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Financial Accounting & Reporting Assignment

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Added on  2020-06-05

Financial Accounting & Reporting Assignment

   Added on 2020-06-05

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Financial accounting andreporting
Financial Accounting & Reporting Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................5
Financial Accounting & Reporting Assignment_2
INTRODUCTIONIn any business there are various clients and they will be facing some or other issues. Inorder to deal with them it will be required that they shall be provided with the reasons andsolutions for the problems. A similar letter is provided below which will be dealing with issuesof Mr. Con Pewter.TASK12th September, 2017McKenzie and Associates668 George Street,Melbourne, VIC 3000Mr. Con Pewter,Managing Director,Pewter Ltd.Dear Mr. Pewter:I have received your mail regarding the issue which you are facing in respect of variousaccounting treatments. There are main accounting standards and principles which are present andwill be used in order to deal with your problems. The main issues which are being faced by youare related to the treatment that will be provided in respect of taxes and recognition of incomeand expenses.The first problem which is specified is that directors feels that more amount is discussedon accounting for future taxes. According to you as there is no kind of cheating which is done Iterms of tax payments so no need is there to account for future taxes as by this lot of funds arewasted. According to AASB 112 which is set in relation to accounting for deferred taxes statesthat in all transactions, there tax treatment shall be considered during that period in which it istaking place and not at the time when tax payment will be made. So it can be said that all theincomes and expenses will be recognised in that period when the activity has taken place. So bythis it is clear that all the tax consequences whether they may be related to current or future will1
Financial Accounting & Reporting Assignment_3

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