Importance of Corporate Accounting in Organizations

Running Head: Corporate Accounting
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Project Report: Corporate Accounting

Corporate Accounting
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Executive summary
The report has been prepared to evaluate the importance of the corporate accounting
in an organization. The report has been prepared to understand the process of corporate
accounting in better way. The Commonwealth bank of Australia and Westpac bank has been
taken into the context to identify the overall position of the business in an organization in
order to present, record and evaluate the final financial statement items and figures of the
business. The cash flow statement, owner’s equity, comprehensive income statement and
corporate taxation treatment of the business has been studied in the report. Through
conducting the study, it has been found that the annual report of an organization must be
transparent enough for the shareholders to make better decisions.

Corporate Accounting
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Contents
Introduction of report........................................................................................................4
Companies brief................................................................................................................4
Commonwealths bank of Australia..............................................................................4
Westpac bank................................................................................................................4
Owner’s equity..................................................................................................................5
1.Equity item list...........................................................................................................5
2.Debt and equity position............................................................................................5
Cash flow statement..........................................................................................................6
3.Cash flow item list.....................................................................................................6
4.Comparative analysis in cash flows...........................................................................8
5.Comparative analysis among the companies.............................................................9
Comprehensive income statement..................................................................................10
6.Comprehensive income statement items.................................................................10
7.Reasons....................................................................................................................10
8.Comparative analysis...............................................................................................11
9.Manager’s performance...........................................................................................11
Accounting for corporate income tax.............................................................................11
10.Tax expenses of companies...................................................................................11
11.Effective tax rate....................................................................................................12
12.Deferred tax assets or liabilities.............................................................................12
13.Changes in the figures of Deferred tax assets or liabilities...................................13
14.Cash tax amount....................................................................................................13
15.Cash tax rate..........................................................................................................14

Corporate Accounting
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16.Book and cash tax rate...........................................................................................14
Conclusion......................................................................................................................14
References.......................................................................................................................16