Evaluation of Disclosures on Intangible Assets, Liabilities, and Income Tax Compliance

The report evaluates the compliance of Myer Holdings Limited and Adelaide Brighton Limited with relevant accounting standards in terms of intangible assets, liabilities, and income tax. It analyzes the accounting policies and disclosures in their annual reports for the financial year 2018, and provides recommendations for improving transparency and usefulness of accounting information.

Running head: FINANCIAL ACCOUNTING
Financial accounting
Name of the student
Name of the university
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Author note

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Executive summary:
The report demonstrate the critical evaluation of the disclosures related to intangible assets,
liabilities and income tax whether they are in compliance with the relevant accounting
standards of Australia. For the analysis purpose, Myer holdings limited and Adelaide
Brighton limited is selected from retail sector and material sector respectively. The evaluation
of the accounting policy and the associated disclosures are done by reviewing the annual
report for the financial year 2018. After the analysis of each section, the report also outlines
the recommendation concerning the accounts explained and its contribution to the
transparency and usefulness of accounting information.

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Table of Contents
Introduction:...............................................................................................................................3
Discussion:.................................................................................................................................5
Evaluating the concept of reporting entity in the creation of quality information for financial
statements users:.........................................................................................................................5
Evaluating the compliance of the firms with the relevant accounting standard by comparing
the liabilities disclosure:.............................................................................................................7
Evaluating the compliance of the firms with the relevant accounting standard by comparing
the disclosure of intangible assets:...........................................................................................11
Evaluating the compliance of the firms with the relevant accounting standard by comparing
the disclosure of benefits, income tax expense and obligations:.............................................15
Conclusion:..............................................................................................................................19
References list:.........................................................................................................................20

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Introduction:
The study elucidates the effects of the legal needs of the organizations listed on the
Australian stock exchange to conform to the financial reporting standards of Australia. It
demonstrates the compliance of the publically listed organizations to the relevant accounting
standards in various areas such as liabilities, leasing, earning per share, tax effect accounting
and intangibles. Reporting entity are required to make a reasonable expectation of the fact
that the users uses the framework of general purpose financial report to obtain an
understanding of the overall financial performance of entity. Assessment of the information
presented according to the reporting framework helps users in assuring the facts that
information have been represented faithfully. Such users can be employees, shareholder,
lenders, creditors and potential investors. It is essential for the entity to document whether
they have users who are dependent on assessing the entity as per the general purpose
financial reporting with the help of people charged with the governance (Efrag.org 2019).
The report prepared demonstrate the evaluation of compliance of reporting entire with the
relevant accounting standard in terms of contingent liabilities, intangible assets, earning per
share and taxation effect. For the analysis purpose, two companies have been chosen from
different industries that are Myer Holding limited from Retail industry and Adelaide Brighton
limited from Material industry.
For explaining the compliance of the reporting standards by different companies, it is
essential to discuss briefly the overview. Adelaide Brighton limited is a manufacturing
company based in Australia that is involved in the manufacturing of lime, cement and dry
blended products. Myer Holdings on other hand is a department store company that is based
in Australia and owns a designer brand for women’s wear and bide and sass. The evaluation

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of the compliance of the companies with the relevant accounting standards are discussed in
the section below.
Discussion:
Evaluating the concept of reporting entity in the creation of quality information for
financial statements users:
The existing regulations and legislation specifying the entities about general purpose
financial reporting have number of implicit alternative reporting entity concepts. The concept
of reporting entity is associated with the objective of general purpose financial reporting
which requires the entities to prepare the general purpose financial report if they are
dependent upon it. Users will be provided assistance in determining the financial position and
performance of reporting entity with the help of disclosures of the industry and the
consequence of deployment. Therefore, it is essential for the reporting entity to deploy the
information for managing the resources with the help of administrative or legal structure. It is
evident from the reporting entity concept that is reflected in the statement that the creation of
company does not mean that they would qualify as the reporting entity. The objective of
preparing the general purpose financial report is associated with the dependence of user on
the report for evaluating and making decisions relating to the allocation of resources (Simnett
and Huggins 2015).
The concepts of reporting entity developed through the financial reporting framework
helps in making the reporting and financial accounting logical and consistent, enabling the
overall enhanced communication and economic development of accounting and increasing
consistent by enhancing the compatibility of the standards. In addition to this, there is a

