Corporate Accounting: Financial Statements Analysis of Telstra and TPG Telecom Limited

This document provides a detailed analysis of financial statements of Telstra and TPG Telecom Limited, including owners' equity, cash flow statements, and debt and equity position. It also includes a comparative analysis of the two companies' cash flows from three broad categories.

Running head: CORPORATE ACCOUNTING
Corporate Accounting
Name of the Student:
Name of the University:
Authors Note:

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CORPORATE ACCOUNTING
Executive Summary:
Financial reports are prepared by entities and organizations operating in Australia to
comply with the requirements of Corporations Act, 2001 (the act). In Australia, the corporations
and entities established under the act must abide by the rules and regulations enumerated in
different sections of the act to avoid penalty. Australian Securities Exchange is the largest
exchange in the country that has shares of different companies, not only from the country but
across the globe, listed in its index. The primary objective of this document is to discuss about
different elements of financial statements of entities enlisted in Australian Securities Exchange.

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CORPORATE ACCOUNTING
Contents
Executive Summary:........................................................................................................................1
Introduction:....................................................................................................................................3
Owners’ equity:...............................................................................................................................3
Analysis of cash flow statements of two companies:......................................................................8
Other Comprehensive Income Statement analysis:.......................................................................12
Corporate Income Tax Accounting:..............................................................................................16
Conclusion:....................................................................................................................................21
References:....................................................................................................................................22

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Introduction:
The two chosen entities for this purpose are Telstra Corporations and TPG Telecom
Limited. A brief introduction about the two entities shall provide a frame of reference to the
readers of the document while evaluating the details about these two companies.
Telstra Corporation Limited (Telstra): Telstra Corporation builds telecommunication networks
and operates these networks to provide top quality telecommunication services to the citizens of
the country. Apart from Australia the country also has its operations extended to different parts
of the world. The company, founded in 1975, has it’s headquarter in Melbourne, Australia.
TPG Telecom Limited (TPG): A giant in Telecommunication industry in Australia, TPG
specializes in internet and mobile telecommunication services. In internet service providing
market TPG has the second largest market share. The company also has the distinction of
running and operating largest mobile virtual network in the country. Initially the company was
founded as Total Peripherals Group in 1986. Registered head office of the company is situated at
New South Wales, Australia.
Taking into consideration the profiles of the two entities selected for the exercise in this
document, let us now get into a detailed discussion about various elements of financial
statements of these two companies.
Owners’ equity:
TPG Limited:
Owners’ equity section of TPG shows the following items:

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Share capital: It is the face value received from issue of shares of the company. This amount
represent the proportionate right of shareholders in the total ownership of the company (Dhaliwal
et. al. 2014).
Reserves: The combined balance of foreign currency translation reserve, share based payments
reserve, fair value reserve and cash flow hedge reserve is shown in the amount of reserve. Thus,
these are all specific reserves and cannot be used for any other purpose different from te specific
reasons for creation of each reserve (Juárez, 2015).
Retained earnings: The amount of retained earnings is the accumulated balance of profit and loss
account that have left after declaring dividend from profits attributable to equity shareholders
over the years.
Non-controlling interests: It is the amount that represent the equity of minority interests of the
company.
Changes in the amount of equity shown in the table below:
TPG Limited
Amounts are in $ million 31st July, 2017 31st July, 2016 Change % Change
Share capital 1,449.40 1,051.90 397.50 37.79
Reserves (18.10) 41.20 (59.30) (143.93)
Retained earnings 963.30 681.00 282.30 41.45
Equity shareholders' fund 2,394.60 1,774.10 620.50 34.98

