Corporate Accounting: Cash Flow, Income Statement, Taxation Treatment
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This article provides an analysis of Farmpride Food Limited's cash flow statement, income statement, and taxation treatment. It includes a comparative analysis of cash flow items, explanation of items in the comprehensive statement, and treatment of deferred taxes. The article also discusses the treatment of taxation in the financial statements and its impact on investors.
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Running head: CORPORATE ACCOUNTING
Corporate accounting
Name of the Student
Name of the University
Author Note
Corporate accounting
Name of the Student
Name of the University
Author Note
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CORPORATE ACCOUNTING
Table of Contents
Requirement i)............................................................................................................................2
Requirement ii)...........................................................................................................................3
Requirement iii).........................................................................................................................3
Requirement iv)..........................................................................................................................4
Requirement v)...........................................................................................................................5
Requirement vi)..........................................................................................................................5
Requirement vii).........................................................................................................................5
Requirement viii).......................................................................................................................6
Requirement ix)..........................................................................................................................6
Requirement x)...........................................................................................................................7
Requirement xi)..........................................................................................................................8
References list:.........................................................................................................................10
Appendix:.................................................................................................................................12
Table of Contents
Requirement i)............................................................................................................................2
Requirement ii)...........................................................................................................................3
Requirement iii).........................................................................................................................3
Requirement iv)..........................................................................................................................4
Requirement v)...........................................................................................................................5
Requirement vi)..........................................................................................................................5
Requirement vii).........................................................................................................................5
Requirement viii).......................................................................................................................6
Requirement ix)..........................................................................................................................6
Requirement x)...........................................................................................................................7
Requirement xi)..........................................................................................................................8
References list:.........................................................................................................................10
Appendix:.................................................................................................................................12
CORPORATE ACCOUNTING
Requirement i)
Cash flow statement analysis:
The cash flow of Farmpride Foods limited has been segmented into three parts
comprising of cash flow from operating activities, cash flow from investing activities and
cash flow from financing activities. Items under the cash flow from operating activities
include payments made to suppliers, receipt from customers, income tax paid, income tax
received and finance costs. Net cash provided by operating activities has reduced from $
13687 in year 2016 to $ 7661 in year 2017. This decline in net cash provided from operating
activities is attributable to increase in payment from employees and suppliers. Cash flow
from investing activities comprise of payment from property, equipment and plant and
proceeds generated from sale of property, equipment and plant. The net cash used in
investing activities has decline from $ 6416 to $ 2267 in year 2016 (Farmpride.com.au 2018).
This is due to decrease in payment made for such assets and increase in proceeds from sale of
equipment, property and plant. Cash flow from financing activities includes repayment of
finance leases and repayment of borrowings. Net cash used in financing activities has
declined from $ 4419 in year 2016 to $ 794 in year 2017 respectively because of decrease in
repayment of finance lease. It can be seen that total amount of cash and cash equivalent has
increased in year 2017 to $ 8038 as against $ 3438 (Farmpride.com.au 2018).
Requirement ii)
Comparative analysis of cash flow items for three years:
Particular
($000)
2015
($000)
2016
($000)
2017
Net cash flows from operating activities 9233 13,687 7,661
Net cash flows used in investing
activities -535
-
6,416
-
2,267
Requirement i)
Cash flow statement analysis:
The cash flow of Farmpride Foods limited has been segmented into three parts
comprising of cash flow from operating activities, cash flow from investing activities and
cash flow from financing activities. Items under the cash flow from operating activities
include payments made to suppliers, receipt from customers, income tax paid, income tax
received and finance costs. Net cash provided by operating activities has reduced from $
13687 in year 2016 to $ 7661 in year 2017. This decline in net cash provided from operating
activities is attributable to increase in payment from employees and suppliers. Cash flow
from investing activities comprise of payment from property, equipment and plant and
proceeds generated from sale of property, equipment and plant. The net cash used in
investing activities has decline from $ 6416 to $ 2267 in year 2016 (Farmpride.com.au 2018).
This is due to decrease in payment made for such assets and increase in proceeds from sale of
equipment, property and plant. Cash flow from financing activities includes repayment of
finance leases and repayment of borrowings. Net cash used in financing activities has
declined from $ 4419 in year 2016 to $ 794 in year 2017 respectively because of decrease in
repayment of finance lease. It can be seen that total amount of cash and cash equivalent has
increased in year 2017 to $ 8038 as against $ 3438 (Farmpride.com.au 2018).