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significant contribution of the concept of reporting entity to the public confidence and in the
credibility of the financial information. Such reporting framework tends to emphasize on the
information usefulness that is contained in the financial report that is considered significant
for the users. However, there is criticizing of the focus of accounting principles on the
transactions and economic phenomenon that is expressed in monetary values (Aasb.gov.au
2019). It has been ascertained that the high quality of reporting helps users in providing
information that is relevant for making decisions and representing the economic reality of the
activities of company along with its financial condition in a faithful manner.
The current study on the importance of the reporting entity concepts is significant
because of continued growth of research in this particular area. This is in relation to the
substantial debate surrounding the implications of the approach of principle based concept to
the reporting entity and its potential impacts. It is pointed out by the researcher that there are
subjective issues in the basis of concept of reporting entity and this have a consequence on
the decision making of the individual. Nevertheless, the adopters and practitioner acts
genuinely and objectively in their compliance with the reporting framework which does not
results in generating significant cause of concern (Aasb.gov.au 2019). Furthermore, due to
the differential use of reporting methods, there is an impact on the quality of financial
reporting as well along with the concern of level of compliance. Therefore, accounting for
such issues would create an impact of the quality of the financial information provided by
reporting entity to the users of the financial statements. Some other researchers have also
presented the basis of arguments that the principle based approach of reporting entity does
not make any significant differences in the outcome of reporting. From the analysis of
different case studies by the researchers found that the concept of reporting entity is not
appropriately applied. Since the reporting entity concept is based on the principle, it is
essential to make choices that are made in the key financial information reporting. In such

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situation, any choices made by reporting entity to increase the relevance may results in
reducing the reliability of the information and users may not find high reliable information
relevant. Despite the fact of some issues associated with the reporting entity concept, it has
been found that the entities adopting the concept of reporting entities tends to provide
financial information that are of higher quality (Velte and Stawinoga 2017.). With regarding
the compliance issues faced by the firm, the rate of adopting the general purpose financial
reporting framework by the firm is lower that it probably should be. Therefore, from the
analysis of the reviews presented in the literature, it is inferred that the concept of reporting
entity helps in providing higher quality financial information though, there some areas where
it lacks in presentation if the financial information that helps in forming the decision making
of the users.
Evaluating the compliance of the firms with the relevant accounting standard by
comparing the liabilities disclosure:
In this section of the report, the disclosure of the liabilities of the chosen companies
has been evaluated by review their recent financial statements published in the annual report
of the financial year 2018. For analyzing the disclosure of liabilities such as provisions and
contingent liabilities, the accounting policies used by the firms have been accounted for.
Measurement of provisions is done at the present value of the best estimate of the
expenditure of management for settling the obligations at the date of reporting. All the
liabilities and the contingent liabilities that occurred in the business combination are
measured at the date of acquisition at their fir value. For determining the benefits concerning
non employee provisions, the expected future cash flow is discounted at the rate of tax that
helps in reflecting the assessment of the market for the risk specific to liability and time value

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of money (Adbri.com.au 2019). In addition to this, any increase in the provisions resulting
from the passage of time is recognized as interest expense.
Provisions:
(Source: Adbri.com.au 2019)
Adelaide Brighton limited also has an unrecognized contingent liability for acquiring
the interest that is not owned by some of its joint venture. The joint venture partner can
exercise the acquisition of interest and all the factors that have an impact on the value of
interest. For the parent entity other than the bank guarantee, there are not any other
contingent liabilities. In respect of the contingent liabilities, there is no anticipated material
loss. The detail of the provisions and contingent liabilities are explained by the group in their
notes to financial statement.
Contingent liabilities:
(Source: Adbri.com.au 2019)