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Non-controlling interests 4.70 5.10 (0.40) (7.84
)
Equity in total 2,399.30 1,779.20 620.10 34.85
The increase in share capital is due to issue of additional shares to the public by TPG Telecom
Limited. The change in reserves amount to negative balance at the end of July 31, 2017 is due to
the huge loss that the company incurred in the year. The retained earnings balance has reduced in
the year because payment of dividend (Lebedeva et. al. 2016).
Telstra Corporation Limited:
In case of owners’ equity of Telstra there is absolutely no difference between the items of
equity as reported by TPG. Thus, Telstra also showed the balances of share capital, reserves,
retained earnings and non-controlling interests. As already a brief discussion about their nature
and characters have been made thus, it is not necessary to explain what these elements represent
in financial statements (Karadag, 2015). However, the changes in the amounts over the previous
year can be analysed below.
Telstra Corporation Limited
Amounts are in $ million 31st
Junly, 2017
31st
July, 2016
C
hange %
Change
Share capital

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4,421.00 5,167.00 (746.00) (14.44)
Reserves
105.00 62.00 43.00 69.35
Retained earnings
10,225.00 10,642.00 (417.00) (3.92)
Equity shareholders' fund
14,751.00 15,871.00
(
1,120.00) (7.06)
Non-controlling interests
19.00 36.00 (17.00) (47.22)
Equity in total
14,770.00 15,907.00
(
1,137.00) (7.15)
The decrease in amount of share capital is mainly due to the buyback of $754 million share
capital of the company. During the year 2016-17. Transfer of huge loss from total compressive
income statement of $165 million is the primary reason for negative balance in reserves of the
company. The retained earnings have not changed significant because the amount of dividend
paid by the company along with share buy-back payments in total were almost identical to the
amount of profit transferred to the retained earnings during the year 2016-17 (Henderson et. al.
2015).
(i) Comparative analysis of debt and equity position:

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A table containing the balances of equity and debt of the two companies in current as well as
previous year would be helpful to understand the debt and equity positions of the two entities and
how the position has changed within a year (Robinson et. al. 2015).
Comparative analysis of debt to equity position of the two companies
Telstra TPG
31st July,
2017
31st July, 2016 31st July,
2017
31st July,
2016
Total equity 14,560.00 15,907.00 2,399.30 1,779.20
Debt (Long term debt) 14,808.00 14,647.00 872.40 1,350.40
Debt to equity ratio (debt /
equity)
1.02 0.92 0.36 0.76
The debt and equity position of Telstra has deteriorated within a year and it is clear from the debt
to equity ratio of the company. In 2016 the debt to equity ratio of the company was 0.92 which
has deteriorated to 1.02 in 2017. Hence, it is clear that the proportion of debt funds to the overall
capital invested in the business is higher compared to equity fund in 2017 (Macve, 2015).
On the other hand the debt and equity position of TPG has improved significantly in 2017 as the
debt to equity ratio of the company stood at 0.36 compared to 0.76 of 2016.

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Analysis of cash flow statements of two companies:
(ii) Cash flow statement items and changes in the items:
Operating activities:
Telstra and TPG have reported the amount of cash collected from customers, cash paid to
suppliers. In addition TPG has reported the amount of cash generated from operations whereas
Telstra has reported cash receipts from Government grants and net placement of deposits. Apart
from that both companies have also deducted the amount of income tax paid in cash to ascertain
the net cash generated from operating activities (Patelli and Pedrini, 2015).
Investing activities:
Telstra and TPG has shown the amount of cash used to acquire property, plant and
equipment, intangible assets, payment for acquisition of business, payment for joint ventures and
other investment properties purchased. Cash inflows under investing activities for TPG include
proceeds from disposal of investment properties (Zhang and Andrew, 2014).
Cash flow from financing activities:
Repayments of borrowings is common in both the company. Telstra has also used cash to
buy back its shares whereas TPG has collected cash from issue shares net of issuing costs.
Repayment of principal amount of financial lease is part of financing activities and have been
reported in the cash flow statements of both the companies under financing activities (Dinnie,
2015.
(iii) Comparative analysis of cash flows from three broad categories:
TPG Limited