Requirement ii)
Comparative analysis of cash flow items for three years:
Particular
($000)
2015
($000)
2016
($000)
2017
Net cash flows from operating activities 9233 13,687 7,661
Net cash flows used in investing
activities -535
-
6,416
-
2,267
CORPORATE ACCOUNTING
Net cash flows used in financing
activities -8619
-
4,419
-
794
The above table presents the evaluation of movement in cash flows from three
different cash flow segments. It can be seen that net cash flow from operating activities has
increased initially from $9233 in year 2015 to $ 13687 in year 2016 and thereafter it declined
to $ 7661 in year 2017. Net cash flow in investing activities has increased $ 535 in year 2015
to $ 13687 in year 2016 and thereby it declined in year 2017 to $ 2267. Net cash used in
financing activities decreased from $ 8619 in year 2015 to $ 4419 and further to $ 794 in year
2016 and 2017 respectively (Farmpride.com.au 2018).
2015 2016 2017
-10000
-5000
0
5000
10000
15000
9,233
13,687
7,661
-535
-6,416
-2,267
-8,619
-4,419
-794
Comparative analysis of cash flow categories of
Farmpride Food Limited
Comparative analysis of cash flow items of Farmpride Food limited:
(Source: created by author)
Net cash flows used in financing
activities -8619
-
4,419
-
794
The above table presents the evaluation of movement in cash flows from three
different cash flow segments. It can be seen that net cash flow from operating activities has
increased initially from $9233 in year 2015 to $ 13687 in year 2016 and thereafter it declined
to $ 7661 in year 2017. Net cash flow in investing activities has increased $ 535 in year 2015
to $ 13687 in year 2016 and thereby it declined in year 2017 to $ 2267. Net cash used in
financing activities decreased from $ 8619 in year 2015 to $ 4419 and further to $ 794 in year
2016 and 2017 respectively (Farmpride.com.au 2018).
2015 2016 2017
-10000
-5000
0
5000
10000
15000
9,233
13,687
7,661
-535
-6,416
-2,267
-8,619
-4,419
-794
Comparative analysis of cash flow categories of
Farmpride Food Limited
Comparative analysis of cash flow items of Farmpride Food limited:
(Source: created by author)
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CORPORATE ACCOUNTING
Requirement iii)
The items that are reported in the comprehensive statement include revenue and other
income, expenses, profit before income, profit from continuing operations and profit. Items
listed under the expenses comprised of depreciation, employee benefits expenses, changes in
inventories of finished goods, finance cost, other expenses and impairment of property,
equipment and plant. Revenue and other income include other income and sales revenue
(Forst et al. 2016).
Requirement iv)
Impairment of plant, equipment and property is the amount by which the carrying
value of such assets exceeds their recoverable amount. The carrying amount of assets is their
recognized amount in the balance sheet after taking into account accumulated depreciation
and accumulated impairment losses.
Employee benefits are the expenses that are associated with the value of fringe
benefits that is provided by employer to employees along with some other benefits such as
leave entitlement, tax components such as contribution component and superannuation
(Shapiro 2015).
Finance costs are the costs that are incurred by organization on the amount of loan
that is borrowed in the form of interest. Such costs are mainly applicable to debt capital that
is paid by organization on year to year basis. Depreciation on other hand is the reduction in
value of assets due to their obsolescence (Richard 2014).
Requirement v)
The items that are recorded in the comprehensive income statement are not included
in the profit and loss statement. This is so because the profits are directly attributable to
Requirement iii)
The items that are reported in the comprehensive statement include revenue and other
income, expenses, profit before income, profit from continuing operations and profit. Items
listed under the expenses comprised of depreciation, employee benefits expenses, changes in
inventories of finished goods, finance cost, other expenses and impairment of property,
equipment and plant. Revenue and other income include other income and sales revenue
(Forst et al. 2016).
Requirement iv)
Impairment of plant, equipment and property is the amount by which the carrying
value of such assets exceeds their recoverable amount. The carrying amount of assets is their
recognized amount in the balance sheet after taking into account accumulated depreciation
and accumulated impairment losses.
Employee benefits are the expenses that are associated with the value of fringe
benefits that is provided by employer to employees along with some other benefits such as
leave entitlement, tax components such as contribution component and superannuation
(Shapiro 2015).
Finance costs are the costs that are incurred by organization on the amount of loan
that is borrowed in the form of interest. Such costs are mainly applicable to debt capital that
is paid by organization on year to year basis. Depreciation on other hand is the reduction in
value of assets due to their obsolescence (Richard 2014).