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For the provisions, there is a constructive and legal obligation on part of the group
that helps in estimating it in a reliably manner. The obligations concerning provision would
be settled by the outflow of economic benefits. Recognition of provision is done even when it
is likely to have an outflow with respect to the items include in the same obligation class
(Adbri.com.au 2019).
Myer Holding limited has constructive and legal obligations in recognizing the
provisions that occurred due to past events. In addition to this, there is a provision for future
operating losses as well. For settling the present obligation relating to provisions at the
reporting date, measurement of provisions are done at the best estimate of the measurement
made by management. Recognition of the provisions is done based on the claim projects
which are an estimate of the claims that have been incurred but they are not reported.
Moreover, determination of provisions are done by the group by utilizing an actuarially
determine method that is based on certain assumptions such as average claim size, future
inflation and administrative expenses that are to be claimed. There is annual review of all
such assumptions and the compensation expense of workers is affected by the reassessment
of such assumptions (emeraldinsight.com 2019). Therefore, it is outlined by the group that
the recognition of the provisions are done by deciding about the assumptions and judgment in
confirmation with reference to the accounting policies for computing the provisions relating
to strategic decision.

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Provisions:
Source:
The contingent liabilities at the initial level are measured at the fair value at the date
of acquisition. It has been found from the financial report that in the current year that is 2018
there are no contingent liabilities for parent entity. Myer Holdings limited has contingent
liabilities in respect of Myer chadstone store and guarantees amounting to $ 7 million. In
respect of all these contingent liabilities, there were no material loss incurred with the timing
and amount of contingencies remaining uncertain. Therefore, it is said that recognition and
determination of contingent liabilities aligns with the accounting standard requirement.
Contingent liabilities:
(Source: Investor.myer.com.au 2019)

FINANCIAL ACCOUNTING
The above section presented an analysis of the recognition and determination of
provision and liabilities for the two chosen companies. It has been found by reviewing the
financial statements that Myer holding limited provided a detailed disclosure of the
recognition of contingent liabilities and provisions compared to Adelaide Brighton limited.
However, both the organization has made the assumptions and estimates in the recognition of
liabilities in accordance with the requirements of the applicable Australian standard. All the
components of the provisions of the Myer holding is described separately as against Brighton
that only provided the disclosure of the figures and value of such accounts.
The disclosure quality relating to the liabilities can be done by disclosing higher
quantity of information. Moreover, the quality of the liabilities should be disclosed in an
adequate manner along with determination of measurement basis for the same. The
usefulness of the information relating to liabilities gets limited by the conceptually
inconsistent measurement of liabilities in the financial statements. Investors would be better
guided in their investment decision making if the measurement framework is established that
defines how the liabilities are measured and uses an economically relevant basis of
measurements. In addition to this, a complete and clear disclosure of the liabilities should be
provided to investors along with the measurement basis (Adbri.com.au 2019). There should
be a summary of all the types of contract, financial arrangement and commitments for
enhancing the transparency of information related to liabilities.
Evaluating the compliance of the firms with the relevant accounting standard by
comparing the disclosure of intangible assets:
This section of the report conducts an investigation into the compliance of the firms to
the relevant accounting standard in relation to the disclosure of intangible assets by reviewing
their financial statements. The obligations, benefits and expense associated with the income

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tax are an accounting concept and there exist differences between income tax payable and
income tax expense.
The intangible assets of Adelaide Brighton limited comprise of lease rights, goodwill,
software and some other assets. Measurement of goodwill is initially done at the fair value at
the date of acquisition and any non controlling interest is recognized at the fair value or in
proportion to the share of net identifiable assets of the acquire. Goodwill is tested for
impairment frequently or on annual basis when there is an indication of change in
circumstances or due to the occurrence of any events. In addition to this, goodwill is carried
at the cost by deducting the impairment loss. For the value in use calculations of goodwill,
there are certain key estimates and assumptions made by the management. The testing of
goodwill is done on annual basis along with some other intangible assets having indefinite
life. For the cash generating units, the recoverable amount is determined based on the
calculations of value in use. In addition to this, evaluation of the estimates and judgment are
done on continuous basis on the factors and other historical experience along with the future
events impacting the financial performance of group (Adbri.com.au 2019). For the analysis
of cash generating unit within the business segments, the assumptions have been done for the
analysis.
Goodwill:

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(Source: Adbri.com.au 2019)
Amortization of lease rights are computed using the method of straight line that helps
in allocation of the cost over the estimated useful lives of the assets. For the software on other
hand, the cost incurred would help in contributing to the future benefits in the period through
the cost reduction or generation of revenue (Enache and Hussainey 2019).
For the Myer Holding limited, it can be observed that there is a detailed presentation of the
valuation and estimation of the intangible assets. The intangible assets and goodwill having
an indefinite useful life is assessed for the purpose of impairment at the end of each reporting
period. Such assessment is done when there is an indication of the facts that assets might
require impairment. Management undertakes both internal and external sources of
information for reviewing the indicators of impairment. The valuation of goodwill is done by
making some key assumption in the model such as terminal growth rate, discount rate and
average EBITDA margin. Assessment for the impairment of assets is done in accordance
with the requirement of AASN 136 impairment of assets.
The impairment of some noncurrent asset is done when it is indicated that the carrying
value of assets would not be recovered. Moreover, recognition of the impairment loss is done
for the amount by which the carrying value of assets is more than the recoverable amount.
Recoverable amount is the higher of the fair value less cost of assets for selling and value in
use. In addition to this, the assessment of impairment of assets are done by grouping the
assets at the lowest level for which the cash flows are separately identified and they are not
dependent on the cash flow from other assets or group of assets. Some of the intangible assets
that form the part of the organization include lease rights, computer software, goodwill and
impairment of assets.

FINANCIAL ACCOUNTING
The cost incurred in the development and purchase of major software computer does
not form an integral part of related assets and is reliably measured and they are capitalized as
intangible assets. In addition to this, it has been found from the analysis of annual report that
the impairment of intangible assets is considered as key audit matter. The group conducted
the impairment of assets even where there was not any indicator of impairment according to
the requirements of the Australian accounting standard. The group as required by the
Australian accounting standard conducts an annual assessment of the intangible assets
whether they requires impairment or they are continued to be recognized. A further
impairment assessment of cash generating unit is done by the group by determining the
recoverable amount of intangible assets based on the calculations of value in use. It was
found that there was no indication of conducting an impairment of intangibles. Therefore, it
can be inferred that the valuation regarding the impairment of assets is considered as material
and this might have impact on the financial statements and would misrepresent the financial
figures presented in the financial report. The group considered the division of the group into
cash generating unit for the impairment testing of intangible assets that is consistent with the
knowledge of operations of the group (Investor.myer.com.au 2019). For the process of
impairment assessment, the group developed an understanding of the key relevant internal
control.

FINANCIAL ACCOUNTING
Goodwill:
(Source: Investor.myer.com.au 2019)
From the analysis of the financial report of both the organization, an understanding of
the valuation, recognition and determination of the intangible assets have been gained long
with the estimates and assumptions used by the management for such accounts. For Adelaide
Brighton limited, the valuation and recognition of intangible assets are done according to the
accounting standard of Australia. However, they have not mentioned about the relevant
accounting standard that they adopt for impairing the assets. On other hand, for Myer
Holding limited, it can be observed that the company makes the specification of the
accountant standard when assessing the impairment of intangible assets. Therefore, the facts
that is deduced from the analysis of the report is that the former does not provide a detailed
view of the disclosures relation to intangible assets and later specifies all the relevant

FINANCIAL ACCOUNTING
accounting standards adopted for recognizing and determining the intangible assets (André et
al. 2018).
The value of intangible assets should be adequately disclosed so that the users are not
misled about the presentation and valuation of intangible assets. The enhanced disclosure of
the intangible assets is associated with the lower cost of equity which indicates that
presentation of larger share of intangible assets would result in lower equity cost.
Identification of intangible assets by the organization helps in adding value to the investors
and hence adequate information about intangible assets should be provided
(Investor.myer.com.au 2019).
Evaluating the compliance of the firms with the relevant accounting standard by
comparing the disclosure of benefits, income tax expense and obligations:
In this section, the compliance of Myer holding and Adelaide Brighton limited
concerning the disclosure of income tax obligations, benefits and expense with the relevant
accounting standard are explored by reviewing their latest financial reports. The obligations,
benefits and expense associated with the income tax are an accounting concept and there exist
differences between income tax payable and income tax expense.
Computation of income tax changed is done by Adelaide Brighton limited on the
basis of enacted taxation law that is substantively enacted at the end of reporting year. The
tax payable by organization in terms of income tax revenue and expense is the tax paid on the
taxable income of current period. The rate of taxation on the applicable income is adjusted by
changes in the deferred tax liabilities and assets that is attributable to the temporary
differences and to the tax losses that is not recognized previously. Furthermore, recognition
of the deferred tax liabilities and assets are done for the temporary differences at the
applicable tax rates that is applied when the liabilities are settled and when assets are