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Amounts are in $ million 31
st July,
2017
31
st July,
2016
C
hange %
Change
Cash flow from operating activities
722.70 620.40 102.30 16.49
cash flow from investing activities
(457.10)
(
1,488.60) 1,031.50 (69.29)
Cash flow from financing activities
(258.60) 884.00 (1,142.60) (129.25
)
Net change in cash
7.00 15.80 (8.80) (55.70)
From the above table it is clear that the net cash flow generated from operating activities
of TPG Limited has increased in 2017 with $722.70. In 2016 the company generated a net cash
of $620.40 million. Cash used in investing activities in 2017 $457.10 million is again
significantly less compared to the $1488.60 million in 2016. In 2017 the company used $258.60
million in financing activities this is mainly to due to the repayments of borrowings (Cheng et.
al. 2014).

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Telstra Corporation Limited
Amounts are in $ million 31st
July, 2017
31s
t July, 2016
C
hange %
Change
Cash flow from operating activities
7,775.00 8,133.00 (358.00) (4.40)
cash flow from investing activities
(4,279.00) (2,207.00)
(
2,072.00) 93.88
Cash flow from financing activities
(6,104.00) (3,777.00)
(
2,327.00) 61.61
Net change in cash
(2,608.00) 2,149.00
(
4,757.00) (221.36)
Telstra has generated a net cash of $7,775 million in 2017 compared to $8,133 million in
2016. Thus, there has been significant reduction in cash generation from operating activities of
the company. The company has also spend significantly higher amount in investing activities by
acquiring property, plant and equipment at $4,279 million. In 2016 the company merely use a net
cash of $2,207 million on investing activities. The company has used $6,104 million in net cash
on financing activities that include buy back of shares, repayments of borrowings in 2017. In
contrast the company only used net cash of $3,777 million in financing activities in 2016

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(Schaltegger and Burritt, 2017). Thus, there has been significant changes in cash flows of the
company in 2017.
(iv) Comparative analysis of two companies:
Let’s have a table containing the net cash generated or used in three board categories of the two
companies over the last three years including 2017. Based on the table a brief discussion shall be
made to compare the cash flow activities of the two companies in recent years (Simnett and
Huggins, 2015).
Comparative analysis
Year 2017 2016 2015
Telstra TPG Telstra TPG Telstra TPG
Cash flow from operating
activities `
7,775.
00
7
22.70
8,1
33.00
62
0.40
8,311.
00
381.
90
cash flow from investing
activities
(4,279.
00)
(45
7.10)
(2,2
07.00)
(1,488.
60)
(5,692.0
0)
(265.
60)
Cash flow from financing
activities
(6,104.
00)
(25
8.60)
(3,7
77.00)
88
4.00
(6,882.0
0)
(116.
90)
The above table clearly shows the significant difference between the size and scale of operations
of the two entities selected in this document, i.e. Telstra and TPG. Telstra’s operating scale is
much larger than that of TPG. Cash flows generated from operating activities in 2017 for Telstra

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is $7,775 million compared to merely $722.70 million of TPG. Similarly Telstra used $4,279
million net cash in investing activities in 2017 as opposed to $457.10 million of TPG. Telstra has
also used $6,104 million in net cash on financing activities whereas TPG has used $258.60
million (Benson et. al. 2015).
Other Comprehensive Income Statement analysis:
(v) Items in other comprehensive income statement:
Generally items that are not included in income statement to determine the amount of net income
or loss from business operations such as effects of foreign exchange translation, changes in fair
value of hedge instruments and others are included in other comprehensive income statement of
an organization (Watts and Zuo, 2016).
Telstra has reported following items in other comprehensive income statement of the company in
2017:
 Actual gains on defined benefit plant.
 Income tax on the above actual gains attributable to equity shareholders of the company.
 Gains from investment in equity designated at fair value due to changes in fair value of these
investments.
 Income tax on such gains of fair value investments.
 Differences due to translation in foreign operations.
 Gain or loss attributable to changes in foreign currency basis spread reserve (Horngren and
Harrison, 2015).
TPG has reported the following items in other comprehensive income statement of the company
in 2017:

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 Loss on translation of items denominated in foreign currencies. .
 Impact of hedges of cash flow items.
 Loss on reclassification of assets available for sale during the year 2017.
(vi) Reasons that above items are not reported in ordinary income statements of the two
companies are enumerated below:
The above items are not ordinary items resulted from day to day business operations. The above
items are all mainly arise due to the financial ad hedging policies of the company. Also these are
not actual gains and losses from business. Hence, the above items are reported separately in other
comprehensive income statement of an organization (Kraal, Yapa and Joshi, 2015).
(vii) Comparative analysis:
The table below shows the items and amounts reported in other comprehensive income
statements of two companies (Firth and Gounopoulos, 2017).

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Year
Telstra TPG Telstra TPG
Actuarial gain / (Loss) on defined
benefit plans 133 - -302 -
Foreign exchange translation
difference -77 -4 52 -0.1
Net gain / (Loss) on cash flow
hedges -50 -1.9 21 -2
Net change in fair value of
available for sale financial assets - -19.6 - 29.8
Reclassification gain / (loss) for
available for sale assets - -34.3 - -62.4
2017 2016
Year 2017 2016

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Telstra TPG Telstra TPG
Actuarial gain / (Loss) on defined benefit plans 13
3.00
- (30
2.00)
-
Foreign exchange translation difference (7
7.00)
(
4.00) 52.00
(
0.10)
Net gain / (Loss) on cash flow hedges (5
0.00)
(
1.90) 21.00
(
2.00)
Net change in fair value of available for sale
financial assets
- (1
9.60)
- 2
9.80
Reclassification gain / (loss) for available for
sale assets
- (3
4.30)
- (6
2.40)
TPG Limited had no gain or loss on actuarial valuation as per the other comprehensive income
statement of the company. Telstra reported $133 million gain in 2017 in $302 million losses in
2016 from actuarial valuation of defined plans. Losses due to foreign n exchange translation
difference in case of Telstra for 2017 is $77 million compared to $4 million of TPG. Telstra also
reported net loss on hedging cash flow items of $50 million in 2017 whereas TPG reported loss
of $1.90 million from hedging cash flow items in the same period (Haller and van Staden, 2014).
There has been no amount of gain and losses on net change in fair value of financial assets held
for sale and reclassification of financial assets held for sale for Telstra during 2017 and 2016.
However, TPG has reported a loss of $19.60 million and gain of 29.80 million in 2017 and 2016
respectively on financial assets held for sale. The company has also reported a loss of $34.30

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million and $62.40 million in 2017 and 2016 respectively on reclassification of financial assets
available for sale (Black, 2016).
In case of Telstra the net effect would have been $7 million higher net profit attributable to
equity shareholders in 2017. However, in case of TPG the effect would have significantly higher.
The net profit of the company would have decreased by $59.8 million in 2017 (Khan, Bradbury
and Courtenay, 2018).
(viii) Performance appraisal of management:
Yes, the other comprehensive income should be included to evaluate the performance of
managers of an organization as taking decision regarding hedging, fair value investments,
holding financial assets for sale and other such decisions are also taken by the managers of an
organization (Bratten, Causholli and Khan, 2016).
Corporate Income Tax Accounting:
(ix) Income tax expenses:
Income tax expenses reported by TPG and Telstra:
Income tax expense of $179.8 million in 2017 has been disclosed in the income statement of
TPG. A year ago in 2016 income tax expense of the company was $129.5 million.
Telstra has deducted $1,773 million from profit before tax as income tax expense to calculate the
amount of profit after tax of the company in 2017. In the corresponding previous year the
amount of income tax expense recorded by the company was $1,768 million (Easton and Zhang,
2017).