Requirement v)
The items that are recorded in the comprehensive income statement are not included
in the profit and loss statement. This is so because the profits are directly attributable to
CORPORATE ACCOUNTING
shareholders but the items under comprehensive income statement services serves specific
purpose of organization. It can be explained with the help of example, any loss and gains
generated from items such as impairment of property, equipment and plant are not adjusted in
the profit and loss statement. This is so because it is kept aside by organization for making
adjustments in the future revaluation of assets. Such items do not shareholders wealth
generation directly. Shareholders received dividend on their shares based on the profit
generated for a particular reporting period (Magalhães 2014).
Requirement vi)
The income tax expense reported by Farmpride Food limited is recorded at $ 3751 in
year 2017 compared to $ 3358 in year 2016. It is suggested by figures that there is decline in
the amount of taxes paid. Income tax expense incurred by organization in year 2015 stood at
$ 2165. It is suggested by the figures that the amount of income tax expense incurred by
organization has increased year on year.
Requirement vii)
Accounting profit recorded by organization stood at $ 3751 in year 2017 compared to
$ 3358 in year 2016. The corporate tax rate that is applicable to organization in the current
year stood at 30% (Farmpride.com.au 2018). Therefore, the accounting income generated by
organization times the income tax rate is computed at (30% of 12232= 3669.6) and (30% of
11485= 3445.5) for year 2017 and 2017 respectively. Therefore, the amount of income tax
paid is not equal to the amount of accounting income time’s taxation rate. The reason is
attributable to the fact that the accounting profit is calculated based on accounting rules
compared to income tax expense that is computed based on the taxation rules to which the
organization adheres to (Heese et al. 2016).
shareholders but the items under comprehensive income statement services serves specific
purpose of organization. It can be explained with the help of example, any loss and gains
generated from items such as impairment of property, equipment and plant are not adjusted in
the profit and loss statement. This is so because it is kept aside by organization for making
adjustments in the future revaluation of assets. Such items do not shareholders wealth
generation directly. Shareholders received dividend on their shares based on the profit
generated for a particular reporting period (Magalhães 2014).
Requirement vi)
The income tax expense reported by Farmpride Food limited is recorded at $ 3751 in
year 2017 compared to $ 3358 in year 2016. It is suggested by figures that there is decline in
the amount of taxes paid. Income tax expense incurred by organization in year 2015 stood at
$ 2165. It is suggested by the figures that the amount of income tax expense incurred by
organization has increased year on year.
Requirement vii)
Accounting profit recorded by organization stood at $ 3751 in year 2017 compared to
$ 3358 in year 2016. The corporate tax rate that is applicable to organization in the current
year stood at 30% (Farmpride.com.au 2018). Therefore, the accounting income generated by
organization times the income tax rate is computed at (30% of 12232= 3669.6) and (30% of
11485= 3445.5) for year 2017 and 2017 respectively. Therefore, the amount of income tax
paid is not equal to the amount of accounting income time’s taxation rate. The reason is
attributable to the fact that the accounting profit is calculated based on accounting rules
compared to income tax expense that is computed based on the taxation rules to which the
organization adheres to (Heese et al. 2016).
CORPORATE ACCOUNTING
The direct impact of deferred taxes is occurrence of deferred tax assets and deferred
tax liabilities that are based on the temporary differences between in expenses and revenue
that is recorded tax returns and accounting returns. There can be a tax difference between the
income tax expense recorded for income tax payable and accounting books for tax returns.
Deferred tax expenses is recorded when income tax payable is more than income tax
expenses resulting from deduction of non cash expenses in the books of account. Deferred tax
assets are created in this case because of large amount of income tax payable on tax returns
(Forst and Salerno 2016). However, deferred tax assets are recorded under the noncurrent
assets of the balance sheet items.
Requirement viii)
The balance sheet of Farmpride Food limited depicts that there is no deferred tax
liabilities recorded. However, the amount of deferred tax assets that is recorded under the
heading noncurrent assets stood at $ 859 in year 2017 compared to $ 777 in year 2016
(Farmpride.com.au 2018).
Recognition of deferred tax liabilities and deferred tax assets are done for the
temporary differences when liabilities are to be settled and assets are expected to be
recovered at the applicable tax rate. The reason why the deferred tax liabilities have not been
recorded if they arise from initial recognition of goodwill. Recognition of deferred tax assets
are done for deductible differences and any unused amount of tax losses. This is only because
if such temporary difference or losses are utilized by the availability of future taxable
amount. Deferred and current tax balances are attributable to the amount that is directly
recognized in the equity (Peters and Romi 2014).