FINANCIAL ACCOUNTING
recovered. However, there is exception to the temporary differences that arises from the
initial recognition of liability and assets. Recognition of the current deferred tax is done in the
profit and loss and there is exception to the extent that such tax is relayed to the items that are
recognized either directly into the equity or comprehensive income. Offsetting of deferred tax
liabilities and assets are done when the balances of deferred tax are related to the taxation
authority and it is legally enforced to offset the current tax liabilities and assets
(Investor.myer.com.au 2019).
The tax consolidation legislation was implemented by implemented by Adelaide
Brighton limited and it’s wholly owned subsidiaries and the recognition of tax revenue and
expense along with the deferred and current tax balances by the individual tax consolidated
entities are done in relation to the temporary differences, taxable income and tax losses. The
group has remeasured the deferred tax balances relating to the assets in their tax consolidated
group based on the carrying value of such assets. Recognition of such adjustment in the tax
balances are done in the consolidated financial statements as an income tax expense (Castilla
and Gallardo 2016).

FINANCIAL ACCOUNTING
Income tax:
(Source: Adbri.com.au 2019)
The revenue of expense concerning income tax for Myer Holdings limited is the tax
that is paid on the taxable income of the current period. Recognition of deferred tax liabilities
sand assets are done for the temporary differences at the applicable tax rates when the
liabilities are settled and assets are recovered. The benefits attributable from income tax
include $ 15.1 million benefit (Investor.myer.com.au 2019). Such benefit resulted from
impairment of brand name of Myer relating to unwinding of deferred tax liability.

FINANCIAL ACCOUNTING
Income tax:
(Source: Investor.myer.com.au 2019)
The total amount of income tax includes an amount of income tax benefits which is
attributable to the store exiting and restructuring cost, impairment of assets and onerous lease
payments that is recorded during the period. In addition to this, the annual report also depict
information about the goods and services tax that is recognized net at the amount of
associated GST unless the incurred tax cannot be recovered from the authority of taxation
department. Cash flows associated with GST are presented on the gross basis and the
operating cash flow presents the components of GST arising from investing and financing
activities that are recoverable from and payable to the taxation authority
(Investor.myer.com.au 2019).
From the evaluation of the disclosures about the income tax for both the
organizations, it is ascertained that the Adelaide Brighton presents a detail disclosure of the
accounting policy and estimates and computation of the income tax compared to Myer
Holding limited. In light of the above discussion concerning income tax, it is recommended
to the organization to enhance their disclosure quality concerning taxation for enhancing the

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transparency and decision usefulness for users. The accessible disclosure and tax strategy is
essential to disclosed in order to determine the management of tax by entity and the
implication of policies in areas such as transfer pricing and tax planning. In addition to this,
reporting entity should also provide clarification on the cash tax, tax risk position and an
improved understanding of the rate of effective income. Moreover, there should be a clear
explanation provided on why the current tax charge is not equivalent to the accounting profit.
A question is also raised on the requirement of disclosure of current tax liabilities in the
financial statements or in the part of the financial report. There should also be clear
explanation on the difference between the current tax expense and current tax paid. Thus, for
enhancing the transparency and decision usefulness related to income tax, the recommended
options should be taken into consideration.
Conclusion:
The report prepared discusses the compliance of the chosen organization with the
accounting standard for identifying the disclosure of liabilities, intangible assets and income
tax disclosures. From the analysis of the financial report of Adelaide Brighton limited, it is
assessed that the company had not made a detail disclosure on their intangible assets and
liabilities. On other hand, Myer Holding limited has made a detailed disclosure associated
with liabilities and intangible assets. For income tax expense and benefits, there was no
adequate information provided by Myer compared to Adelaide that provided detailed view on
their income tax disclosure. Therefore, it is required for both the organizations to make an
adequate disclosure in relation to these accounts that would assist investors in their decision
making process.

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