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(x) Effective tax rates of two companies:
The effective tax rates of two companies are calculated in the table below:
All amounts in the table below are in $’million.
Year 2017 2016
Telstra TPG Telstra TPG
Income tax expenses 1,773
.00
179
.80
1,768
.00
12
9.50
Earnings before tax 5,647
.00
595
.50
5,600
.00
51
4.10
Effective tax rate
(%)
3
1.40
30
.19
3
1.57
2
5.19
As can be seen that effective tax rate in 2017 is higher for Telstra Corporation Limited with
31.40% as compared to 30.19% of TPG (Bradbury, 2016).
(xi) Deferred tax assets and deferred tax liabilities of two companies:
No deferred tax assets or deferred tax liabilities have been recorded by TPG as per the financial
statements of 2017 and 2016 (Griffith, Miller and O'Connell, 2014).
In 2017 and 2016 Telstra has recorded an amount of $44 million as deferred tax assets and
$1,539 million as deferred tax liabilities (Kim, 2016).

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The reason that an organization records deferred tax assets and deferred tax liabilities is mainly
with the expectation that in future there would be substantial amount of profit and loss that the
organization will earn or incur to reverse the differences in taxable profit and accounting profit
that arise due to timing differences in income tax provisions as per the Income Tax Assessment
Act, 1997 (Finocchiaro et. al. 2018).
(xii) Reasons for increase and decrease in deferred tax assets and deferred tax liabilities in
the financial statements:
Telstra Corporations Limited:
Year 2017
Amount $' million 2017 2016
deferred tax assets 44
.00
54
.00
Deferred tax liabilities 1,539.
00
1,493.
00
As can be seen that deferred tax assets of the company has decreased whereas deferred tax
liabilities have increased in 2017. The main reason for increase in deferred tax liabilities is due to
timing differences in financial instruments. Apart from that defined benefit assets has also
contributed to the changes in net deferred tax liability of the company (Yasseen, Jansen and
Small, 2016).
(xiii) Cash tax amount of both the companies: cash tax amount of two companies have been
calculated in the table below.

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Cash tax amount (2017)
Telstra TPG
Income tax expenses 1,773
.00
17
9.80
Add: Increase in deferred tax liabilities
Telstra (1539 - 1493) 46
1,819
.00
17
9.80
Add: Decrease in deferred tax assets
Telstra (54 -44) 10
1,829
.00
17
9.80
Add: Increase in Current tax receivables (11 -8) 3
Less: Decrease in current tax assets (3.8 -0) 3.8
1,832
.00
17
6.00
Add: Decrease in current taxa payable (176 -161) 15
Less: Increase in current tax liabilities (54.4 -0) 54.4

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Cash tax 1,847
.00
12
1.60
(xiv) Cash tax rates:
The cash tax rates of two companies are provided below:
Telstra TPG
Cash tax 1,847.
00
121
.60
Amount earnings before tax 5,647.
00
595
.50
Cash tax rate 32
.71%
20
.42%
(xv) Difference in cash rate and book rate:
The cash tax rates of two companies are different from the book tax rates of two companies due
to the number of reasons. Firstly, the book tax rates are calculated by using the income tax
expense as reported in the income statement of an organization and the amount of profit before
tax of the organization (Tran and Zhu, 2017). However, in order to calculate cash tax rates
number of adjustments was made to the tax expenses. Hence, there is significant difference
between cash tax and book tax and also between the respective tax rates. Apart from that the

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changes in current tax liabilities and assets are also adjusted against the income tax expense to
calculate the cash tax amount. Hence, there is significant difference between cash tax rate and
book tax rate.
Conclusion:
All necessary information required for ascertaining the financial performance and position of an
entity is provided in financial statements. However, it is important to have the requisite
knowledge and skills necessary to read and understand the financial statements and various
elements of financial statements. In this document the detailed discussion on various items of
equity of TPG and Telstra has certainly provided a clear picture as to the different elements of
owners’ equity. Apart from that items that are reported in comprehensive income statements are
also discussed to understand the reasons for recording such items in other comprehensive income
statement of an entity. The complexity of corporate tax recording of an entity has also been
understood from the document.

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