The direct impact of deferred taxes is occurrence of deferred tax assets and deferred
tax liabilities that are based on the temporary differences between in expenses and revenue
that is recorded tax returns and accounting returns. There can be a tax difference between the
income tax expense recorded for income tax payable and accounting books for tax returns.
Deferred tax expenses is recorded when income tax payable is more than income tax
expenses resulting from deduction of non cash expenses in the books of account. Deferred tax
assets are created in this case because of large amount of income tax payable on tax returns
(Forst and Salerno 2016). However, deferred tax assets are recorded under the noncurrent
assets of the balance sheet items.
Requirement viii)
The balance sheet of Farmpride Food limited depicts that there is no deferred tax
liabilities recorded. However, the amount of deferred tax assets that is recorded under the
heading noncurrent assets stood at $ 859 in year 2017 compared to $ 777 in year 2016
(Farmpride.com.au 2018).
Recognition of deferred tax liabilities and deferred tax assets are done for the
temporary differences when liabilities are to be settled and assets are expected to be
recovered at the applicable tax rate. The reason why the deferred tax liabilities have not been
recorded if they arise from initial recognition of goodwill. Recognition of deferred tax assets
are done for deductible differences and any unused amount of tax losses. This is only because
if such temporary difference or losses are utilized by the availability of future taxable
amount. Deferred and current tax balances are attributable to the amount that is directly
recognized in the equity (Peters and Romi 2014).
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CORPORATE ACCOUNTING
Requirement ix)
Yes, Farmpride Limited has recorded deferred tax assets of amount $ 859 and $ 777
in year 2017 and 2016 (Farmpride.com.au 2018). The current tax payable for year 2017 and
2016 stood at $ 1115 and $ 2121 and the amount of income tax expenses stood at $ 3751 in
year 2017 compared to $ 3358 in year 2016 indicating that there is considerable differences
between the reported figures. Such difference between income tax expense and income tax
payable is due to difference in their rules of treating such accounts. Computation of income
Tax expenses is done based on accounting rules that is recorded in the income statement.
Income tax payable on other hand, is computed based on the rules of taxation and it appears
under the heading liability of the balance sheet (Ehiedu 2014). This is so because the amount
is due and is yet to be paid and hence they appear on the liability side of balance sheet.
Requirement x)
The total amount of income tax paid by Farmpride food limited stood at $ 4839 in
year 2017 compared to $ 3365 in year 2016 indicating that there is increase in amount of
income tax paid. On other hand, the amount of income tax expense as recorded in the
statement of comprehensive income stood at $ 3751 in year 2017 compared to $ 3358 in year
2016. It is depicted from the figures that there exist fewer difference between the amount of
income tax expense and total amount of income tax paid for the reporting period. Amount of
income tax expense is less than the amount of income tax paid. Usually, the amount of
income tax expense is higher than the amount of income tax paid unlike the case of
Farmpride food limited. The difference in the amount of figures reported is because of
difference in accounting system with difference being created by the factor such as time. In
addition to this, the difference in amount of tax expense and income tax paid is because of
difference between the accounting and taxation rules (Alin-Eliodor 2014).
Requirement ix)
Yes, Farmpride Limited has recorded deferred tax assets of amount $ 859 and $ 777
in year 2017 and 2016 (Farmpride.com.au 2018). The current tax payable for year 2017 and
2016 stood at $ 1115 and $ 2121 and the amount of income tax expenses stood at $ 3751 in
year 2017 compared to $ 3358 in year 2016 indicating that there is considerable differences
between the reported figures. Such difference between income tax expense and income tax
payable is due to difference in their rules of treating such accounts. Computation of income
Tax expenses is done based on accounting rules that is recorded in the income statement.
Income tax payable on other hand, is computed based on the rules of taxation and it appears
under the heading liability of the balance sheet (Ehiedu 2014). This is so because the amount
is due and is yet to be paid and hence they appear on the liability side of balance sheet.
Requirement x)
The total amount of income tax paid by Farmpride food limited stood at $ 4839 in
year 2017 compared to $ 3365 in year 2016 indicating that there is increase in amount of
income tax paid. On other hand, the amount of income tax expense as recorded in the
statement of comprehensive income stood at $ 3751 in year 2017 compared to $ 3358 in year
2016. It is depicted from the figures that there exist fewer difference between the amount of
income tax expense and total amount of income tax paid for the reporting period. Amount of
income tax expense is less than the amount of income tax paid. Usually, the amount of
income tax expense is higher than the amount of income tax paid unlike the case of
Farmpride food limited. The difference in the amount of figures reported is because of
difference in accounting system with difference being created by the factor such as time. In
addition to this, the difference in amount of tax expense and income tax paid is because of
difference between the accounting and taxation rules (Alin-Eliodor 2014).
