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Corporate Accounting - Sample Assignment

   

Added on  2021-05-31

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Running head: CORPORATE ACCOUNTINGCorporate AccountingName of the StudentName of the UniversityAuthor Note
Corporate Accounting - Sample Assignment_1
CORPORATE ACCOUNTING1Table of ContentsChanges in each item of cash flows statement for the firm over the past year along with thereasons for the change................................................................................................................2Comparative analysis of the company’s three broad categories of cash flows that is operatingactivities, investing activities and financing activities:..............................................................3Items of Other Comprehensive Income Statement....................................................................4Insightful explanation of each item of Other Comprehensive Income Statement.....................4Reasons for the items have not been reported in Income Statement/Profit and Loss Statement....................................................................................................................................................5Clear description of your firm’s income tax expense................................................................5Verification of the figure of tax being same as the company tax rate times the firm’saccounting income.....................................................................................................................5Deferred tax that is reported in the balance sheet along with the reasons for the record...........5Current tax assets or income tax payable recorded by the company.........................................6Verification of the income tax expense shown in the income statement same as the incometax paid shown in the cash flow statement.................................................................................6Unique characteristics in the financial statements, new insights, and other information..........6References..................................................................................................................................8Appendix....................................................................................................................................8
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CORPORATE ACCOUNTING2In order to analyze the annual report the chosen company listed on the AustralianStock exchange (ASX) is Insurance Australia Group Limited which is a multinationalinsurance company in Sydney, Australia. IAG is listed on theAustralian SecuritiesExchangeand is a constituent of theS&P/ASX 50index. The principal continuing activity ofthe Group is the underwriting of general insurance and related corporate services andinvesting activities.Changes in each item of cash flows statement for the firm over the past year along withthe reasons for the change The cash flow statement of the chosen company of Insurance Australia Group Limitedconsist of the usual three segments that includes cash flow from operating activities, investingactivities, Financing activities and the net cash and cash equivalents of the company. In theoperating activities there are items like the depreciation, income adjustments, and changes inthe accounts receivables, inventories and liability changes (Duff, 2016). It can be said fromthe above items that the cash flow of each of the item has been decreased. This is due to moreincome generation that is cash inflow.Then comes the investing activities that deals with the capital expenditures,investments and other cash expenses. The net cash outflow from investing activities havebeen increased from 2016 to 2017 this is due to the increase in the capital expenditures in thepresent year (Schaltegger & Burritt, 2017).In the cash flow statement of Insurance Australia Group Limited the financingactivities consists of the dividends that are paid, sale and purchase of stock and netborrowings(Goodwin, AtilganSimsir & Ahmed, 2017). There has been a drastic increase inthe financing cash inflow due to the amount of other cash flow from financing activities -$106000 which was -$ 8000 in the last year of 2016.The cash and cash equivalents have also
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CORPORATE ACCOUNTING3been increased as a result of other cash flow from financing activities and amounts to$376000 in 2017 that was -$329000 in 2016. The statement of cash flow is shown below for adetailed review.Cash Flow(All numbers in thousands)Period Ending201720162015Net Income9,29,0006,25,0007,28,000Operating Activities, Cash Flows Provided By or Used InDepreciation1,09,0001,16,0001,47,000Adjustments To Net Income11,0001,10,000-32,000Changes In Accounts Receivables---Changes In Liabilities2,10,000-2,63,000-2,69,000Changes In Inventories---Changes In Other Operating Activities-6,77,000-26,14,00065,000Total Cash Flow From Operating Activities6,36,000-19,46,0006,98,000Investing Activities, Cash Flows Provided By or Used InCapital Expenditures---Investments10,81,00023,62,000-15,30,000Other Cash flows from Investing Activities---Total Cash Flows From Investing Activities11,18,00023,67,000-16,92,000Financing Activities, Cash Flows Provided By or Used InDividends Paid-6,23,000-7,05,000-9,13,000Sale Purchase of Stock--5,00,000Net Borrowings-3,33,0001,95,0001,95,000Other Cash Flows from Financing Activities-1,06,000-8,000-1,24,000Total Cash Flows From Financing Activities-13,78,000-7,61,000-5,72,000Effect Of Exchange Rate Changes-11,000-11,000Change In Cash and Cash Equivalents3,76,000-3,29,000-15,77,000
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