden of attention: CEO publicity and tax avoidance. Journal of
Business Research. 87. pp.90-101.
Veltri, S. and Ferraro, O., 2018. Does other comprehensive income matter in credit-oriented
systems? Analyzing the Italian context. Journal of International Accounting, Auditing and
Taxation. 30. pp.18-31.
Yasseen, Y., Jansen, J. and Small, R., 2016. Accounting for deferred taxation: accounting
technical. Professional Accountant. 2016(27). pp.14-16.
Edwards, A., 2017. The deferred tax asset valuation allowance and firm creditworthiness. The
Journal of the American Taxation Association. 40(1). pp.57-80.
Mullinova, S. and Simonyants, N., 2016. Reflection of a deferred tax liability in the credit union
reporting according to IFRS (IAS) 12" Income taxes". Modern European Researches. (1).
pp.83-88.
Edwards, A., Schwab, C. and Shevlin, T., 2015. Financial constraints and cash tax savings. The
Accounting Review. 91(3). pp.859-881.
Jackson, M., 2015. Book-tax differences and future earnings changes. The Journal of the
American Taxation Association. 37(2). pp.49-73.
Online
Annual Report of Beach Energy Limited. 2018. [Online]. Available through
<https://beachenergy.com.au/wp-content/uploads/2018/10/BPT_2018_Beach_Energy_Ltd
_Annual_Report-3.pdf>.
Annual Report of Beach Energy Limited. 2017. [Online]. Available through
<https://www.beachenergy.com.au/wp-content/uploads/2018/10/2017AnnualReport.pdf>.
Annual Report of Horizontal oil Limited. 2018. [Online]. Available through
<https://investors.horizonoil.com.au/annualreport/2018/16/>.
Annual Report of Horizontal oil Limited. 2017. [Online]. Available through
<https://investors.horizonoil.com.au/annualreport/2017/16/>.
Annual Report of Universal coal plc. 2017. [Online]. Available through
<https://hotcopper.com.au/documentdownload?
id=uOMxKKzFkiWRTLKhOROKAxjvSDYL4g66wRDwv%2BJ36bFiGug%3D>.
Annual report of Universal coal. 2018. [Online]. Available through
<https://hotcopper.com.au/documentdownload?
id=uOMxKKzFkiWRTLKhOROKAxjvSDYL4g66wRDwv%2BJ36bFiGug%3D>.
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APPENDIX
Beach energy Limited 2017-2018
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20

21

22

Beach energy 2016-2017
23

24

Horizon Oil Limited 2017-2018
25

26

Horizon Oil Limited 2016-2017
27

28

29

30

Universal cola PLC 2017-2018
31

32

Universal cola PLC 2016-2017
33

34