CORPORATE ACCOUNTING
Requirement xi)
The treatment of taxation in the financial statement of Farmpride Food limited has
been found to be quite interesting as there is segregated and proper disclosure of the
treatment of taxation. There have been proper disclosure of the elements of taxation such as
income tax paid, income tax payable, income tax expenses for which they are presented in the
financial statements such as statement of comprehensive income and statement of profit and
loss. Information about deferred tax assets and deferred tax liabilities are properly presented
in the statement of financial position. From the analysis of annual report of the company, it
has been found that the tax consolidated legislation has been implemented and a tax
consolidated group has been formed from July 1, 2005. Allocation approach has been
implemented by the group in determining the appropriate amount of deferred tax and current
tax for allocating the taxes to the member group. The current tax assets and current tax
liabilities have been recognized by Farmpride Food limited that arises from unused tax
credits and unused tax losses that are assumed by the tax consolidated group. The current pre
tax rates are used by organization for discounting the provisions when there is material
impact of time value of money. Furthermore, with reference to the taxation there has been
proper disclosure of the assumptions that has been made by organization. The assumption of
deferred tax assets and deferred tax liabilities assumed that the income tax legislation is not
faced with any adverse changes along with the anticipation that sufficient future assessable
income will be derived by the consolidated entity that will enable them to employ and realize
with the deductibility conditions that the law imposes. The proper disclosure of the treatment
of taxation is of great use to the users of financial statement and investors seeking investment
in the company (Dalnial et al. 2014).
Requirement xi)
The treatment of taxation in the financial statement of Farmpride Food limited has
been found to be quite interesting as there is segregated and proper disclosure of the
treatment of taxation. There have been proper disclosure of the elements of taxation such as
income tax paid, income tax payable, income tax expenses for which they are presented in the
financial statements such as statement of comprehensive income and statement of profit and
loss. Information about deferred tax assets and deferred tax liabilities are properly presented
in the statement of financial position. From the analysis of annual report of the company, it
has been found that the tax consolidated legislation has been implemented and a tax
consolidated group has been formed from July 1, 2005. Allocation approach has been
implemented by the group in determining the appropriate amount of deferred tax and current
tax for allocating the taxes to the member group. The current tax assets and current tax
liabilities have been recognized by Farmpride Food limited that arises from unused tax
credits and unused tax losses that are assumed by the tax consolidated group. The current pre
tax rates are used by organization for discounting the provisions when there is material
impact of time value of money. Furthermore, with reference to the taxation there has been
proper disclosure of the assumptions that has been made by organization. The assumption of
deferred tax assets and deferred tax liabilities assumed that the income tax legislation is not
faced with any adverse changes along with the anticipation that sufficient future assessable
income will be derived by the consolidated entity that will enable them to employ and realize
with the deductibility conditions that the law imposes. The proper disclosure of the treatment
of taxation is of great use to the users of financial statement and investors seeking investment
in the company (Dalnial et al. 2014).
CORPORATE ACCOUNTING
References list:
Alin-Eliodor, T., 2014. Financial Statements Analysis. Journal of Knowledge
Management, 4(5), pp.62-73.
Balakrishnan, K., Blouin, J. and Guay, W., 2018. Tax Aggressiveness and Corporate
Transparency. The Accounting Review.
Bruce-Twum, E. and Mensah, C.C., 2015. Financial Statement Analysis.
Dalnial, H., Kamaluddin, A., Sanusi, Z.M. and Khairuddin, K.S., 2014. Detecting fraudulent
financial reporting through financial statement analysis. Journal of Advanced Management
Science, 2(1).
Ehiedu, V.C., 2014. The impact of liquidity on profitability of some selected companies: The
financial statement analysis (FSA) approach. Research Journal of Finance and
Accounting, 5(5), pp.81-90.
Farmpride.com.au. (2018). [online] Available at:
http://www.farmpride.com.au/wp-content/uploads/2017/09/2017-Farm-Pride-Foods-Ltd-
Annual-Report.pdf [Accessed 25 May 2018].
Forst, A. and Salerno, D.F., 2016. Ten Years of Mandatory Use of IFRS in the European
Union: A Status Report. Journal of Corporate Accounting & Finance, 27(5), pp.29-36.
Heese, J., Khan, M. and Ramanna, K., 2015. Political Standards: Corporate Interest,
Ideology, and Leadership in the Shaping of Accounting Rules for the Market
Economy. Journal of Accounting & Economics, 64(20), pp.2-3.
Jefrey, C. ed., 2018. Research on professional responsibility and ethics in accounting.
Emerald Publishing Limited.
References list:
Alin-Eliodor, T., 2014. Financial Statements Analysis. Journal of Knowledge
Management, 4(5), pp.62-73.
Balakrishnan, K., Blouin, J. and Guay, W., 2018. Tax Aggressiveness and Corporate
Transparency. The Accounting Review.
Bruce-Twum, E. and Mensah, C.C., 2015. Financial Statement Analysis.
Dalnial, H., Kamaluddin, A., Sanusi, Z.M. and Khairuddin, K.S., 2014. Detecting fraudulent
financial reporting through financial statement analysis. Journal of Advanced Management
Science, 2(1).
Ehiedu, V.C., 2014. The impact of liquidity on profitability of some selected companies: The
financial statement analysis (FSA) approach. Research Journal of Finance and
Accounting, 5(5), pp.81-90.
Farmpride.com.au. (2018). [online] Available at:
http://www.farmpride.com.au/wp-content/uploads/2017/09/2017-Farm-Pride-Foods-Ltd-
Annual-Report.pdf [Accessed 25 May 2018].
Forst, A. and Salerno, D.F., 2016. Ten Years of Mandatory Use of IFRS in the European
Union: A Status Report. Journal of Corporate Accounting & Finance, 27(5), pp.29-36.
Heese, J., Khan, M. and Ramanna, K., 2015. Political Standards: Corporate Interest,
Ideology, and Leadership in the Shaping of Accounting Rules for the Market
Economy. Journal of Accounting & Economics, 64(20), pp.2-3.
Jefrey, C. ed., 2018. Research on professional responsibility and ethics in accounting.
Emerald Publishing Limited.
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CORPORATE ACCOUNTING
Kaur, M., Aggarwal, N. and Gupta, M., 2017. An Investigation into Returns from Financial
Statement Analysis among High Book-to-Market Stocks. Indian Journal of Economics and
Development, 13(2), pp.353-358.
Lee, T.A. and Parker, R.H. eds., 2014. Evolution of Corporate Financial Reporting (RLE
Accounting). Routledge.
Magalhães, M.M.C., 2014. Value investing and financial statement analysis (Doctoral
dissertation).
Peters, G.F. and Romi, A.M., 2014. Does the voluntary adoption of corporate governance
mechanisms improve environmental risk disclosures? Evidence from greenhouse gas
emission accounting. Journal of Business Ethics, 125(4), pp.637-666.
Richard, P., 2014. The Role of the Accounting Rate of Return in Financial Statement
Analysis. The Continuing Debate Over Depreciation, Capital and Income (RLE
Accounting), 67(2), p.235.
Shapiro, D.M., 2015. Assessing Corporate Governance in M&As. Journal of Corporate
Accounting & Finance, 26(2), pp.35-39.
Warren, C.S. and Jones, J., 2018. Corporate financial accounting. Cengage Learning.
Kaur, M., Aggarwal, N. and Gupta, M., 2017. An Investigation into Returns from Financial
Statement Analysis among High Book-to-Market Stocks. Indian Journal of Economics and
Development, 13(2), pp.353-358.
Lee, T.A. and Parker, R.H. eds., 2014. Evolution of Corporate Financial Reporting (RLE
Accounting). Routledge.
Magalhães, M.M.C., 2014. Value investing and financial statement analysis (Doctoral
dissertation).
Peters, G.F. and Romi, A.M., 2014. Does the voluntary adoption of corporate governance
mechanisms improve environmental risk disclosures? Evidence from greenhouse gas
emission accounting. Journal of Business Ethics, 125(4), pp.637-666.
Richard, P., 2014. The Role of the Accounting Rate of Return in Financial Statement
Analysis. The Continuing Debate Over Depreciation, Capital and Income (RLE
Accounting), 67(2), p.235.
Shapiro, D.M., 2015. Assessing Corporate Governance in M&As. Journal of Corporate
Accounting & Finance, 26(2), pp.35-39.
Warren, C.S. and Jones, J., 2018. Corporate financial accounting. Cengage Learning.
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